Bluebook

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that some material may have been redacted from this document if that material was received on a confidential basis. Redacted material is indicated by occasional gaps in the text or by gray boxes around non-text content. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optical character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. Content last modified 6/05/2009. CONFIDENTIAL (FR) May 22, 1970. MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent Developments (1) In the first three weeks of May, figures for both the money supply and the adjusted credit proxy appear, on balance, to have run significantly above the paths targeted in the last blue book. As a result, for the month of May the money supply is now estimated to grow at about a 9-1/2 per cent annual rate on average, and the adjusted credit proxy to decline at only about a 1-1/2 per cent annual rate, compared with rates of plus 3-1/2 and minus 7-1/2 per cent specified earlier. The higher May growth rates reflect in some part, and particularly for the money supply, shortfalls of the aggregates in April from their targets. Still, taking April and May together, the growth in both the money supply and bank credit is running about 2 - 3 percentage points (annual rate) more rapidly than targeted. estimate is based on data It should be pointed out, however, that this for May which are relatively firm for only the first half of the month, with figures partial for the third week. -2Weekly Path of Monetary Aggregates Compared with Estimated Results (Daily average levels in billions of dollars) Adjusted ICredit Proxy May 5 Current Target Estimate Money Supply Current May 5 Estimate Target Week ending April 29 May 6 May 13 May 20 May 27 308.6 308.3 307.6 307.5 307.9 308.0 309.0 307.7 309.4 (est.) 310.1 (proj.) 203,0 203.0 203.9 204.6 205.0 201.7 203.8 203.4 206.3 205.7 Monthly averages March April May 306.2 309.8 307.8 306. 1 309.6 309.2 (proj.) 201.5 203.6 204.2 201.5 203.3 204.9 (proj.) Annual rates of change: March to May April to May (2) 3.0 -7.5 6.0 (proj.) -1.5 (proj.) 8.0 3.5 (est.) (proj. 10.0 (proj.) 9.5 (proj.) The faster-than-expected increase in the money supply for May has reflected a considerably stronger than targeted performance of private demand deposits. Consumer cash balances have probably been augmented by the receipt of lump-sum retroactive increases in social security benefits and Federal pay, and probably also by a build-up in liquidity associated with the sharp decline of the stock market. But this may also have been partly due to the active reserve supplying operations undertaken by the System to lend support to the Treasury's May financing. respect to the adjusted credit proxy, its smaller-than-targeted With decline -3in May has also been influenced by the fact that the Treasury received more cash than expected in its mid-May refunding, partly paid through credits to tax and loan accounts. (3) Commercial bank time deposits rose moderately in the last half of April, but thus far in May growth has been at a very slow pace, possibly influenced by withdrawals from consumer-type time deposits to pay for the recent AT&T and Treasury offerings. Moreover, relatively high levels of short-term market rates, at recent the earlier fairly rapid net expansion in outstanding CD's has come to a halt. In May, deposits are now estimated to rise at an 8-1/2 per cent time annual rate, on average, mainly reflecting rapid growth in the last half of April. With respect to nondeposit sources of funds, Euro-dollar borrowings through foreign branches have shown little net change on balance over recent weeks, as expected, but growth in bank-related commercial paper has been considerably more than anticipated. (4) Desk operations since the last meeting were shaped by "even-keel" considerations as the Treasury financing was imperilled by market reactions to Cambodian and related developments. During the statement week ending May 6--when books were open on the financing--net borrowed reserves declined to about $425 million, about $400 million below the average of the preceding three statement weeks. In the following two statement weeks net borrowed reserves rose to $790 million -4and $1,064 million, respectively. In terms of the flow of reserves, there was a sizable $420 million rise (seasonally adjusted) in the daily average of nonborrowed reserves during the week ending May 6--a period in which the System bought $1.2 billion of securities (on a daily average basis)--but outstanding nonborrowed reserves were reduced sharply in the ensuing two weeks partly as a result of action to increase substantially the Treasury balance of the Federal Reserve in ending May 13. the week Over the past three statement weeks, the effective weekly average Federal funds rate has fluctuated bttween 7-7/8 and 8-1/2 per cent, and member bank borrowings have fluctuated between $770 million and $1.2 billion. (5) The Treasury's May financing raised about $2 billion in money from the public, or about $1 billion more than expected. new This was almost entirely the result of lower-than-expected cash redemptions of publicly-held "rights" to the exchange. The cash offering of 18-month notes required a highly unusual 100 per cent allotment rate to obtain full coverage. Dealers have been rather reluctant to rebuild their reduced positions from the levels to which they had been reduced after the recent sizable System bill purchases. bills thin, bill With the market supply of rates have fluctuated widely in short-run market pressures. response to shifting The 3-month bill has ranged from 6.56 to 7.09 per cent since the last Committee meeting and was most recently bid at around 6.85 per cent. in Long-term interest rates have edged higher the inter-meeting period, carrying yields on corporate and municipal bonds to levels slightly above their previous highs of late December. And stock market prices have dropped sharply further. (6) The following table summarizes recent seasonally adjusted anhual rates of change in major reserve deposit, and credit aggregates in comparison with selected recent periods: Past Year (May over May) 1970 to date (May over December) May over April Total Reserves -2.8 -0.7 -15.5 Nonborrowed Reserves -1.5 0.9 -19.0 3.3 6.4 9.5 Time and savings deposits -1,2 6.4 8.5 Savings accounts at nonbank institutions thrift 1/ -2.8- 3.6 8.3 Total member bank deposits (bank credit proxy) -2.0 2.8 - 4.0 Proxy plus Euro-dollars -1.3 0.9 - 4.0 Proxy plus Euro-dollars and other nondeposit sources n.a. 2.7 - 1.5 Money Supply 3/ 2/ Member bank deposits and related sources of funds Commercial bank credit (month end) Total loans and investments of all commercial banks L&I plus loans sold outright to affiliates and foreign branches NOTE: 1/ 2/ 3/ n.a. 1/ 1.2- 2/ 1.4" 3/ 6.0" 2/ n.a. 3.7 3/ 6.5 All items are average of daily figures (with "other nondeposit sources" based on an average for the month of Wednesday data), except the commercial bank credit series which are based on total outstanding on All additions to the total member bank deposit last Wednesday of month. series are seasonally unadjusted numbers, since data have not been available for a long enough time to make seasonal adjustments. Data for May are partly projected. April over April. April over December. April over March. Not available. Prospective (7) If the Committee decides to aim at a continuation of the policy course adopted at the previous meeting, directive issued then, it may wish to renew the excluding the reference to the Treasury financing, as follows: To implement this policy, to see moderate growth in the months ahead. the Committee desires money and bank credit over System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective;-taking [DEL: account of the current Treasury financing;]provided, however, that operations shall be modified as needed to moderate excessive pressures in financial markets, should they develop. (8) The following table compares the target paths for money supply and the adjusted bank credit proxy adopted at the last FOMC meeting for the second quarter with current estimates and projections. The pro- jections are based on an assumption of a Federal funds rate around the 8--8-1/8 per cent average of the past three weeks, seasonal decline in the 3-month bill a 6-3/8--6-5/8 per cent range. and also assume a rate during the next four weeks into Months Adjusted Bank Credit Proxy As Currently of estimated or projected May 5 Money Supply Currently As estimated or of projected May 5 Daily average levels in March April May June Total Reserves As Currently of estimated or projected May 5 billions of dollars 306.2 309.8 307.8 309.2 306.1 309.6 309.2 311.4 201.5 203.6 204.2 203.5 201.5 203.3 204.9 205.1 27.7 28.2 27.9 27.8 27.7 28.2 27.8 27.9 307.6 308.9 309.4 309.8 309.5 310.7 311.6 311.8 204.3 203.7 204.0 203.6 205.2 204.6 205.2 205.2 27.6 27.7 27.6 27.8 27.5 Week Endingi/ June June June June 3 10 17 24 27.9 27.8 28.0 1/ Averages for the statement weeks shown may not equal the monthly average for June because changes for the last few days of June are not shown. (9) The annual rates of change (rounded to the nearest half per cent) which go with the preceding levels are shown below for June and the second quarter: Adjusted Bank Credit Proxy As Currently of estimated or projected May 5 June Second Qtr. (June over March) 5-1/2 Money Supply Currently As of estimated or projected May 5 8-1/2 As of Total Reserves Curren.ti estimated or May 5 projected -6-1/2 1/ 4- 1/ 7- 2-1/2 1/ March includes 4 days in which transactions through foreign agencies and Edge corporations reduced cash items and thus raised the reported money supply. An adjustment to remove the resulting June will not include such a period. bias in the rate of change over the second quarter would add about 1 percentage point to the quarterly rates shown in table. -8Some analysts prefer to view quarterly changes in the money stock as measured by the average daily amount outstanding during the current quarter over the average daily amount outstanding in the preceding quarter. On this basis the second quarter increase in the money stock consistent with the 4 per cent target shown in the table above would be at a 6-1/2 per cent annual rate, while the figure consistent with the 7 per cent projected increase would be around 7-1/2 per cent. The first quarter rise in the money stock on a quarter-over-quarter basis was around 2-1/2 per cent. (10) An extrapolation into the third quarter of the moderate growth path for the monetary aggregates voted by the FOMC on May 5 might look as follows: Adjusted Bank Credit Proxy Money Supply Total Reserves June July 309.2 311.0 203.5 204.3 27.8 27.7 August 312.1 205.1 27.8 September 314.6 205.6 27.8 7 4 Annual 7 rate of change: September over June 1/2 The path for the adjusted proxy allows for sizable Treasury third quarter cash financing, with about $8-1/2 billion of new cash raised in July and August. Staying with this path, however, would probably mean that a substantial part of the Treasury cash requirements would have to be financed outside the banking system, assuming that business and other loan demands on banks pick up from their recent depressed pace as would be consistent with staff projections of renewed expansion in real GNP. -9 (11) Since both the bank credit proxy and the money supply are currently running above target, it seems clear that the Manager would have to provide less reserves and to tighten up money market conditions in order to move back toward the targeted path. One of the factors the Committee may wish to take into account in determining the speed with which the Manager attempts to move back toward the path presumably would be the fragility of market conditions. excess of projections over targets shown in paragraph correct, Assuming the (8) is roughly a gradual movement back toward the moderate growth path might be fostered, between now and the next meeting of the Committee, with a Federal funds rate around 8-1/2 per cent or somewhat above, member bank borrowing averaging about $1 to $1.1/4 billion, and net borrowed reserves averaging around $900 million to $1 billion. money market would inhibit, pressures on bill at the least, rates during June, Such a movement in the potential seasonal downward and would probably add to upward pressures on long-term rates over the short-run. back on the provision of nonborrowcd reserves, As the System holds a slower rate of deposit growth can be expected, with time deposits becoming even less competitive relative to securities and holders of cash balances moving into highyielding market instruments. –10Alternative (12) Should the Committee--for example, because it wishes to accommodate what appears to be increased liquidity demands in the economy--wish to move onto a path that allows for somewhat greater rates of growth in the monetary aggregates than Alternative A, the following language for the second paragraph might be considered: To implement this policy, the Committee desires to see moderate] [DEL: SOMEWHAT GREATER growth in money and bank credit over the months ahead THAN PREVIOUSLY SOUGHT. System open market operations until the next meeting of Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective, [DEL:takingaccount ofthe current Treasury financing;]provided, however, that operations shall be modified [DEL: as needed tomoderate] IF excessive pressures DEVELOP in financial markets, [DEL: should they devlop OR IF IMPLEMENTING ACTIONS ARE LEADING TO UNDULY EASY MONEY MARKET CONDITIONS. (13) A target path that fosters somewhat greater growth in money and bank credit over the months ahead might be as follows: -11- Money Sup ly Adjusted Credit Proxy Total Re erves (Daily average levels in bil ions of dollars) May June July August September 309.1 310.9 312.8 314.4 317.2 204.9 204.5 205.5 206.4 207.0 27.8 27.9 27.9 28.1 28.1 Annual percentage rates of change June Second Qtr. (June over March) Third Qtr. (Sept. over June) 7 - 2-1/2 1 6-1/2 2 8 3-1/2 Movement onto this path might temporarily--over the next few weeks--require keeping money markets toward the tight end of recently prevailing ranges, although not as tight as in paragraph (11), perhaps with a Federal funds rate averaging around 8-1/4 per cent, member bank borrowings averaging a little under $1 billion, and net borrowed reserves falling in a $650 million to $900 million range. Money market conditions such as contemplated here might well mean that there would be only a quite moderate decline in the 3-month bill rate in 6-3/4 per cent range. June to a level averaging somewhere in a 6-1/2 - As the third quarter progressed, such a policy in relation to the aggregates should help to moderate upward short-term rate pressures resulting from the Treasury's larger-than-usual July-August financing operations. Long-term interest rates also would be under less upward pressure, and might actually decline, as banks were put in a better position to purchase municipal securities and if the size of the corporate calendar were to abate as expectations of rising interest rates faded. Table 1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Meirber Period Free reserves Excess reserves Total anka R e s e r v e Major banks 8 N.Y. Borro t C Outside N.Y. w n s Country Other Monthly (reserves weeks ending in): 1969--January February March April May June July August September October November December - 477 - 580 - 635 - 844 -1,116 -1,078 -1,045 - 997 - 744 - 995 - 975 - 849 359 256 202 187 243 277 266 214 282 195 238 278 836 836 837 1,031 1,359 1,355 1,311 1,211 1,026 1,190 1,213 1,127 131 62 58 85 123 57 89 81 83 106 120 268 302 255 233 411 346 459 250 253 236 327 387 310 149 215 254 260 397 288 364 256 222 293 250 220 253 304 293 275 493 550 608 621 485 464 456 329 1970--January February March April - 759 916 751 687 169 210 129 178 928 1,126 880 865 148 106 90 227 287 317 225 331 232 289 287 119 261 414 278 188 5 12 19 26 -1,032 - 873 - 925 -1,072 296 371 146 138 1,328 1,244 1,071 1,210 121 350 8 422 422 296 390 295 295 189 260 490 490 409 421 438 260 504 Dec. 3 10 17 24 31 - 988 903 946 832 576 203 297 98 264 528 1,191 1,200 1,044 1,096 1,104 266 293 164 296 319 307 264 296 356 334 241 264 301 150 153 379 379 296 292 299 1970--Jan. 7 14 21 28 - 567 788 760 918 285 77 203 112 852 865 963 1,030 196 234 75 86 327 281 349 200 87 188 296 358 243 162 252 386 Feb. 4 11 18 25 -1,07 862 86: - 89- 21:1 20" 2L 172 .258 1,069 ,:Ic 1,06 75 130 218 -- 383 351 261 271 317 267 246 329 32. 385 465 Mar. 4 11 18 25 - Weekly: 1969 Nov. Apr. May p - 683 - 638 861 667 840 198 71 150 96 836 932 817 936 32 169 146 11 46 349 216 289 419 190 185 357 339 22: 270 279 1 - 610 339 949 232 264 161 29 8 -317 179 496 -- 269 49 178 15 22 29 - 915 811 783 102 158 111 1,017 969 894 322 517 63 509 252 361 47 81 259 139 119 211 6 p 13 p 20 p - 428 - 790 -1,064 345 23 118 773 813 1,182 93 150 331 248 254 310 220 203 245 212 206 296 Yrelminary. - Table 2 AGGREGATE RESERVES AND MONETARY VARIABLES Changes, Perspective Seasonally Adjusted (In pr ten 7 Z .1 .urs) or monthls aver uvI of dJll\ . annual r.tes bascL ' . c Res, ar* Memn Se - 4 0 - 30 -annut lls Ist tll.! 16 + 0 7 -3 2nd Hal' - - 196 Qusrts trI\ Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter 39 2 4 9 0 -4.0 7 -12 +7 - ' 74 . I 7 1 +15 4115 - 5 +3 - 5 + 6 +06 + .9 + + + + 6 9 7 8 7.6 6.6 n - 6 + 5 4 + 8 7 + 6.8 + 7 0 + 7 + 3 +16 +17 -12 6 0 5 3 + 7.9 + 1.5 +11.5 + 9.6 + 1 1 + 2.1 +15 0 + 5.3 + 7.5 + 1 8 +11 5 + 9 8 + 7.3 + 1.4 +13.6 +12.7 + + + + 1969 + 0.1 - + 1 7 - 4.8 + 4 1 + 6 5 + 3.2 - 5.1 2nd Quarter 1969 + 1.2 - 4 7 + 0 2 - 2.2 + 4 5 +6 + 4 2 - 3 0 - - 8 6 + 2 0 - 9 4 + 0.1 -+ 1 2 + 3 6 + 6 2 - -13 3 -- 2.8 4.8 0 1 5.5 8.7 6 8 7 1 7 06 1968 1968 1968 1968 1st Quarter a n 4 3.5 3 2 2.5 i + 1 0 - 1 . | li -at -c c I 7 , P'lvt a,l78 196 . I 3 1 3 -- a. + 4 0 2 0 3rd Quarter 4th Quarter 1969 1969 + 9 3 1.4 lst Quarter 1970 - 9 - 0.4 - 2.5 4 0.6 + 3.8 + 7.0 + 2.4 + 0.5 6.9 +2 5 + 88 + 7.6 +22.4 - 6 9 +09 +12.3 +13.8 +22.4 - 5.2 - 06 +11 3 +9 4 +22 3 - 5.2 + 2.2 + 7.3 + 9 4 +22.2 + 5 9 +11.0 + 9.0 + 8.9 + 8.9 + + + + + + 5 0 +12 J + 8 3 + 9 8 + 8.9 + 3.2 + i 2 + 2 6 +15 9 +17 0 September + 4.3 + 8 3 + 2.6 + 8.8 + 2.5 + 8.5 + 1.6 +16 October November December + 8.5 + 7.9 +12 1 + 92 + 1.3 + 5.3 +10 4 + 8.4 +10.2 +13 3 +11.5 +13.0 +2.5 +11.3 + 7.4 + 2.8 +11.2 + 5.6 + 2.4 +11.3 + 7.2 +18 3 +16.2 +16.6 1969--January February larch April May June July + 7 5 - 3.4 - 3.8 - 8.5 +19.9 - 7.6 -22 5 + 4.5 - 4.9 - 8. -12.0 + 6 0 - 8 2 -19 3 +12.7 - 3 0 - 4.4 - 5.0 +14 3 - 8.6 -17.6 - 3.2 - 1.2 -n.l + 4.9 - 1.2 -10.2 -18 9 + + + + + + + 6.2 3.1 3 1 7 9 1.2 4 2 1 8 + + + + + + + 2.8 8 3 8.2 2.7 8.1 8.1 5 - + 7.1 + 1 6 + 1.6 +10 2 - 1 6 + 3.1 * 1 6 -10.0 - 4.7 - .6 - 3.6 - 5.4 -18 5 - - - -11 - 8.0 - -19 - - 2 5 + 1 6 horthlv 1968--April Ma June Jul\ August October 5.6 --11 7 hcveetr . 9 7 AuesLt Septem-ber Dee-r c" --. am r - - e * '.' 2.8 + 7.7 -17 9 5.5 -12 - 1 -. Sl p - Preliinar pp - Partl projected 1 8 + - 0 6 + 1 7 -- - 2 6 -10 .- - 9 2 + 0 +*10 6 - 7 t 3 ' -- - 4 7 7 9 -- - 1 2 * 1 8 - 0 6 - C 8 - -- - a.2 -.2 .-. c.' '2 ' 2 * 9 7 9 - - t * . 5.8 8 7 8 7 5 7 86 t - - - Ct - -12. -12.4 r - +1. - I 1 7 - -, +22.: iI + 0 7 - 7 C - 7 5 7 -12 - t Table AGGREGATE (Based Resbe\e Aggregates Period Total Nonboirowed leserves (In 'ntl ly 168-- i/ Required ileerves reseiver millions of dollait) 3 RESERVES AND MONETARY VARIABLES Seasonally Adjusted on monthly averages ot daillv igII, I Member Bank Deposit SIppot ted b\. Requiied Ke);~'i v\' . = Total PI '.lv te t, l Time Time member hank d demand depos i s Jeposits I/ d I iI ( In b .. . 26,134 26.352 26.451 26,298 20,353 26.547 26 715 27,213 27,311 27,504 27,685 27,964 25,818 25,961 25,755 25,606 25,626 25,889 26,186 26,675 26,860 27,066 27,095 27,215 25,774 25,989 26.078 25,964 25,952 26,196 26,402 26.893 26.951 27,185 27,376 27,609 275. 1 277.4 278.5 277.3 277.8 279.5 281.7 286.9 289.0 292.2 295.0 298.2 149.9 150.2 151.2 151.3 151.5 151.8 153.8 156.5 158.9 161.5 163.5 165.8 119.7 120.1 120.6 120.8 122.7 123.8 125.2 125.6 124.8 125.7 126.8 128.2 1969--January February March April May June July August Sept L-mer O toher November December 28,139 28,060 27,972 27,775 28,235 28,056 27, 530 27,401 27.402 97, 354 2' 7q3 27, 28 27,318 27,206 27,024 26,754 26,888 26,705 26 275 26,214 26,383 26 210 2h.-38 26.806 S 27,902 27,832 27,729 27,614 27,942 27,742 27,334 27,161 27 ,144 27, 129 27,548 27,707 297.0 296.7 294.2 295.4 295.1 292.6 28S.0 285.3 28-.7 283. 5 163.2 161.0 160.5 160.1 159.3 158.1 155.1 152. 152.1 151. 5.4 6.7 4.8 5.9 5.9 4.0 2.4 2.,) 4. 1.1 285.8 151.5 128.4 129.1 128.9 129.4 130.0 130.5 130.5 129.9 129.? 128.9 129.1 129.4 1970--January February March April p 28,001 27,722 27.723 28,216 27,847 26,966 26,615 26,782 27, 349 26,912 27,823 27,523 27,536 28,046 284.8 282.9 286.2 290.1 27,661 S289.1 149.4 148.8 150.6 153.) 154.4 130.1 128.5 129.8 131.4 132.0 5.3 5.6 5.9 S. 7 7.7 May pp I 1/ 2/ 3/ 4/ 5/ i . P[ I v.ite \ ' lo .I, 1l 7. 1 6h. 5.2 1. 7 3.9 2.7 4.8 S. I 5. ) ! 40. / 181 2 | 41 . 1 .(1 I' ll II 8 4.7 4.2 43.4 4 "I 44. 1 1'i6.8 1'1 I1 IL). I 44,2 *, i ', ' .i I l 'l'IIm . 4' 19'I I .. 'ol. 1 4'6. I 4'. I l1. I 46.4 46. ' 46.7 4/.1 '1... ' Includes increases proule t ed in required reserves due to changes in Regulations M and D of approximately *, 1F-8n ,1 n ilI1 47. 211) 2 21o2.4 202 .3 202.3 2111 7 15 1.7 194.1 155.0 153.0 154.8 1'6.2 1'>7.2 1112.1 192.0 194.3 1'7.9 199.3 304.8 303.4 306.1 309.6 309.2 200.8 117 .7 1', .5 I 4 .I 1.4 deposits. Government, sn .ie . 1H7.7 1117.7 1HH.2 188 6 111 1 1 3.8 1 9h .4 1')99 4 2112 .1 204.9 -- _~ ., I'd Flunrls. 'd 1 307.5 305.7 303.8 304.2 302.2 305.5 305.7 I 4.9 I " .1 2I'1. ''I . 11 187.2 152 . 152.5 152.6 154.0 153.8 154.2 154.4 151.8 15 3.7 15%. 6 I ,s I ',h. I I Ib i.8 146.3 14b.3 147.5 148.6 148.8 149.1 150,.5 151.4 4 1 '42. 42. 7 42.8 4 1. 2 I 'l.. I .. , 1.2.1) 1 .2 .6 1,1.2 1 |.8 .1. I IM11 .I nI II I I I *, .' 11, Private demand deposits include demand deposits of individuals, partnerships, and corporations and not interbank commercial bank. Includes currency outside the Treasury, the Federal Reserve, and the vaults of all bank and the U.S. commercial banks, other than those due to domestic commercial demand deposits at all Includes (1) Reserve foreign demand balances at Federal Bank. and (2) and Federal Reserve float, process of collection Excludes interbank and U S Government time deposits pp -,Partly l ,d l", II *1.4 I_ Pr, v + 1 1.m ,i.11 Credit Ibinlt tim' Euro-do'l Ial + l id , iJthli n n e.hp. 'I I -Ii= I 0 January February March April May June July August September Oct obe r November December 131. I T(,' ' oM h________ _ h ubnwrIb, less ca.sb 1969. items in Table 4 AGGREGATE RESERVES AND MONETARY VARIABLES Seasonally Adjusted -I I Reserve Aggregates r I Total Nonborrowed Required reserves reserves reserves Per ilod -I. )69-- Nov. Dec. 5 12 1' 26 Mar, Apr. May (In millions of dol lars) 27,655 26,359 27,360 27,565 26,339 27,354 27,951 26,829 27,732 27,897 26,547 27,637 26,588 26,641 26,861 26,718 27,099 27,646 27,619 27,946 27,576 27,713 287.2 285.7 285.5 284.3 286.2 151.3 151.4 151.7 151.8 151.3 129.8 128.7 128.5 127.6 131.3 1. / 5.2 2r 28,115 28,009 28,061 27,837 27,148 27,137 27,048 26,682 27,791 27,939 27,918 27,685 286.2 285.0 284.8 284.0 150.6 149.7 149.2 148.6 131.6 130.6 130.3 128.7 4.1. I 5. I 6.H 4 11 18 25 27,959 27,739 27,705 27,597 26,614 26,720 26,545 26,538 27,724 27,549 27,512 27,449 282.8 282.7 282.7 283.2 148.4 148.4 148.8 149.1 128.6 127.9 128.6 128.8 4 II 18 25 27,697 27,518 27,712 27,754 26,711 26,536 26,869 26,790 27,394 27,404 27,537 27,690 283.8 285.4 284.8 286.3 149.6 150.0 150.3 151.0 129.3 129.0 128.6 129.6 I 8 I' 22 29 27,954 27,745 28,390 28,448 28.282 27,005 27,229 27,363 27,516 27,288 27,605 27,566 290.5 291.6 152.0 152.9 132.6 132.8 28,290 28,330 28,051 289.9 290.7 288.4 153.2 153.8 154.2 132.1 130.3 129.8 17 24 31 Feb. C______ 27,839 28,041 28,020 27,790 27,898 J 10 I) 1970--Jan. ________ Member Bank Deposits Supported by Required Heserv Total Tim Private member bank deposi demand depoits deposts depusits deposits d>, I I I= /m I m In bi I I 0 I 286.0 151.3 129.3 5. 1 285.9 151.0 129.0 5.9 285.7 151.0 129.2 4.1 285.5 151.1 129.1 5. I / .14 11 op 20 p 20 p 28,476 27.692 27 901 27,706 26,869 26,687 28,101 27,652 27,734 289.0 287.7 289.4 154.4 154.2 154.3 131.4 131.1 133.2 (I ,lnercial bl ink time dLLposits Private adjusted Lu.iliILey I demand 4/ Ideposits 31 1/ Muom, y S"'*i' IIitl I d I i r 45.7 45.8 4'). 9 tl00. I 192.7 4').9 6. 6 I'l9. 7 46.1 5.H ,')1 .0 45. 4h.7 46. i 4',. 4'I. I .')ll.1.64 20 b.4 5. 1 *).4 4b.4 I 'I'). 7I 'lll). 6 *. 21). 1 5. 7 '1.6.7I 46. tIb. 9 46. 46. 5. ' 4.6 211. 47. 1 h. b 4/. 4. t, I .' '11 1.4 41.6 .9l)i. I 4/. / y _ Credi Proxy + Euro-dollars + other nondep. sources of tunds s 153.0 153.9 154.2 153.2 193.3 193.1 193.2 193.5 304.7 305.2 305.3 305.8 153.3 152.4 152.7 151.6 157.2 193.8 193.8 194.1 194.3 193.9 307.3 305.9 305.4 304.5 306.1 156.8 156.1 155.5 152.8 193.2 192.3 191.9 191.4 305.4 305.0 305.3 304.4 152.7 152.2 153.1 153.4 191.1 191.4 192.0 192.6 303.3 303.2 303.3 303.8 154.2 1') 3.4 153.2 153.5 193.0 1)3.3 194.1 194.8 304.1 305.2 304.8 306.3 159.9 157.8 196.0 197.2 310.1 311.0 156.6 155.4 154.5 197.5 198.2 198.8 309.4 309.9 308.0 156. ) 15,.8 158.6 199.1 199.1 199.2 309.0 307.7 309.4 -- deposits. and not interbank corporations Private demand deposits include demand deposits of individuals, partnerships, and commercial bank currency outside the Treasury, the Federal Reserve, and the vaults of all Includes commercial bank, and the U S Government, commercial banks, other than those due to domestic demand deposits at all Includes (1) Banks. at Federal Reserve balances demand foreign (2) and float, Reserve Federal and process of collection Excludes interbank and U.S. Government time deposits. Preliminary. less <ash items in 

Federal Reserve (1970, May 25). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19700526

@misc{wtfs_bluebook_19700526,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1970},
  month = {May},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19700526},
  note = {Retrieved via When the Fed Speaks corpus}
}