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Content last modified 6/05/2009. (CONFIDENTIAL FR) March 17, 1972 MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Prepared for the Federal Open Market Committee By the Staff BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM March 17, CONFIDENTIAL (FR) 1972 MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments (1) Growth in seasonally adjusted total reserves available to support private nonbank deposits appears to be expanding at about an 11 per cent annual rate for February and March combined. (See attached Table 1). This would be slightly above the upper end of the 6--10 per cent range targeted by the Committee, and at the upper end if adjustment is made for the small downward revision in the January level. was only 3.7 per cent. For February alone, the growth rate In March, however, the growth pace of such reserves has accelerated; actual reserve data through mid-month, and required reserve figures for the last half of the month (given the lagged reserve accounting), now suggest March growth at around an 18 per cent annual rate. (2) It appears that the money and credit aggregates are growing at rates slightly in excess of the first quarter pace desired by the Committee. In February, M 1 , M 2 , and the adjusted credit proxy grew at annual rates of 13-1/2, 15 and 6 per cent respectively, as shown in attached Table 3. Data thus far available for March suggest continued high growth rates for M 1 and M2, though not so high as in February, and an upsurge in the credit proxy. For the first quarter as a whole, our current estimate (with half of March projected) is for growth in M 1 at a 9-1/2 per cent annual rate, which compares with a 7--8 per cent rate desired by the Committee. -2(3) When it became apparent that growth of reserves was close to the upper end of the desired February-March range and growth of the aggregates seemed to be running a bit above the desired first-quarter ranges, the Desk began to hold back on reserve provision and allowed money market conditions to firm. As a result, the Federal funds rate rose to an average of 3-7/8 per cent in the latest statement week and most recently has continued to trade around that level. This compares with a weekly low of 3.18 per cent, reached about mid-way in the intermeeting period. (4) Even before the firming of money market conditions, Treasury bill rates had begun to rise from their mid-February lows, as a marked earlier dearth in the market supply of immediately available bills began to be remedied. Increased bill supplies came chiefly from the Treasury's $3 billion offering of strip bills early in March and the continuing $300 million weekly increments to its regular bill auctions. Other bills came into the market during the latter part of February when a Treasury decision to drop its balance at the Federal Reserve by $2.3 billion elicited sizable System bill sales to help absorb the resulting release of reserves. In part, however, the marked rise in bill rates has reflected the sharp recent advance in Federal funds and dealer loan rates. Very recently, 3-month Treasury bills have traded at about 3.90 per cent, nearly 85 basis points above the yield prevailing at the time of the last Committee meeting. (5) Rates on other short-term market instruments have also moved up recently, by 25--75 basis points. A bank with a flexibile prime rate policy -3that had been quoting a rate of 4-3/8 per cent has raised its rate in two stages to 4-3/4 per cent. Yields in markets for longer-term securities have changed little on balance since the last Committee meeting, but most recently there has been some small rise in response to increases in money market rates. (6) The following table compares seasonally adjusted annual rates of change in major financial aggregates for recent periods: Fourth Quarter (Dec. over Sept.) Last 2 months (Feb. over Dec.) 1970 1971 Total Reserves 6.0 7.3 2.2 7.0 Nonborrowed Reserves 9.2 8.0 6.9 9.6 N.A. 8.3 5.8 8.7 M 1 (Currency plus demand deposits 1/) 5.4 6.2 1.1 8.4 8.1 11.1 8.0 14.3 7.8 13.3 9.6 16.1 Total member bank deposits (Bank credit proxy adj.) 8.3 9.5 9.7 8.1 Loans and investments of commercial banks 2/ 8.1 10.7 8.7 15.1 $ 14.5 $ 7.9 1.8 0.4 -3.1 -1.8 1.1 -0.1 Reserves available to support private nonbank deposits Concepts of Money M2 (M1 plus time deposits at commercial banks other than large CD's) M3 (M2 plus deposits at thrift institutions) Bank Credit Short-term market paper (Actual $ change in billions) Large CD's Nonbank commercial paper 1/ 2/ Other than interbank and U.S. Government. Based on month-end figures. Includes loans sold to affiliates and branches. N.A. - Not available. All items are based on averages of daily figures, except for data on NOTE: total loans and investments of commercial banks, commercial paper, and thrift institutions--which are either end-of-month or last Wednesday of month figures. Prospective developments (7) Three alternative patterns of prospective relationships among monetary aggregates and money market conditions are summarized below. Monthly and quarterly patterns for key monetary aggregates through the second quarter are shown in the table on the next page. Pattern III Pattern I Pattern II 2-3/4--4 3-1/2--4-3/4 4-1/4--5-3/4 50 50--200 150--450 3-1/2--5 4-1/4--6 Federal funds rate Member bank borrowings 3-month Treasury bill rate Growth in M 1 (SAAR) 11 March 11 11 April 7-1/2 6-1/2 5-1/2 1st Q. 9-1/2 9-1/2 9-1/2 2nd Q. 9 7-1/2 6 (8) The rates of expansion in reserves available to support non- bank deposits that are consistent with the three patterns in the paragraph above are as follows (seasonally adjusted annual rates): Pattern I Pattern II Pattern III March 18 18 17-1/2 Aril 6 4 3-1/2 Mar.-April 11 10-1/2 1st Q. 12 11-1/2 2nd Q. 5-1/2 3-1/2 Alternative Monthly and Quarterly Patterns for Key Monetary Aggregates M1 I 1972 Feb. Mar. Apr. May June 231.4 233.5 235.0 236.8 238.7 II M2 III 231.4 233.5 234.8 236.3 237.8 231.4 233.5 234.6 235.8 237.0 I II III 475.8 479.9 483.6 487.5 491.4 475.8 479.9 483.0 486.2 489.2 475.8 479.9 482.6 485.0 487.4 Per Cent Annual Rates of Growth Mar. Apr. May June 1st Q. 2nd Q. 11.0 7.5 9.0 9.5 11.0 6.5 7.5 7.5 11.0 5.5 6.0 6.0 9.5 9.0 9.5 7.5 9.5 10.5 9.5 9.5 9.5 10.5 8.0 8.0 7.5 10.5 7.0 6.0 6.0 13.0 13.0 8.0 13.0 6.5 6.0 Adjusted Credit Proxy I 1972 Feb. Mar. Apr. May June 366.8 371.5 373.9 375.3 378.1 II 366.8 371.4 373.5 374.4 376.8 III 366.8 371.4 373.1 373.7 375.6 Total Reserves I 31.6 32.1 32.4 32.4 32.8 II III 31.6 32.0 32.4 32.3 32.6 31.6 32,0 32.4 32.2 32.5 16.5 12.0 16.0 Per Cent Annual Rates of Growth Mar. Apr. May. June 1st Q. 2nd Q. 15.5 8.0 4.5 9.0 15.0 7.0 3.0 7.5 15.0 5.5 2.0 6.0 10.5 7.0 10.5 6.0 10.5 4.5 16.5 14.0 - 1.5 14.5 - 3.0 12.5 10.5 9.0 10.5 7.5 12.0 - 4.5 10.0 10.0 6.0 As indicated in paragraph (7), under patterns II and III member bank borrowings would be expected to rise from current levels as the Federal funds rate rises relative to the discount rate. Expansion in nonborrow- ed reserves supporting nonbank private deposits would be slower than for the total of such reserves in patterns II and III. The average annual rate of expansion for such nonborrowed reserves in March-April would be expected to be around 12 per cent for pattern I, 8 per cent for II, and 4 per cent for III. (9) With transactions demands for cash expanding in reflection of the 10 per cent annual rate of rise projected for nominal GNP in the second quarter, M 1 growth would be expected to decline only slightly from the substantial first quarter rate of growth of about 9-1/2 per cent if prevailing money market conditions are maintained. If the Committee should seek to reduce growth in M 1 significantly below the estimated first quarter rate, money market conditions would be expected to tighten. For example, if the Desk were to provide reserves at a rate consistent with M growth rates in the pattern II area (around 6-1/2 per cent for April and 7-1/2 per cent for the second quarter), the staff would expect the Federal funds rate to rise to near the upper end of the 3-1/2--4-3/4 per cent range. Also, member bank borrowings would likely increase to around the upper end of their $50-$200 million range. Likewise, in attaining pattern III aggregates, the staff would expect money market conditions to move to the tight end of the ranges shown for that alternative. (10) With the 3-month Treasury bill rate around 3-7/8 per cent, the market has probably largely adjusted to a Federal funds rate in a 3-3/4--4 per cent range and may have discounted some of the prospective Treasury cash borrowing. It is not yet certain whether the Treasury will borrow additional cash in early April, or how much might be borrowed if they come to market, or in what maturity area. For projection purposes, we have assumed only $2 billion of borrowing in the short- or short-intermediate-term area. If the Treasury does not undertake some such market borrowing, it probably would have to borrow directly from the System for a few days around mid-April. With such a moderate amount of borrowing the 3-month bill rate might remain around 4 per cent, or below, between now and the next Committee meeting. A rise in the Federal funds rate, however, toward 4-1/2 per cent would involve a further, perhaps commensurate, rise in the bill rate. And as the funds rate penetrated the 4-1/2 per cent discount rate, the bill rate might begin to rise more rapidly in anticipation of a discount rate hike. (11) The still wide spread of long- over short- rates will tend to minimize effects on long markets of rising short-term rates. We would expect, though, that a further rise in the bill rate of 25-50 basis points over the near-term would be accompanied by some upward rate pressures in bond markets. Corporate and municipal bond volume is still fairly sizable, though well below last year, and only a modest further decline in volume is anticipated into the summer. Upward rate pressures may be largest in the municipal market as bank demand weakens in the face of rising costs of CD funds and banker attitudes toward liquidity become more cautious. (12) Growth in time deposits other than large CD's is likely to slow in the months ahead from the very rapid January-February pace, and particularly if short-term market rates rise. As a result, growth in M 2 in the second quarter is likely to be noticeably slower than in the first under all three patterns. (13) The adjusted bank credit proxy, too, is expected to grow less rapidly in the second quarter than the first, mainly in reflection of the considerably slower growth in consumer-type time deposits. Expansion in outstanding large CD's is expected to be little changed from recent months under pattern I, but some pick-up is anticipated under tighter money market conditions as banks attempt to compensate in some degree for slower growth in other deposits. - 10 Proposed directive (14) On the assumption that the Committee will want to continue to use the general procedure agreed upon at the February 15 meeting, the following language for the second paragraph of the directive, which is similar to that adopted then, is suggested: "To implement this policy, while taking account of international developments, the Committee seeks to achieve bank reserve and money market conditions that will support (I - AMPLE ) (II - moderate ) growth in monetary aggregates over the (III - MORE moderate) months ahead." If the Committee so wishes, each of three alternative adjectives qualifying "growth in monetary aggregates over the months ahead" can be taken to correspond with the similarly numbered pattern of aggregate growth rates described in the preceding section. For expository purposes these patterns have been expressed as single point values, but as at the February meeting, the Committee may, of course, wish to specify its objectives in terms of ranges. STRICTLY CONFIDENTIAL (FR) CHART 1 3/17/72 RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS BILLIONS OF DOLLARS (3/15/72) 6% growth S26 D 1970 M J 1971 S D I jIj M 1972 L J _ ._.._L_ J F M 1972 A M CHART 2 ID NTIAL I 11HICT7I Y (ON i 3/17/72 MONETARY AGGREGATES NARROW MONEY SUPPLY M1 BILLIONS OF DOLLARS 234 232 23 S228 22c I 1 I I I ii L__L J_.1t 1970 1971 1972 0 h -<2 D '71 J F M '72 STRICTLY CONFIDENTIAL (FRI CHART 3 MONETARY AGGREGATES ADJUSTED CREDIT PROXY BILLIONS OF DOLLARS (3/15/72) - 372 -370 368 360 364 -350 360 356 352 ._j II II I' RESERVES (3/15/72), 1970 1971 1972 0 N '71 D J F '72 M CHART 4 MONEY MARKET CONDITIONS AND INTEREST RATES 4DITIONS INTEREST RATES Short-term INTEREST RATES Long-term PER CENT PER CENT PER CENT WEEKLY AVERAGES WEEKLY -11 -- -9 11 FHA MORTGAGES 9 7 FNMA MONDAY AUCTION EURO-DOLLARS 9 3 MONTH NEW CORPORATE Aaa WEDNESDAY ATE 7 5 E I-i 1970 1971 1972 7 TREASURY, I 1970 l -J\ 1971 5 / / - 1972 1970 1971 1972 5 5li STRICTLY CONFIDENTIAL (FR) March 17, TABLE 1 1972 Reserves For Private Nonbank Deposits 1972--Jan. Feb. Mar. Seasonally Adjusted Total Available Required Against Target and Actual Time Associated and Private and Patterns 1/ Projected Demand Nondeposit (1) (2) (3) (4) 29,555 29,509 20,757 8,538 29,688 29,601 20,802 8,650 29,940 (30,046) (21,044) (8,767) Not Seasonally Adiusted Total Available Required Against Target and Actual Time Associated and Private and Patterns 1/ Projected Demand Nondeposit (5) (6) (7) (8) 30,981 30,438 21,765 8,516 29,810 29,724 20,938 8,636 29,649 (29,754) (20,760) (8,776) Annual Rates of Change Quarterly: ............... .... ....................... 1971--3rd Qtr. 4th Qtr. ...... ::! ii . ....... 3.1 1972--Ist Qtr. :::::: 12.0) ( 7.5) (18.0)... Feb.-Mar. 8.0 (11.0) ( 8.5) (16.0) i;:::;::':: 29,491 20,865 8,463 :::::::: 30,264 21,516 8,435 J'':; 29,487 29,726 29,315 20,913 20,786 20,561 8,531 8,542 8,555 i:;; 30,239 30,451 21,645 22,300 21,710 8,489 8,520 8,549 29,205 793 20.532 21,898 8,607 8,644 :::::...: 29,679 29, 924 :....... 21,017 20, 984 8,612 8,629 23 29,581 20,828 8,676 29,591 1 29,886 29,998 30,339 21,020 21,018 21,141 8,697 8,757 8,769 29,492 29,401 29,920 20,808 20,753 20,501 20,755 8,653 8,669 8,733 8,760 :iiiii: 5.8 2.4 2.8 6.7 14.5 : : : : .. . ....................................................... ................................... . ...... . .. . . . . .......... ........ Weekly; Jan. 5 12 19 26 9 16 Mar. 8 15 iiii i29 ii31,038 iiiii NOTE: Data shown in parentheses are current projections. 1/ Renresents targets adontpd qt FOMC meeting of February 15, 1972. March level is midnoint of A-10 ner rentf February-March annual rate of growth. The level for a 6 per cent February-March annual rate of growth would be $ 29,850 million and for 10 per cent the level would be $30.048 million. STRICTLY CONFIDENTIAL (FR) Table 2 Bank Reserves I Seasonally Adjusted Period Total Required March Nonborrowed 17, Not Seasonally Adjusted Total Required Nonborrowed Excess 1971--Dec. 31,246 31,098 31,079 31,329 31,164 31,222 165 1972--Jan. Feb. Mar. 31,772 31,616 (32,054) 31,558 31,464 31,678 31,580 (31,992) 32,865 31,953 (31,902) 32,692 31,790 (31,684) 32,845 31,919 (31,848) 173 163 (31,819) 1972 Borrowings 107 20 33 (54) (218) Annual Percentage Rates of Change 9.5 9.0 1971--3rd Qtr. 4th Qtr. 1972--Ist Qtr. (10.5) ( 9.5) :::::::::::::::::::::::::::::::"':::::::::::::::::::::::::::::::::::::::: (12.0) :..°...°.... . .. °,.° ........... ............. ........... ..,°.°..°" ...... !!! .. .. '! ,.H ., ! ., " ii! °. .. .. . '... !i!i!i !! !!!!!! Jan. Feb. Mar. Feb.-Mar. 20.2 -5.9 (16.5) 17.7 -3.6 (13.5) (15.5) ( 5.5) ( 5.0) ( 6.0) ,,. ... °." '° , . . , ... 23.1 -3.7 .. °.................. ... °. .. . ..!! . iii!HH . .. . .. . ., °. . .. . . .. ... ... .. ... ... ... .. . ....... . .......... . .!H . . iH !i ! . . ,. . . ..,. . .. . . . . ... ... ... ... .. ... ... Weekly Pattern 1972--Jan. 5 12 19 26 31,770 31,652 32,051 31,596 31,608 31,609 31,653 31,397 31,709 31,569 31,883 31,489 32,814 32,793 33,665 32,592 32,502 32,688 33,447 32,400 32,757 32,776 33,651 32,580 312 105 218 192 Feb. 2 9 16 23 31,797 31,473 31,695 31,519 31,529 31,407 31,444 31,442 31,778 31,427 31,678 31,505 32,435 31,892 32,257 31,823 32,190 31,842 31,946 31,693 32,419 31,850 32,239 31,809 245 50 311 130 31,556 31,512 31, 745 31,771 31, 645 31,624 32,159 31,595 31,490 31,525 31,323 31,713 31,676 31,527 31,387 32,104 Mar. -~L---~--------~ LuVi: 1 8 15 22 31,725 31,735 32,174 ---- ^-LL _~~--___-L ,- uvaa snown in parenineses are current projections. are rounded to the nearest half percent. 32,118 Li- &#45;&#45;&#45; 70 167 405 -- Annual rates of change other than for the past ... .. STRICTLY CONFIDENTIAL (FR) March 17, 1972 Table 3 MONETARY AGGREGATES (Actuals and current projections, seasonally adjusted) Monthly Pattern 1971--Dec. 228.2 1972--Jan. Feb. Mar. 228.8 231.4 (233.5) Billions of Dollars 464.7 361.9 6.2 469.9 475.8 (479.9) 6.3 3.7 (5.5) 364.9 366.8 (371.5) 3.7 1.1 4.4 8.0 1972--1st Qtr. ( 9.5) (13.0) 1971--Dec. 2.6 10.2 1972--Jan. Feb. Mar. 3.2 1972--Jan. Feb. Mar. 5 12 19 26 Weekly Pattern Ln Billions 228.2 468.2 469.2 228.5 229.0 469.8 470.6 229.2 241.2 244.3 (246.4) 33.2 33.8 4.0 3.6 (3. 6) (33.8) 5.3 14.7 (10.5) (15.5) (17.0) 13.1 20.8 17.0 9.9 6.2 20.0 24.4 (15.5) (9.5) (10.5) 273.2 274.0 274.1 274.6 240.0 240.7 240.9 241.4 33.2 33.2 33.2 33.3 33.4 33.5 16.2 Dollars 363.8 364.5 365.7 366.1 229.8 230.4 231.4 232.4 472.2 473.4 475.8 477.5 365.1 365.7 366.9 1 8 15 p 231.5 232.5 234.4 477.3 478.2 480.6 368.2 369.8 372.1 367.2 __ 4.0 8.2 2 9 16 23 - 33.4 15.9 7.6 9.7 13.4 15.1 (10.5) 13.6 (11.0) 274.4 278.1 (280.3) 236.4 Monthly Annual Percenta;re Rates of Ch ange--Quart 1971--3rd Qtr. 4th Qtr. 269.9 _ _-_ _ __J_ 15.4 275.8 242.4 276.5 278.2 279.3 243.0 244.4 245.0 279.6 279.4 245.8 245.7 33.8 33.7 279.9 246.2 33.7 _ 33.8 34.3 _ Data shown in parenthses are current projections. S'CTIS: p"--P:rtially estimated Annual rates of changi other than those for thi p-t -r" rounded to the nearest half per cent. p--Part!ally octtmatcd 1/ in supplying reserves, the Account Manager is expected to make some allowance for any significant deviatioh from these desired growth rates in the aggregates. TABLE CONFIDENTIAL 4 March 17, RESERVES AND MONETARY VARIABLES Reserves Total Period (1) Money Stock Measures Nonborrowed . .. .. MI . M2 . .. Annually: Adjusted Credit Proxy M3 .... (5) (4) (3) Bank Credit Measures Total Loans and Investments (6) Other Time Other than CD's .. (9) Total Time .. (8) Thrift Institution Deposits (10) (Per Cent Annual Rates of Growth) + + + 1968 1969 1970 1971 7.8 1.3 6.0 7.3 - 7.8 3.2 5.4 6.2 + 9.3 + 2.3 + 8.1 + 11.1 (FR) 1972 ... CD's . .. (11) Nondeposit Funds .. (12) I + 0.4 + 11.6 + 3.0 + 15.3 + + Ist Half 1971 2nd Half 1971 + + + + + 10.0 + 2.4 9.6 4.7 9.3 6.5 + + 8.3 2.7 + + 9.7 0.3 + 7.8 + 8.3 + + + + 13.3 + 9.5 + 10.7 11.0 3.9 8.1 + 11.3 - 4.9 + 17.9 + 17.9 + 1.4 + 16.2 + 16.2 + 6.3 + 3.4 + 7.8 + 17.5 + 2.8 - 12.6 + 14.5 + 7.9 + 2.6 + 13.0 8.4 7.6 + + - 5.6 5.2 + 4.7 + 10.6 + 20.1 + 13.5 Quarterly: + 8.9 + 10.0 + 7.2 + 2.2 1st Qtr. 1971 2nd Qtr. 1971 3rd Qtr. 1971 4th Qtr. 1971 1971: Jan. Feb. Mar. + 10.6 + 8.6 + 7.3 Apr. May June + 8.5 + 13.4 + 7.9 July Aug. Sept. + 4.4 + 4.1 + 12.9 Oct. + Nov. Dec. 1972: Jan. Feb. p L NOTE: + 8.1 + 11.7 + 8.4 + 16.9 + 9.9 - 7.6 + 2.8 + 22.9 + 10.7 + + 2.8 2.0 21.4 + 20.2 + 23.1 - - 7.4 3.4 6.0 + 9.1 + 10.6 + 3.7 + 1.1 + 18.1 + 12.4 + 2.8 + 13.4 + 11.0 + 14.1 + 20.7 + 18.7 + 8.2 + 14.1 + 9.1 + 21.9 + 15.5 + 20.9 + 19.3 + 26.0 + 23.9 + 18.5 + 22.1 + 12.1 + 13.9 + 10.7 + 15.5 + 15.2 + 12.0 + 16.0 + 13.6 + 11.8 + 22.5 + 10.5 + 6.6 + 6.2 + + + 4.8 3.2 7.9 + 16.7 + 10.3 + 13.8 + 4.4 + 8.0 + 28.8 + 14.7 + 8.2 + 15.9 + 28.3 + 26.5 + 17.3 + 13.7 + 12.8 + 12.9 + 15.8 + 7.5 + + 2.9 2.9 + 0.5 + 7.1 2.6 + + 6.5 10.2 + 9.1 + 8.7 + 11.0 + 13.7 + 13.0 + 17.0 + 13.0 + 11.4 + 13.7 + 13.4 + 15.1 + 15.4 + 16.7 + 24.4 + 15.4 + 23.8 ____ __ 1 _ 4. J _ _ Reserve requirements on Eurodollar borrowings are included beginning October included beginning October 1, 1970. p - Preliminary. + 12.3 + 10.3 + 9.7 + 8.7 10.1 3.2 2.1 + 3.2 + 13.6 -J + 27.5 + 14.0 + 5.3 + 14.7 + 10.9 + 8.4 + 7.6 + 9.7 + - + 3.9 + 18.9 + 14.4 + 7.8 + 9.6 (13) (Dollar Change in Billions) Semi-Annually: 1st Half 1970 2nd Half 1970 U.S. Gov't. Demand .. L ~ i + 20.0 I I 16, 1969, and requirements on bank-related commercial paper are I 0.1 0.3 1.1 0.3 TABLE CONFIDENTIAL (FR) 5 RESERVES AND MONETARY VARIABLES (Seasonally adjusted, Billions of dollars) Reserves Period Anually: Dec. 1968 Dec. 1969 Money Stock Measures Total Nonborrowed otal (1) (2) (3) 27,249 27,977 26,471 26,829 1 Prv' M M Dep Bank Credit Measures Total Adjusted Credit Loans and Proxy Investments Total Time (4) (5) (6) (7) (8) (9) 197.4 203.7 154.0 157,7 378.0 368.8 572.6 588.3 304.6 305.4 390.6 406.0 204.2 194.1 March 17, Time Other than CD's Other Thrift Institution Deposits 1972 CD's NonDeposit Fuds U.S. Gov't. Demand (11) (12) (13) (14) 180.6 183.2 194.6 201.5 23.6 11.0 7.0 20.0 5.1 5.3 (10) Monthlyv 28,037 27,227 209.4 161.7 398.1 603.0 312.8 416.5 202.3 188.7 204.9 13.6 20.7 5.7 July Aug. Sept. 28,315 28,695 29,059 27,060 27,907 28,438 210.3 211.6 212.8 162.4 163.5 164.5 401.7 405.6 409.2 608.4 613.9 619.1 318.2 322.5 324.3 422.5 427.0 429.5 208.4 213.2 217.7 191.4 193.9 196.4 206.6 208.4 209.9 17.0 19.3 21.3 19.8 18.8 16.5 5.5 5.7 5.8 Oct. Nov. Dec. 28,700 28,704 29,132 28,190 28,239 28,764 213.1 213.6 214.8 164.8 164.9 165.8 412.1 414.3 418.2 623.9 627.9 634.0 324.8 326.5 330.6 430.6 433.1 438.9 221.5 224.2 228.9 198.9 200.6 203.4 211.8 213.6 215.8 22.6 23.6 25.5 14.2 12.7 11.6 5.2 6.2 6.4 1971--Jan. Feb. Mar. 29,390 29,600 29,779 28,958 29,240 29,445 215.3 217.7 219.7 166.0 168.0 169.7 423.1 430.4 437.1 642.2 653.4 663.9 333.4 336.7 339.6 443.6 449.0 452.4 234.4 240.2 245.4 207.8 212.7 217.4 219.2 223.0 226.8 26.6 27.5 28.1 10.1 8.6 7.0 5.8 4.9 4.0 Apr. May June 29,991 30,327 30,527 29,859 30,106 30,106 221.2 223.8 225.5 170.7 173.0 174.5 441.5 446.6 450.6 672.5 681.0 687.8 342.0 344.5 346.7 455.2 458.9 464.1 248.1 251.3 254.4 220.3 222.8 225.0 231.0 234.4 237.2 27.8 28.5 29.4 5.1 4.1 4.5 5.6 5.4 4.3 July Aug. Sept. 30,639 30,743 31,073 29,915 29,985 30,556 227.4 228.0 227.6 175.8 176.3 175.5 453.4 454.5 455.6 693.8 697,6 701.2 349.8 351.0 353.3 466.5 471.1 475.4 256.4 257.3 259.6 225.9 226.5 228.0 240.4 243.1 245.6 30.4 30.8 31.6 4.3 3.9 4.1 5.1 5.7 6.6 Oct. Nov. Dec. 30,882 30,970 31,246 30,485 30,535 31,079 227.7 227.7 228.2 175.5 175.5 175.7 458.3 460.8 464.7 706.5 711.6 718.1 354,7 358.0 361.9 479.4 481.2 485.7 263.3 265.3 269.9 230.6 233.1 236.4 248.3 250.8 253.4 32.7 32.2 33.4 4.8 5.4 4.0 4.7 5.4 6.2 31,772 31,612 31,678 31,576 228.8 231.4 176.0 178.2 469.9 475.8 727.3 737.4 364.9 366.8 492.8 497.9 274.4 278.1 241.2 244.3 257.4 261.7 33.2 33.8 4,0 3.6 6.3 3.7 5 12 19 26 31,770 31,652 32,051 31,596 31,709 31,569 31,883 31,489 228.2 228.5 229.0 229.2 175.6 175.8 176.1 176.5 468.2 469.2 469.8 470.6 363.8 364.5 365.7 366.1 273.2 274.0 274.1 274.6 240.0 240.7 240.9 241.4 33.2 33.2 33.2 33.3 3.4 3.9 4.3 4.1 7.3 6.4 6.7 6.5 Feb. 2 9 16 23 31,797 31,473 31,695 31,519 31,778 31,427 31,678 31,505 229.8 230.4 231.4 232.4 176.9 177.3 178.2 179.0 472.2' 473.4 475.8 477.5 365.1 365.7 366.9 367.2 275.8 276.5 278.2 279.3 242.4 243.0 244.4 245.0 33.4 33.5 33.8 34.3 3.8 3.7 3.7 3.6 4.8 5.2 3.8 3.0 Mar. 1 8 31,725 31,735 31,645 31,624 231.5 232.5 178.3 179.1 477.3 478.2 368.2 369.8 279.6 279.4 245.8 245.7 33.8 33.7 3.6 3.7 3.2 5.2 1970--June 1972--Jan. Feb. p Weekly: 1972--Jan. NOTES: p - Reserve requirements on Euro-dollar borrowings are included beginning October 16, 1969, and requirements on bank-related commercial paper are included beginning October 1, 1970. Adjusted credit proxy includes mainly total member bank deposits subject to reserve requirements, bankrelated commercial paper, and Euro-dollar borrowings of U. S. banks. Weekly data are daily averages for statement weeks. Monthly data are daily averages except for nonbank commercial paper figures which are for last day of month. Weekly data are not available for M3, total loans and investments and thrift institution deposits. Preliminary. 

Federal Reserve (1972, March 20). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19720321

@misc{wtfs_bluebook_19720321,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1972},
  month = {Mar},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19720321},
  note = {Retrieved via When the Fed Speaks corpus}
}