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. Strictly Confidential (FR) Class I FOMC April 11 1975 MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Prepared for the Federal Open Market Committee By the staff Board of Governors of the Federal Reserve System STRICTLY CONFIDENTIAL (FR) April 11, 1975 CLASS I - FOMC MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments M1 expanded at an annual rate of about 14 per cent in March, (1) and current data suggest about a 6 per cent growth rate for April. For the two-month target period, M1 thus appears to be growing at a 10 per cent annual rate, well above the Committee's range of tolerance, as the table shows. Growth of M2 over the March-April period appears to be running at an annual rate of around 10½ per cent, slightly above the upper limit of its range of tolerance. Larger-than-seasonal Federal tax refunds have probably contributed to the particularly rapid growth in deposits other than large CD's. weeks of March, demand and time During late February and the first three refund payments totalled about $10.5 billion, or 55 per cent more than in the same period last year. Growth in Monetary Aggregates and RPD's over March-April Period Reserve and monetary aggregates (Growth at SAAR in per cent) Range of Tolerance M1 5-7 M2 8-10 RPD Latest Estimates 9.9 10.6 -0.6 3½-5½ 1/ Memo: Federal funds rate (per cent per annum) 4-3/4-5-3/4 Avg. for statement week ending 5.53 Mar. 26 Apr. 2 5.59 Apr. 9 5.28 1/ A majority of the Committee members concurred in the Chairman's recommendation of March 27 that 5 per cent be treated as the approximate upper limit for the average funds rate for the time being. (2) Growth of the bank credit proxy resumed in March, following the slight February contraction. The proxy appears to be rising more rapidly in April, and may show an annual growth rate of around 8 per cent for the two months combined. With business demand for bank loans remaining weak, banks have used the recent increases in their overall deposit flows largely to acquire Government securities and to help finance expanded positions of security dealers. (3) Following the March 18 FOMC meeting, the Account Manager initially sought reserve conditions consistent with a Federal funds rate remaining around 5 per cent. Data available shortly after the last meeting, however, indicated stepped up growth in the aggregates to rates at or above the Committee's ranges. In these circumstances, the Desk would normally have tolerated a firming up in the funds rate to the 5¾ per cent upper limit of the Committee's range. But in view of the weak- ness in the economy and the sensitive condition of financial markets, the FOMC concurred with the Chairman's recommendation (of March 27) that the Manager be instructed to treat 5½ per cent as the approximate upper limit for the weekly average funds for the time being. In the first two statement weeks of the intermeeting period the funds rate had averaged close to 5 per cent. In the week just ended, when a sharp drop in the Treasury balance added to the reserve supply, the average funds rate declined to 5.28 per cent. (4) Short-term interest rates generally have moved higher since the March meeting. The rate on 3-month Treasury bills has advanced 15 basis points to around 5.55 per cent, and that on 12-month bills is up 75 basis points, to 6.40 per cent. advanced 10-25 basis points. Private short-term rates have With these latter rates rising, most large banks have elected to hold their prime lending rate at 7½ per cent. Factors that appear to have contributed to the rise in short-rates include the large amount of new cash being raised by the Treasury in the short-term area, belief that enactment of the tax bill will insure a near term pick-up in economic activity, and the emerging expectation that monetary policy will not be easing much, if any, further. (5) Bond yields have also increased over the intermeeting period, carrying some series up by as much as 40 basis points. With corporate offerings projected to remain large for some months ahead and the Treasury expected to raise $5-7 billion of new cash on average per month over the next year or so, investors who expect upward rate pressure later in 1975 and on into 1976 were reluctant to commit funds to long-term markets. In these unfavorable circumstances scheduled new corporate debt offerings of more than $1 billion were either cancelled or postponed. Near the end of the intermeeting period, the combination of higher bond yields and cutbacks in scheduled bond offerings helped to stabilize conditions in bond markets. (6) Deposits at nonbank thrift institutions expanded at a very rapid pace in March, reflecting not only the attractiveness of yields on depositary claims but also inflows of tax refunds. While these institutions have continued to use improved flows to pay down debt and rebuild liquidity, current supplies of mortgage funds reportedly are adequate. Nevertheless, with other long-term yields rising, the thrifts -4have not been aggressive mortgage lenders and mortgage rates have stopped declining. (7) The table on the following page shows (in percentage annual rates of change) selected monetary and financing flows over various time periods. Appendix table III compares money supply growth rates computed on a quarterly-average basis with those computed on a last-month-of-quarter basis. -5Calendar Year 1974 Past Twelve Months Mar.'75 over Mar.'74 Past Three Past Months Mar.'75 over Month Mar.'75 over Sept.'74 Dec.'74 Feb.'75 Past Six Months Mar.'75 over 8.6 6.0 -2.3 -8.2 -5.1 10.8 10.1 17.3 -1.2 -3.7 8.9 6.2 -1.8 -4.3 -4.8 M1 (currency plus demand deposits) 1/ 4.7 4.3 4.3 3.9 14.0 M2 (M1 plus time deposits at commercial banks other than large CD's) 7.4 7.2 7.8 8.5 12.4 M3 (M2 plus deposits at thrift institutions) 6.8 7.2 8.7 10.2 M4 (M plus CD's) 10.8 9.8 8.3 7.3 7.1 M5 (M3 plus CD's) 9.1 8.9 9.0 9.2 10.3 10.2 8.8 3.7 3.2 6.1 8.3 5.1 1.1 5.8 6.6 2.2 1.8 .9 -. 1 -. 2 .4 .6 -. 6 -. 4 Total reserves Nonborrowed reserves Reserves available to support private nonbank deposits Concepts of Money 14.0 Bank Credit Total member bank deposits (bank credit proxy adj.) Loans and investments of 2/ commercial banks Short-term Market Paper (Monthly average change in billions) Large CD's Nonbank commercial paper 1/ Other than interbank and U.S. Government. 2/ Based on month-end figures. Includes loans sold to affiliates and branches. NOTE: All items are based on average of daily figures, except for data on total loans and investments of commercial banks, commercial paper, and thrift institutions--which are derived from either end-of-month or last Wednesday-of-month figures. Growth rates for reserve measures in this and subsequent tables are adjusted to remove the effect of discontinuities from breaks in the series when reserve requirements are changed. Prospective developments The presentation of alternative policy specifications (8) has been revised somewhat in order more clearly to encompass as longer-run objectives a broad spectrum of monetary aggregates and to include a time span of a year as well as shorter periods. Alternative-- and, as best can be estimated, mutually consistent--ranges for longer-run rates of growth in the various monetary aggregates for the 12-month period from March 1975 to March 1976 are shown below for Committee consideration. (Consistent growth rates from the first quarter of 1975 to the first quarter of 1976 are shown in appendix table V). Growth rates for interim periods (shown for convenience as point estimates rather than ranges) under the three alternatives are included in the detailed table on the next page. Alt. A Alt. C 5-7½ 4-6½ 10-12 8½-10½ 7-9 M3 11½-13½ 10-12 8½-10½ M4 7½-10½ 7-10 M5 10-12 9½-11½ 7½-10½ 6½-9½ M1 6-8½ M2 Bank credit proxy 1/ 1/ Alt. B- 6-9 8-10 5½-8½ Consistent with staff assumptions adopted for GNP projections in the Green Book. (9) Of the alternatives shown, alternative B most nearly corresponds to the longer-run objectives implied in Committee specifications adopted at the last meeting. It incorporates a 6 per cent annual -6aAlternative Longer-Run Growth Rates for Key Monetary Aggregates 1975 1976 Mar. Apr. May June Sept. Dec. Mar. 1975 2nd Q. Alt. A Alt. B Alt. C Alt. A Alt. B Alt. C Alt. A Alt. B Alt. 287.1 288.5 290.9 292.9 298.2 303.0 287.1 288.4 290.7 292.4 296.8 300.9 287.1 288.4 290.5 292.0 295.6 299.0 627.4 632.0 638.6 645.2 662.6 679.9 627.4 631.9 638.3 644.4 659.4 674.6 627.4 631.8 637.7 643.4 655.8 668.1 1007.6 1018.2 1031.6 1043.8 1076.9 1106.8 1007.6 1017.9 1030.8 1042.4 1072.0 1098.4 1007.6 1017.6 1029.5 1040.3 1065.5 1087.0 307.9 305.0 302.3 695.3 688.1 678.9 Growth Rates 11.4 10.8 10.2 10.8 9.3 7.7 10.5 9.8 9.0 11.2 10.2 9.1 8.8 8.4 8.6 12.5 11.2 12.2 1132.6 1120.7 1105.0 14.4 12.7 12.8 13.8 13.8 11.4 12.1 12.8 12.3 15.2 3rd Q. Dec.'74-Sept.'75 Mar. '75-Sept. 1975 '75 Apr. May 5.9 10.0 7.4 6.0 5.9 6.8 6.8 4.9 5.3 5.9 5.4 9.6 5.4 8.7 12.6 15.8 Mar. Apr. May June Sept. Dec. 1976 Mar. Alt. A 717.4 721.8 728.1 734.5 751.3 767.9 783.0 Alt. B 717.4 721.7 727.9 734.0 749.1 764.3 777.8 13.0 9.7 11.3 11.5 11.9 14.0 Credit Proxy M4 1975 C Alt. C 717.4 721.6 727.5 733.4 746.5 759.5 770.9 Alt. A Alt. B Alt. C 1097.5 1097.5 1097.5 1107.9 1107.7 1107.4 1121.1 1120.4 1119.3 1133.1 1165.6 1194.8 1220.3 1132.0 1161.7 1188.1 1210.4 1130.3 1156.2 1178.4 1197.0 I Ilt. A 498.2 502.2 505.0 508.3 521.2 532.2 542.9 Alt. B 498.2 502.0 505.0 508.3 520.3 529.8 539.1 Alt. C 498.2 502.0 504.5 507.7 518.3 526.2 534.1 Growth Rates 2nd Q. 3rd Q. Dec.'74-Sept.'75 Mar.'75-Sept. '75 1975 1975 Apr. May 9.5 9.1 8.8 9.5 7.4 10.5 9.3 8.2 8.4 8.8 8.9 7.1 7.9 8.1 7.2 7.0 10.3 9.8 13.0 11.5 11.5 12.4 11.4 14.3 12.6 10.5 11.0 11.7 11.2 13.8 12.0 9.2 10.4 10.7 10.8 12.9 8.1 10.2 7.3 9.2 9.6 6.7 8.1 9.4 7.0 8.9 9.2 7.2 7.6 8.4 6.5 8.1 9.2 6.0 rate of growth for M 1 over the period from December 1974 to September 1975. Growth in the second and third quarters of 1975 would be at a more rapid 6¾ per cent annual rate to make up for the first quarter M 2 for this alternative shows about the same rate of growth shortfall. as at the last meeting, but M 3 is somewhat more rapid, reflecting the greatly enlarged public preference for deposits at thrift institutions which appears to have emerged. (10) Possible alternative short-run operating ranges of tolerance for the Federal funds rate and for Ml, M2, and RPD are shown in the table below for Committee consideration. Alt. A Alt. B Alt. C Range of tolerance for April-May M1 7-9 64-8k 6-8 M2 9%-11 9k-11 9-11 RPD 21-4k 1 -34 k-21 4-5% 5k-6k 6-7 Federal funds rate (intermeeting range) (11) Various different short-run specifications could be consistent with a given longer-run target. Any particular 12 month growth rate for a monetary aggregate could be achieved with different patterns of growth in the aggregate during the period, and with consequent different timing and magnitude of any necessary interest rate adjustments. The short-run specifications deemed "consistent" with the 12-month growth rate will depend in part on the particular time pattern contemplated in attaining the 12-month objective. In developing the short-run specifications shown for the several alternatives in the preceding paragraph, it was assumed that the Committee would desire to have the aggregates grow at a faster rate over the first half of the period-that is, from March to September--than over the ensuing 6 months, for the following reasons: (1) large tax rebates and one-time social security payments are expected to have a strong impact on demand and time deposits in late spring and early summer; (2) previous declines in short-term interest rates are still having an expansionary impact on money demand; and (3) the sharp rebound projected for the economy in the third quarter would spur transactions demand for cash. that as economic recovery develops, All of the alternatives assume the Federal funds rate would need to rise above the mid-point of the short-run ranges shown to bring growth in the aggregates into line with longer-run targets. In the case of alternatives B and C, the short-run specifications indicate a rise in the Federal funds rate over the next few weeks. The staff expects that such a rise would moderate the extent to which interest rates might have to rise later in order to restrain money demand. (12) Alternative A contemplates a Federal funds rate remaining in the 5¼-5½ per cent range most recently prevailing. M 1 would be expected to increase over the two month April-May period in a 7-9 per cent annual rate range. Growth is expected to be especially large in May when the largest part of the tax rebates are paid out. This alternative contemplates about a 7¾ per cent annual rate of growth in M1, and 11 per cent in M 2 , over the second and third quarters. (13) With little or no change in the Federal funds rate over the next few weeks, upward pressures on market interest rates, if any, are likely to occur mainly in the Treasury market. The Treasury will continue to add sizable amounts to its weekly and monthly bill auctions, A $1.5 billion 2-year note will be auctioned on Tuesday. And in the mid-May refunding of $3.8 billion of maturing publicly held debt--to be announced on Thursday, May 1--the Treasury will also probably raise about $2-2½ billion of new cash in the coupon area. Recent postponements in the corporate bond market have relieved pressure in that area to some extent, but any interest rate decline will be limited over the near-term since the calendar remains heavy and recently postponed issues would likely be rescheduled as the market shows signs of improvement. (14) A rise in the Federal funds rate to around the 6 per cent level--as shown for alternative B short-run specifications in paragraph (10)--would probably lead to a sharp market reaction. 3-month bill rate could move up into the 6¼-6¾ per cent area. The Treasury coupon issues, particularly short-term coupons, might rise another 50 basis points, or possibly more in the short-run as markets over-anticipate the extent of monetary tightening in process. Such a rise would lead to yields in the 7¾-8 per cent area on 2-year Treasury notes--a yield level which, if sustained, would begin to attract funds that might otherwise go into banks and thrift instituions. We have assumed some moderation in such flows under this alternative, but relatively large over the next few months. they are expected to remain The availability of mortgage market funds may not, therefore, be significantly limited in this period. -10(15) The rise of interest rates under alternative B would work to hold growth in M1 over the second and third quarters to around a 6¾ per cent annual rate, as noted earlier. With some diminution in the expansion of interest-bearing deposits, growth in broader measures of money would be moderated, relative to alternative A. Bank credit expansion would be reduced somewhat, but with business and consumer loan demands expected to be weak at least over the next month or two, banks would still be in a position to participate heavily in Treasury financings. (16) The roughly 1 percentage point rise in the Federal funds rate over the next few weeks contemplated under alternative C would probably cause other short-term rates to rise by even larger amounts, at least temporarily, mainly because of expectational effects on markets in a period of heavy Treasury financings and with near-term prospects of economic recovery. Longer-term rate increases could be substantial, if borrowers tended to accelerate offerings under the circumstances in anticipation of even higher rates later. On the other hand, pressures on bond markets could be moderated if corporate borrowers begin to utilize bank lines so as to avoid being locked into relatively high interest costs. Lower growth rates in all of the monetary aggregates would be expected. Banks and thrift institutions may begin to experience a significantly slower inflow of consumer-type time and savings deposits, and the bank prime loan rate and mortgage market rates would probably show significant increases. -11Proposed directive (17) Presented below are three alternative formulations for the operational paragraph of the directive, which are intended to correspond to the similarly lettered policy alternatives discussed in the preceding section. In all three alternatives, it is proposed to include a reference to Treasury financing because the regular mid-May financing will be announced later this month. Alternative A To implement this policy, while taking account of THE FORTHCOMING TREASURY FINANCING AND OF developments in domestic and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with more rapid growth in monetary aggregates over the months ahead than has occurred ON AVERAGE in recent months. Alternative B To implement this policy, while taking account of THE FORTHCOMING TREASURY FINANCING AND OF developments in domestic and international financial markets, the Committee seeks to achieve bank reserve and money market conditions consistent with SOMEWHAT more rapid growth in monetary aggregates over the months ahead than has occurred ON AVERAGE in recent months. -12Alternative C To implement this policy, while taking account of THE FORTHCOMING TREASURY FINANCING AND OF developments in and international financial markets, domestic the Committee seeks to achieve bank reserve and money market conditions consistent with[DEL: rapid] more MODERATE growth in monetary aggregates over the months ahead[DEL: months]. recent in occurred has than CHART 1 CONFIDENTIAL(FR) CLASS II-FOMC 4/11/75 RESERVES AVAILABLE TO SUPPORT PRIVATE NONBANK DEPOSITS BILLIONS OF DOLLARS Mar -Apr 34 ( 4/9/75) 32 F J M 1974 M J 1974 S D M J 1975 S 0 RPD series has been adjusted to remove discontinuities associated with changes in reserve requirement ratios A 1975 CONFIDENTIAL (FR) CLASS II-FOMC 4/11/75 CHART 2 MONETARY AGGREGATES NARROW MONEY SUPPLY M1 BILLIONS OF DOLLARS - 300 280 iI .JLJ . . '260 A II ... 7%% growth for Mar -Apr .. . ~l - growth BROADER MONEY SUPPLY M2 660 I 640 I - 820 10% growth for Mar -Apr growth S I I I I I 1974 I 1I I I I j 15 .j i-f1 1975 J F __-_ M 1975 A ! M 4/11/75 CHART 3 MONETARY AGGREGATES CREDIT PRO XY BILLIONS OF DOLLARS - '520 Sao 480 - ,I I I\ I I I \ I \ i 60 \ BILLIONS OF DOLLARS 39 37 TOTAL 5 i - V I_______________ I ! T I !___,__,__________ _ 31 a0 1974 1975 Total and nonborrowed reserve series have been adjusted to remove discontinuitles associated with changes in reserve requirement ratios 4/11/75 CHART 4 MONEY MARKET CONDITIONS AND INTEREST RATES DITIONS PER CENT 14l INTEREST RATES Short-term PERCENT INTEREST RATES Long-term FUNDS BILLIONS OF DOLLARS 1 4 1974 1975 1974 1975 1974 1975 PER CENT TAPLE CONFIDENTIAL (FR) CLASS II - FOMC 1 APRIL 11, 1975 BANK RESERVES (ACTUAL AND CURRENT PROJECTIONS) RFOUIRFD RFSERVES AGGREGATE RESERVES RESERVES AVAILABLE ----SEASOALLY ADJUSTED---------------------------------------------------FOR PRIVATE SEASONALLY ADJUSTED ( ---------------- ---- ----------------------------------------------------------NONBANK DEPOSITS CD'S AND GOV'T AND OTHER PRIVATE TOTAL NONBORROWED I TOTAL --------------------NON DEP INTERBANK PERIOD DEMAND TIME DEP RESERVES RESERVES I REQUIRED I SA I NSA ---------------------------------------------------------------------------------- (6) (5) (7) (8) 9,039 4,675 9,113 8,985 8,865 (8,824) 4,970 4,912 4,731 (4,712) (9) MONTHLY LEVELS-tMILLIONS 1074--EC. 33,423 1975--JAN. FEB. MAR. APR. PERCENT ANNUAL 33.423 33,196 33,063 (33,165) 33,631 34,414 33.191 32,807 (33,231) 35,584 35,820 35,006 34,857 (35,148) 34,857 35,421 34,858 34,751 (35,102) 35,326 35,673 34,812 34,647 (34,960) 19,440 19,199 19,108 19,259 (19,440) 2,173 2,392 1,807 1.793 ( 1,983) GROWTH OUARTFRLY 1974--2ND QTR. 3RD OTR. 4TH QTR. 19.1 9.1 0.8 1975--1ST OTR. -4.3 20.5 8.3 3.6 -0.1 5.6 35.9 19.8 8.4 2.9 2.2 0.0 5.3 -1.2 -7.7 -3.7 34.7 13.8 8.3 9.7 11.0 6.5 -7.7 MONTHLY 15.6 1974--DEC. 0.0 1975--JAN. FEB. MAR. APR. ( MAR.-APR. WEEKLY ------NOTE: 8.0 -27.3 -5.1 ( 10.01 -8.2 ( -4.8 3.7) ( -0.6) 2.4) 5.2 19.4 -19.1 -3.7 ( 12.1) 11.8 -29.0 -5.7 ( 10.8) -14.9 -5.7 9.5 ( 11.3) 9.8 -16.9 -16.0 f -5.5) ( ( ( ( -10.8) 4.2) 2.6) 10.4) LEVELS-SMILLIONS FEB. 12 19 26 33,136 33,152 33,146 33,067 33,133 32,848 34,860 35,014 34,760 34,770 34,785 34,580 34,801 34,856 34,601 19,112 19.129 19,157 9,050 8,945 8,910 4,918 4.919 4,920 1,721 1,863 1,614 MAR. 5 12 19 26 33,192 33,077 32,760 33.140 32.910 32,5%3 32,664 32,936 35,001 34,809 34,579 34,937 34,931 34,749 34,412 34,782 34,592 34,579 34,559 34,784 19,094 19,200 19,180 19,447 8,869 8,881 8,844 8,866 4,820 4,766 4,717 4,673 1,809 1,731 1,818 1,797 APR. 2 9 33,233 33,075 33,079 32,683 35,056 34,791 35,005 34,759 34,731 34,677 19,353 19,442 8,864 8,798 4,691 4,721 1,822 1,716 ---------------------------- ---------------------------------------^-----------------RESERVE SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH CHANGES IN RESERVE REQUIREMENT RATIO. AT THE FOMC MEETING OF MARCH 18, 1975 THE COMMITTEE AGREED ON A RPD DATA SHOWN IN PARANTHESES ARE CURRENT PROJECTIONS. RANGE OF 3.50 TO 5.50 PERCENT FOR THE MARCH-APRIL PERIOD. ------------------ ~---- CONFIDENTIAL (FR) CLASS II - FOMC TABLE 2 (ACTUAL I MONFY SUPPLY NARROW EROAD (Ml) (M2) I I PERIOD MONETARY AGGREGATES AND CURRENT PROJECTIONS, SEASONALLY I I I ADJUSTED CREDIT PROXY I U.S. OVT. I I DEPOSITS (1) (2) (3) 284.3 614.3 494.3 1.9 616.0 621.0 627.4 (637.0) 495.8 495.7 498.2 (502.2) 0.7 0.6 0.7 ( 3.3) I I I APRIL 11, ADJUSTED) TIME AND TOTAL (4) SAVINGS DEPOSITS OTHER CD'S THAN CD'S (5) (6) (7) 420.3 330.0 90.3 333.6 337.2 340.4 92.9 92.2 89.9 89.8) I I I NONDFPOSIT SOURCES OF FUNDS (8) MONTHLY LEVELS-$BILLTONS 1974--0DEC. 282.2 283.8 287.1 f288. ) 1975--JAN. CEP. MAR. APR. PERCENT ANNUAL 426.7 429.4 430.3 (433.3) (343.5) 21.3 9.1 12.6 8.8 7.1 9.0 9.5 12.6 ( 8.4 7.6 6.5 6.5 S 6.2) CROWTH OUARTERLY 1974--2ND OTR. 3RD OTR. 4TH OTP. 7.0 1.6 4.6 7.9 1975--1ST QTR. 3.9 8.5 20.4 6.7 4.2 7.0 4.5 7.C 78.2 17.2 75.9 -1.8 MONTHLY ( 5.o) ( 3.3 9.7 12.4 8.81 ( 9.91 ( 10.6) -8.9 1975--JAN. FEB. MAR. APR. 6.8 14.0 MAR.-APR. WEEKLY 2.9 67.4 3.6 -0.2 6.1 9.6) 18.3 13.8 12.2 11 . 10.9) 34.6 -9.0 ( -1.3) 11.2) ( -15.6) ( 7.6 2.5 7.9) ( 8.4) ( 5.4) I -29.9 FEP. 5 12 19 26 281.8 284.2 283.6 284.7 616.8 621.2 621.0 623.4 494.3 495.5 496.0 497.2 427.9 430.0 429.7 430.0 335.0 337.1 337.5 338.8 93.0 92.9 92.3 91.3 MAR. 5 12 19 26 285.3 288.1 286.2 287.3 624.0 628.0 627.0 628.0 494.9 498.5 498.0 500.0 428.9 429.1 430.5 431.0 338.7 339.8 340.8 340.7 90.2 89.3 89.6 90.3 287.6 287.8 629.5 630.2 500.0 500.9 432.4 432.2 341.9 90.5 89.8 2 9 P PF NOTE: -- 16.2 LEVELS-$BILLIONS APR. - - 7.6 2.5 1974--DFC. --- --- -- - --- DATA SHOWN IN ------- ------ PARENTHESES ARE CURRENT PROJECTIONS. ------ - --- ---- ----- ------ ------ ---- 342.4 P - PRELIMINARY PE - PARTIALLY ESTIMATED ------------ - - ---- ----- 1975 CONFIDENTIAL (FR) CLASS II - FOMC APRIL 11, 1975 TABLE 3 RESERVE EFFECT OF OPEN MARKET OPERATIONS AND OTHER RESERVE FACTORS (Millions of dollars, not seasonally adjusted) Open Market Qperatons 1/ RP's Coupon Agency Bills Net 3/ & Accept. Issues Issues (4) (3) (2) (1) Total (5) 1974--Sept. -594 176 191 549 322 Oct. Nov. Dec. -1,727 1,217 729 212 280 331 360 -243 981 -976 -1,970 2,739 393 1975--Jan. -1,102 406 -14 1,097 388 316 1,301t -1,015 112r Feb. Mar. 714 295 207 -1,758 309 -136r .. Daily Average Reserve Effects 2/ Other 4/ Member A Open Market Factprs. Bank.Borrowing Operations (8) (7) (6) in reserve cateories . _ available res. 5/ req. res. against (6)+(7)+(8)-(9) U.S.G. and interb. (10) (9) -60 99 -67 74 375 -633 327 2,963 -1,494 -507 -583 1,990 201 -2,395 177 -183 66 -314 204 -81 315 395 450 -636 -313 1,548 258 341 965 -1,241 53 -243 - 41 -499 -773 -356 5 -1,627 -766 -670 -495 -32 495 April May Weekly 1975--Feb. Mar. 5 12' 19 26 19 -289 431 26 276 9 16 23 30 -316 -299 -1,091 -298 384 5 12 19 April 2 1/ 2/ 3/ 4/ 5/ -1,043* -1,043* -282r -669 -38 --43 -2,271 3,612 -2,186 2,496 376 -4,202 -2 -3,417 3,929 3,292 467 961 -1,520 -1,608 10 42 3 -277 -276 -987 -914 -285 -110 -9 106 106 2,721 -754 127 44 -83 62 -357 111 3,679 -12 -3,344p -493 -104 9 6 0p 166p -2,016 - 19 1,564p -76p -689 -1,899 471 1,144 -3,807 -2,666** 3,318** 193 -3,025** 676** 4,496 928 -- 373r 208 -2,371 -2,072r - -1,906 -2,575 - -44 -7 138 -48 -2,608 2,521 -2,484 3,152 51p 272p 143 p -395p auctions. Represents change in System's portfolio from end-of-period to end-of-period; includes redemptions in regular bill Represents change in daily average level for preceding period. Includes matched sale-purchase transactions as well as RP's. Sum of changes in vault cash, currency in circulation, Treasury operations, F.R. float, gold and foreign accounts, and other F.R. accounts. Target change for Mar. and Apr. reflects the target adopted at the Mar. 18, 1975 FOMC meeting. Reserves to support private nonbank deposits. Target change for previous months reflects the bluebook patterns that are consistent with target ranges that were adopted during the month. * A Target available reserves 5/ (11) Special certificate (Direct Treasury borrowing from F.R.) ** Reflects special certificate purchase. CONFIDENTIAL (FR) CLASS II - FOMC APRIL 11, 1975 TABLE 4 SECURITY DEALER POSITIONS AND BANK POSITIONS (Millions of dollars) U.S. Govt. Security Dealer Positions Period Bills Dealer Positions Municipal Corporate . Bonds Bonds Coupon Issues 4'-.--,-.------ (1) ota (6) (5) (2) . ... e ea . ^ ,. a (7) l .. [Basic . i' . . . 8 N . Reserve uetclit Vnrk 8 Others w (8) (9) 3,906 647 176 13 -7,870 -2,447 -12,826 609 32 22 5 -7,387 -11,415 -4,659 - 8,504 134 1,314 32 -5,030 -11,058 182 178 204 1,736 2,590 3,020 40 102 134 -3,952 -3,171 -4,445 -11,603 23 162 197 180 3,075 3,337 3,282 149 164 139 -3,522 -4,231 -4,235 - 9,555 - 9,224 - 8,250 25 83 175 197 205 258 1,813 117 67 32 -4,602 -6,322 -5,960 - 8,689 - 9,715 147 198 2 19p 398 147 94p 14 11 -5,378 -6,318 -5,732 - 9,744 - 9,533 *2,521 97 144 307 2,739 3,555 3,644 3,335 2,178 1,863 1,699 2,607 0 59 128 244 395 98 90 11 10 12 11 5 12 19 26 3,146 3,215 *3,139 *3,066 2,249 2,159 *2,839 *2,771 266 290 464 208 409 2 *3,287 *3,138 *2,501 *2,336 628 3,678 - 289 1975-High Low 3,644 1,586 2,845 1,615 577 -42 1974--Mar. 1,986 583 Apr. May June 1,435 July Aug. Sept. 457 1,758 2,309 -214 398 14 552 Oct. Nov. Dec. 2,174 2,900 2,985 654 1,608 1975--Jan. 2,501 2,050 Feb. Mar. 3,329 *3,143 2,121 5 12 19 26 Mar. .l . . x ll. . .... DYZU, T^ l 1 Aerves 1974--High Low 1975-Feb. Member Bank Reserve Positions ce Excess- 2,203 - 99 85 9 408 580 Apr. 9 -168 309 33 1,836 1,252 727 59 158 159 47 34p -10,302 -6,006 -7,387 -5,548 -4,664 - 9,828 155p 9 7 5 7 p 51p 32p 7p 7p -4,961p -5,869p - 9,497p 70 60 167 325p 115p -10,169 - 8,653 - 9,074 180 20 1 53p - 9,091 - 9,920 -5,652 -7,138 -6,439 -5,866 229 230 7p - 6,046 -10,184 - 9,961 -11,297 -10,899 -10,024 -11,415p 16 23 30 - NOTE: ~I I I. . . .,. .I.. I. LL __ __ __ I. 11 __ __ __ -I _ A Government security dealer trading positions are on a commitment basis. Trading positions, which exclude Treasury bills agreements maturing in 16 days or more, are indicators of dealer holdings available for sale over the near-term. Other The basic reserve deficit is excess reserves less borrowing at in syndicate, excluding trading positions. issues still Federal funds purchases. Weekly data are daily averages for statement weeks, except for corporate and municipal issues Friday figures. *STRICTLY CONFIDENTIAL _ _ _ _ financed by repurchase security dealer positions Federal Reserve less net in syndicate which are ** Monthly averages for excess reserves and borrowings are weighted averages of statement week figures, STRICTLY CONFIDENTIAL (FR) TABLE 5 APRIL 11, 1975 SELECTED INTEREST RATES Per cent SShort-Term Treasury Bills Federal funds P e. (1) Period 90-dav (2) 13.55 8.45 1974--High Low 9.63 6.53 190-119 Lone-Ter _________________________ CD's New Issue-NYC (3) 9.54 6.39 12.25 7.88 12.25 8.00 12.00 7.88 10.61 8.05 10.52 8.14 7.15 5.16 1-year 60-89 Day (5) 90-119 Day (6) . - U.S. Government Municipal (10-yr. Constant Bond yarrMarty) ^.61 (9) Aaa Utility Recently New TIse Onfrad (8) (7) Day Commercial Paper (4) FNMA Auction 10.59 8.43 Low 7.70 5.28 6.69 5.46 9.34 5.90 9.00 5.75 9.00 5.88 9.80 8.89 9.70 9.06 7.08 6.27 8.26 7.27 9,47 8.78 1974--Mar. 9.35 7.34 8.64 8.69 8.56 8.46 8.44 5.41 7.21 8.53 Apr. May June 10.51 11.31 11.93 8.08 8.21 8.16 9.92 10.82 11.18 9.81 9.78 10.90 10.88 8.99 9.24 9.38 8.95 10.83 11.06 9.13 9.40 5.73 6.02 6.13 7.51 7.58 7.54 9.07 9.41 9.54 July Aug. Sept. 12.92 12.01 11.34 8.04 8.88 8.52 11.93 11.79 11.36 11.83 11.69 11.19 11.83 11.91 11.38 10.20 10.07 10.38 10.04 10.19 10.30 6.68 6.69 6.76 7.81 8.04 8.04 9.84 10.25 10.58 Oct. Nov. Dec. 10.06 9.45 8.53 7.59 7.29 6.79 9.55 8.95 9.18 9.35 8.78 9.00 9.33 8.72 10.23 9.34 9.56 6.57 8.84 10.16 9.21 9.53 7.90 7.68 7.43* 10.22 9.87 9.53 1975--Jan. Feb. Mar. 7.13 6.24 5.54 6.27 5.56 5.70 7.39 6.36 6.06 7.43 6.00 5.88 7.45 6.25 6.03 9.36 8.97 9.35 9.45 9.09 9.38 6.82 6.39 6.74 7.50* 7.39* 9.25 8.93 7.73 8.82 6.46 6.28 6.29 6.15 5.65 5.58 5.46 5.59 6.60 6.38 6.38 6.25 6.00 6.00 6.00 6.00 6.25 6.25 6.25 6.25 8.89 9.02 9.04 8.94 9.12 9.10 9.08 9.06 6.34 6.27 6.40 6.55 7.42* 7.42* 7.27* 7.44* 5 12 19 26 5.88 5.44 5.38 5.53 5.70 5.64 5.62 5.76 6.25 6.18 5.98 5.90 6.00 5.88 5.75 5.88 6.13 6.13 5.88 6.00 8.91 9.27 9.60 9.60 9.17 9.31 9.41 9.62 6.54 6.65 6.80 6.95 7.50 7.57 7.80 8.05 2 9 16 23 30 5.59 5.28 5.58 5.74 6.01 6.48 6.03 6.10 5.75 5.88 5.88 6.13 9.80 9.65p 9.70 9.60p 6.93 7.03 8.12 8.20p 3 10 5.41 5.31p 5.60 5.71 6.40 6.45 1975--High 1975--Feb. Mar. Apr. Daily--Apr. ~i*IYYLIL NOTE: * I Ilr--r n~i-L~- * --- - L ~ Weekly data for columns 1 to 4 are statement week averages of daily data. Columns 5 the weekly date is the mid-point of the calendar week over which data are averaged. the statement week. Column 11 gives FNMA auction data for the Monday preceeding the average yield in bi-weekly auction for short-term forward commitments for Government I . _ - 6.61 7.05 L ~ 8.98 8.87 8.78 8.85 8.98 8.13 n.a. L s ________________ -L and 6 are one-day Wednesday quotes. For columns 7, 8, and 10 Column 9 is a one-day quote for Thursday following the end of end of the statement week. The FNMA auction yield is the underwritten mortgages. December 1974 and The Treasury has revised its procedure for computing the constant maturity yields. Data have been revised back through result in an average increase of about 8 basis points in the level of the 10-year yield. APRIL 11, 1975 APPENDIX TABLE I-A MONETARY AND CREDIT AGGREGATE MEASURES BANK CREDIT MEASURES RESERVES 1/ PERIOD TOTAL NONBORROW AVAL TO SUP PVT DEPOS ADJUST CREDIT PROXY (3) (4) (PER TOTAL LOAN & INVEST MONEY STOCK MEASURES Ml M2 - --- - - - -- -- - -- - - - - - -- -- -- -- - - - -- -- - - - -- -- -- - - - - - -- - - - - -- -- - - -- - - - - -- - - -(11 (2) 10.9 7.8 8.6 7.7 7.2 10.8 1ST HALF 1973 2ND HALF 1973 6.4 8.8 1.2 13.2 9.8 8.2 1ST HALF 1974 2ND HALF 1974 10.9 5.9 0.5 21.0 (7) (6) (51 CENT ANNUAL RATES OF GROWTH) M3 M4 M5 (8) (9) (10) -- - - - -- - - -- -- -- -- - -- - - --- -- M6 M7 - -- - -- - - (11) (12) ANNUALLY: 1972 1973 1974 11.3 10.4 10.2 11.1 8.8 7.4 13.2 8.8 6.8 14.0 10.6 9.1 12.9 11.2 9.2 12.9 11.9 9.3 13.0 7.8 13.4 8.4 13.1 10.0 10.9 6.9 10.9 7.1 11.2 7.0 10.0 11.6 5.1 8.6 9.7 11.8 5.7 8.4 10.3 11.8 6.6 7.3 9.2 9.1 SEMI-ANNUALLY: 13.5 6.8 16.6 9.6 12.6 4.9 14.5 5.4 15.0 1.4 6.3 3.1 8.2 20.4 6.7 4.2 17.5 12.0 5.6 -2.8 5.5 7.0 1.6 4.6 3.2 5.8 8.7 5.8 7.9 5.6 13.4 7.7 QUARTERLY: QTR. QTR. QTR. QTR. 1974 1974 1974 1974 1.3 20.5 8.3 3.6 1.1 -0.1 5.6 35.9 5.8 19.1 9.1 0.8 1ST QTR. 1975 -8.2 -1.2 -4.3 -4.6 31.3 21.8 21.7 -3.9 7.0 -3.1 -1.7 15.6 -9.4 16.6 -9.1 -7.6 12.5 -5.6 9.8 51.7 18.3 34.7 8.2 19.2 21.5 15.7 8.6 10.B 7.8 -1.5 -2.8 6.6 9.2 29.6 16.9 13.6 9.2 6.4 4.2 -0.2 5.2 7.6 18.4 17.9 12.2 5.7 16.0 9.4 -8.6 0.0 4.5 -12.8 8.0 -27.3 -5.1 19.4 -19.1 -3.7 0.0 -8.2 -4.8 3.6 -0.2 6.1 8.2 2.6 6.6 1ST 2ND 3RD 4TH 3.9 10.9 15.4 6.0 9.2 8.5 10.2 / MONTHLY: 1974--MAR. APR. MAY. JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1975--JAN. FEB. MAR. P NOTES: 7.5 9.2 6.1 4.3 10.4 2.1 0.9 1.7 4.7 6.8 2.1 -8.9 6.8 14.0 8.1 18.2 12.5 14.9 8.5 4.7 4.7 9.8 7.3 10.5 3.3 9.7 12.4 RESERVE REQUIREMENTS ON EURODOLLAR BORROWINGS ARE INCLUDED BEGINNING OCTOBER COMMERCIAL PAPER ARE INCLUDED BEGINNING OCTOBER 1, 1970. 1/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. P - PRELIMINARY. 6.1 10.3 14.0 16, 1969, 8.6 14.2 8.8 11.6 7.3 3.7 4.1 8.1 7.3 10.2 9.2 15.2 8.7 11.2 8.0 4.4 4.6 9.0 6.7 9.4 8.5 8.7 10.3 AND REQUIREMENTS ON BANK-RELATED 9.6 15.2 8.8 11.2 8.7 5.6 5.3 8.6 5.4 7.8 APRIL 11, 1975 APPENDIX TABLE I-B MONETARY AND CREDIT AGGREGATE MEASURES SEASONALLY ADJUSTED, BILLIONS OF DOLLARS RFSERVES TOTAL PERIOD (1) NONPORROW (21 MONEY STOCK MEASURES PANK CREDIT MEASURES I/ AVAL TO SUP PVT DEPOS (3) ADJUST CREDIT PROXV TOTAL LOAN E INVEST Ml M2 M3 M4 (4) (5) (6) (7) (8) (9) MS M6 M7 (10) (11) (12) ANNUALLY: 30.401 32,763 29.351 31,466 28,108 30,685 406.4 448.7 =59.0 634.6 255.8 271.5 525.7 572.2 844.9 919.6 569.7 636.0 888.8 983.4 985.5 1095.4 1013.1 1133.6 1074--JAN. FEP. MAR. 33,660 32,996 32,870 32,600 31.80w ?31,56 3C,850 30,920 31.131 453.* 4r4.4 457.9 643.3 652.4 662.4 270.9 273.1 275.2 575.5 580.9 585.5 925.2 932.5 940.0 641.9 649.1 653.4 991.6 1000.7 1007.9 1103.8 1113.7 1122.1 1142.9 1153.6 1162.8 APR. MAY. JUNF 33,72A 34.340 34,5r6 31,992 31.750 31.550 31,628 32,IQ4 32,616 469.2 475.9 481.2 672.3 679.1 682.9 276.6 '77.6 280.0 580.4 591.6 597.1 045.9 948.8 959.9 663.3 670.2 678.9 1019.8 1027.3 1037.2 1136.3 1144.5 1155.2 1177.5 1186.1 1197.2 JULY AUG. SEPT. 35,180 35.066 '5,270 31,879 31,730 A1,988 32,850 33,145 33,360 484.9 487.5 4P9.2 692.0 697.3 692.3 280.5 280.7 281.1 599.7 602.2 603.8 959.9 963.0 965.5 683.3 686.0 688.7 1043.5 1046.7 1050.3 1162.9 1167.2 1171.7 1205.9 1211.5 1216.9 OCT. NOV. DEC. 35,179 c 3 ,128 35,584 33,366 33,876 34,857 33.31P 33,241 33,423 488.3 491.2 494.3 692.3 693.4 686.0 282.2 783.8 284.3 608.1 613.0 614.3 971.2 978.3 982.5 604.3 698.5 704.6 1057.4 1063.8 1072.8 1180.5 1187.1 1196.4 1225.6 1231.1 1239.1 1075--JAN. FEB. MAR. P 35,820 39,006 34,857 "4,421 34,8%8 4.751 33,473 33.196 33,06? 495.8 405.7 498.2 690.7 692.2 696.0 282.2 283.8 2R7.1 616.0 621.0 627.4 987.5 996.0 1007.6 708.9 713.2 717.4 1080.4 1088.2 1097.5 1205.1 1213.6 1223.6 1246.7 1255.0 1265.0 12 19 26 35,42 34.860 35.014 34,760 3t,4&4 34.770 34,78 34,580 33,413 33.136 33,152 33,146 494.3 495.r 496.0 497.2 281.8 284.2 283.6 284.7 616.8 621.2 621.0 623.4 709.7 714.1 713.3 714.7 MAR. 5 12 19 26P 35,001 34,809 34,579 34,937 34,931 34,749 34,412 34,782 33,192 33,077 32,760 33,140 494.9 498.5 498.0 500.0 285.3 288.1 286.2 287.3 624.0 628.0 627.0 628.0 714.2 717.2 716.7 718.3 APR. 2P 35,056 35,005 33,233 500.0 287.6 629.5 720.0 1972 1973 MONTHLY WEEKLY: 197%--FEB. --------------- ----------- ------- ------------------------------------------------------ i------- -- --------------------- RESERVE REQUIREMENTS ON EURODOLLAR BORROWINGS ARE INCLUDED BEGINNING OCTOBER 16, 1969, COMMERCIAL PAPER ARE INCLUDED BEGINNING OCTOBER 1, 1970. 1/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. P - PRELIMINARY. ------------------------------------------------------------------------------------------- NOTES: ----- AND REQUIREMENTS ON BANK-RELATED ----------------------- APRIL 11, COMPONENTS CURRENCY DEMAND DEPOS TOTAL TIME DEPOS TIME OTH THN CD'S MUTUAL SAV PANK AND SEL SHARESj/ CREDIT UNION SHARES.J CD'S SAVINGS BONDS/ SHORT TERM US GOV'T SEC J, - -- -- - -- -- - - - -- - -- - - - -- - - - - -- - - - -- -- - -- - -- -- -- - - - -- - - - - --- - - - -- - - -- - - - -- -- -- - -- - -- -(1) (2) (3) 1975 APPENDIX TABLE II-A OF MONEY STOCK AND RELATED MEASURES (4) (5) (6) (7) (PER CENT ANNUAL RATES OF GROWTH) (8) (9) COM'L PAPERS -- - -- - -- - (10) ANNUALLY: 1972 1973 1974 15.7 16.2 15.3 8.2 8.3 10.1 16.7 8.5 5.6 18.0 13.9 11.8 31.0 45.3 41.5 17.6 9.4 76.1 10.6 0.5 30.9 16.5 15.0 38.8 11.5 6.0 4.1 30.7 27.0 5.1 70.7 SEMI-ANNUALLY: 1ST HALF 2ND HALF 1973 1973 8.4 7.8 7.1 3.8 19.8 11.4 10.6 11.6 10.4 6.3 1ST HALF 2ND HALF 1974 1974 9.7 9.9 5.2 1.1 18.6 11.0 10.9 8.1 5.9 5.1 13.8 9.1 54.9 22.1 4.3 5.2 17.7 14.1 19.8 2.9 3.8 6.6 -0.2 2.4 15.1 21.3 9.1 12.6 12.8 8.8 7.1 9.0 7.9 3.9 3.1 6.9 13.0 14.2 6.1 12.0 26.3 78.2 17.2 25.9 4.0 4.6 5.2 5.2 12.3 22.3 19.0 8.8 25.1 13.8 29.5 -22.1 13.1 -1.8 6.4 10.5 -12.2 19.2 14.2 9.3 18.5 9.1 0.0 9.1 9.0 13.4 13.2 -3.5 104.1 74.7 42.8 33.9 2.9 14.3 19.8 -9.7 67.4 22.8 44.7 10.8 10.7 25.4 18.7 12.2 28.3 -2.0 24.1 17.7 8.7 14.4 22.8 39.2 24.4 -2.7 -29.3 -35.5 17.5 8.6 12.8 34.6 -9.0 -29.9 15.8 7.8 7.8 OUARTERLY: OTR. OTR. OTR. QTR. 1974 1974 1974 1974 11.0 8.2 8.0 11.5 1ST OTR. 1975 9.4 1ST 2ND 3RD 4TH 2.0 9.5 12.6 12.8 MONTHLY: 1974--MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 11.5 11.4 7.5 5.6 3.7 13.0 7.3 10.9 14.4 8.9 8.6 5.1 2.8 11.8 1.7 -2.2 0.0 2.2 4.4 .6 1975--JAN. FEB. MAR. P 5.3 8.8 14.0 -13.9 5.6 14.5 7.3 26.6 18.0 18.0 13.3 7.1 6.8 13.5 7.6 16.2 ---------------------------------------RESERVE REQUIREMENTS ON EURODOLLAR NOTES: 9.7 9.3 5.0 11.8 7.9 8.6 4.5 11.9 12.2 2.9 9.9 11.5 16.6 0.0 -------------------------------------------- -30.9 -5.8 0.0 ----------------- BORROWINGS ARE INCLUDED BEGINNING OCTOBER 16, 1969, AND REQUIREMENTS ON BANK-RELATED COMMERCIAL PAPER ARE INCLUDED BEGINNING OCTOBER 1, 1970. 1/ GROWTH RATES ARE BASED ON ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH AND END OF PREVIOUS MONTH REPORTED DATA. P - PRELIMINARY. ------------------------------------------------------------------------------------------------------------------ APRIL 11, COMPONENTS OF CURRENCY DEMAND DEPOS TOTAL TIME DFPOS APPENDIX TABLE II-B MONEY STOCK AND RELATED TIME OTH THN CD'S MUTUAL SAV BANK AND SEL SHARESJ/ CREDIT UNION SHARES / 1975 MEASURES CD'S SAVINGS BONDSS SHORT TERM US GOV'T SEC #/ COM'L PAPERj/ NONDEPOS FUNDS (10) (11) ----------- ---------- ---------- ---------- ---------- ----------- ---------- ------ -- ----- --- ---------(1) (2) (3) (4) (5) (6) (7) (8) (9) 56.9 61.6 198.9 209.9 313.8 364.5 269.9 300.7 297.5 322.8 21.6 24.6 43.9 63.8 57.0 59.9 39.8 52.1 1974--JAN. FEB. MAR. 62.0 62.7 63.3 208.9 210.4 211.9 371.0 376.0 378.3 304.6 307.8 310.3 324.9 326.6 329.2 24.8 25.0 25.4 66.4 68.2 68.0 APR. MAY JUNE 63.9 64.3 64.6 212.8 213.3 215.4 386.7 392.5 398.4 312.7 314.0 317.1 330.8 331.2 332.4 25.7 2'.9 26.3 73.9 81.3 60.8 61.0 61.2 55.7 56.2 56.7 41.3 41.6 42.1 JULY AUG. SEPT. 64.8 65.5 65.9 215.7 215.3 21;.3 402.8 405.2 407.8 319.2 321.5 322.7 333.7 334.2 335.0 26.5 26.5 26.7 83.6 83.8 84.8 61.5 61.7 62.0 57.9 58.8 59.4 42.9 44.3 45.2 OCT. NOV. DEC. 66.5 67.3 67.8 21".7 216.5 216.6 412.1 414.7 420.3 325.9 329.2 330.0 336.2 338.2 340.8 26.9 27.2 27.5 86.2 85.5 90.3 62.3 62.5 62.8 60.8 60.7 60.7 45.1 44.0 42.7 68.1 68.6 69.4 214.1 215.1 217.7 426.7 429.4 430.3 333.9 337.2 340.4 343.6 346.9 351.7 27.9 28.1 28.4 92.0 92.2 89.9 63.2 63.5 63.8 61.5 61.9 62.3 41.6 41.4 41.4 68.2 68.6 68.8 68.8 213.6 215.6 214.8 215.9 427.9 430.0 429.7 430.0 335.0 337.1 337.5 338.8 93.0 92.9 92.3 91.3 US GOV'T DEMAND (12) ANNUALLY: 1972 1973 27.6 38.3 MONTHLY: 1975--JAN. FEB. MAR. P 78.5 39.1 39.9 40.7 WEEKLY: 0 1 75--FEB. MAR. 5 12 19 26P 68.9 69.4 69.4 69.4 216.4 218.7 216.9 217.9 428.9 429.1 430.5 431.0 338.7 339.8 340.8 340.7 90.2 89.3 89.6 00.3 APR. 2P 69.7 217.9 432.4 341.9 90.5 6.4 NOTES: 0.8 ADJUSTED CREDIT PROXY INCLUDES MAINLY TOTAL MEMBER BANK DEPOSITS SUBJECT TO RESERVE REQUIREMENTS, LOANS SOLD TO BANKRELATED INSTITUTIONS, AND EURODOLLAR BORROWINGS OF U.S.BANKS. WEEKLY DATA ARE DAILY AVERAGES FOR STATEMENT WEEKS. MONTHLY DATA ARE DAILY AVERAGES. WEEKLY DATA ARE NOT AVAILABLE FOR M3, M5, M6, M7. TOTAL LOANS AND INVESTMENTS AND THRIFT INSTITUTION DEPOSITS. 1/ ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH AND END OF PREVIOUS MONTH REPORTED DATA. P - PRELIMINARY --------------------------------------------------------- - ------- ---------- ------------ Appendix Table III Growth Rate in Money Supply (Per cent change at an annual rate) M1 1973 I 1975 M Q M Q M 3.4 6.8 7.3 9.1 8.8 10.4 II 11.3 7.3 10.6 8.6 10.5 9.1 III 0.6 5.5 5.6 7.8 5.2 7.5 8.7 5.0 10.8 8.9 9.8 7.9 IV 1974 M3 M2 I 5.8 8.9 9.1 II 7.3 6.8 7.6 III 3.9 4.0 5.3 IV 3.7 7.0 6.0 I 3.9 1.4 8.5 6.3 10.2 8.1 M = Annual rates of growth calculated from average levels in the final months of the quarters. Q = Annual rate calculated from average levels in all three months of the quarters. Appendix Table IV Growth Rates in Money Supply for Alternatives M M3 M2 M1 0 M 0 M 0 Alt. A 1975 II III 8.1 7.2 11.4 10.8 11.0 11.3 14.4 12.7 13.7 10.8 10.2 13.8 11.4 13.4 10.4 8.9 13.0 9.7 12.9 11.0 13.5 Alt. B 1975 II III 7.4 6.0 10.8 9.3 12.3 Alt. C 1975 II III 6.8 4.9 10.2 7.7 M = Annual rates of growth calculated from average levels in last months of the quarters. Q = Annual rates of growth calculated from average levels in all three months of the quarters. Appendix Table V Growth Rates in Monetary Aggregates for Alternatives (First quarter 1975 to first quarter 1976) 1 Alt. A Alt. B / Alt, C M1 8.0 7.0 6.0 M2 11.0 10.0 9.0 M3 13.0 11.5 10.5 M4 9.0 8.5 7.5 M5 11.5 10.5 9.5 8.5 8.0 7.0 Credit proxy 1/ Growth rates calculated from average levels in all three months of the quarters. 

Federal Reserve (1975, April 14). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19750415

@misc{wtfs_bluebook_19750415,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1975},
  month = {Apr},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19750415},
  note = {Retrieved via When the Fed Speaks corpus}
}