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Content last modified 6/05/2009. September 17, Strictly Confidential (FR) 1976 Class I FOMC MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Prepared for the Federal Open Market Committee By the staff Board of Governors of the Federal Reserve System September 17, 1976 STRICTLY CONFIDENTIAL (FR) CLASS I - FOMC MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments (1) M1 in the August-September period appears to be increasing at a rate slightly below the mid-point of the Committee's 4-8 per cent operating range. However, expansion at banks of time and savings deposits other than money market CD's has been considerably stronger than anticipated, and growth in M 2 appears to be running above the mid-point of its two-month range. Deposit inflows at nonbank thrift institutions also picked up in August, and this higher rate of growth appears to have continued in early September. Growth in Monetary Aggregates over August-September Period (SAAR in per cent) Ranges 4 to 8 7½ to 11½ Memo: Federal funds rate (per cent per annum) Latest Estimates 5.7 10.9 Avg. for statement week ending Aug. 18 5.29 5.28 25 Sept. 1 5.28 5.25 8 15 5.22 (2) Nonborrowed reserves appear to have increased at about a 1-1/4 per cent annual rate in the August-September period.1/ A continued decline in outstanding large CD's released reserves to support expansion in other deposits. Moreover, much of the growth in deposits has occurred in categories--such as savings deposits--with relatively low reserve requirements. (3) Given the behavior of the aggregates, the Desk has continued to aim at a Federal inter-meeting period. funds rate around 5-1/4 per cent throughout the Short-term credit demands have been generally weak since the last meeting of the Committee, as businesses paid down bank debt and the volume of commercial paper and Treasury bill issues remained unchanged. Most short-term rates declined somewhat over the inter-meeting period, but most of the downward adjustment occurred today following publication of the latest weekly M1 figure yesterday. (4) Long-term rates have declined 10 to 20 basis points since the last Committee meeting, in part because many investors seemed to believe that the flow of economic data suggested a further moderation in the prospective pace of economic expansion and inflation. The largest declines were in the corporate sector, where the volume of new bond issues was relatively light. Issues of state and local government securities 1/ Appendix A contains a discussion of the actual behavior of nonborrowed reserves in the weeks between the August and September meetings relative to the behavior that was expected to be consistent with the Committee's short-run ranges for monetary growth. -3remained relatively large, and the U.S. Treasury raised a substantial additional volume of new money through sales of intermediate-term coupon issues. (5) The table on the following page shows (in terms of percentage annual rates of change) related monetary and financial flows over various time periods. Calendar Year 1975 Twelve Months Aug. '76 over Aug. '75 Past Past Six Months Aug. '76 over Feb. '76 Three Months Aug. '76 over May '76 Past Month Aug. '76 over July '76 Nonborrowed reserves 1.3 1.1 2.9 5.1 7.2 Total reserves -.4 0.7 3.0 5.0 6.0 Monetary Base 5.8 6.5 7.7 6.4 6.8 4.1 4.5 6.6 4.0 5.9 8.5 9.7 10.3 9.3 9.8 M 3 (M2 plus deposits at thrift 11.3 institutions) 11.7 12.0 11.4 12.7 6.4 6.6 6.3 6.4 0.8 9.6 9.4 9.5 7.0 Concepts of Money M 1 (currency plus demand deposits ) 1/ M 2 (M1 plus time deposits at commercial banks other than large CD's) M 4 (M2 plus CD's) M 5 (M3 plus CD's) 9.7 Bank Credit Total member bank deposits (bank credit proxy adj.) 3.9 3.8 2.7 5.7 -2.3 Loans and investments of commercial banks 2/ 4.4 5.4 5.9 5.8 8.2 -.6 -1.2 -1.9 -1.3 -5.3 -.2 -- Short-term Market Paper (Monthly average change in billions) Large CD's Nonbank commercial paper .3 .3 .1 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 averages 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 (6) Alternative short-run specifications for the monetary aggregates and the Federal funds rate are summarized below for Committee consideration. (More detailed data, as well as longer-run projections, are shown in the tables on pp. 5a and 5b). Alt. A Alt. B Alt. C M1 4½-8½ 4-8 3½-7½ M2 10-14 9-13 8-12 4¼-5¼ 4¾-5¾ 5¼-6¼ Ranges for Sept.-Oct. Federal funds rate (inter-meeting period) (7) With economic activity projected to expand at a moderate rate over the next few months, M1 is also expected to continue rising over the September-October period at a rate little different from that of recent months. Under alternative B, given prevailing money market conditions--as indexed by a Federal funds rate around 5¼ per cent-M1 will probably grow in a 4-8 per cent annual rate range. (8) M 2 may rise in a 9-13 per cent annual rate range under alternative B over the September-October period. In recent weeks, expansion of time and savings deposits other than large money market CD's has been substantially more rapid than expected. Although we have assumed that the rate of expansion will slow somewhat over the course of the intermeeting period, we still expect such deposits to rise at about a 15 per cent annual rate on balance from August to October. Much of this reflects our assumption that the rate of increase in savings deposits at banks and-- -5a- Alternative Levels and Growth Rates for Key Monetary Aggregates M1 1976 1976 1977 M2 Alt. A Alt. B Alt. C Alt. A Alt. B Alt. C Alt. A Alt. B Alt. C August September October 306.3 307.7 309.5 306.3 307.7 309.2 306.3 307.7 309.0 713.4 720.4 727.7 713.4 720.4 726.4 713.4 725.2 1184.3 1198.5 1213.0 1184.3 1198.5 1210.9 1184.3 1198.5 1208.9 QII QIII QIV 302.7 306.3 311.3 302.7 306.3 310.8 302.7 306.3 310.5 696.5 713.8 734.2 696.5 713.8 731.7 696.5 713.8 730.1 1150.6 1184.9 1225.5 1150.6 1184.9 1220.9 1150.6 1184.9 1217.6 QI QII 316.0 320.1 315.5 320.1 315.2 320.1 750.4 764.4 747.6 762.5 745.4 761.2 1255.8 1280.2 1248.6 1273.9 1244.1 1271.3 11.8 12.2 11.8 10.0 11.8 8.0 720.4 Growth Rates Monthly: 1976 September October 5.5 7.0 14.4 14.5 14.4 12.4 14.4 10.4 11.9 11.0 Quarterly Average: 1976 QIII QIV 4.8 6.5 4.8 5.9 4.8 5.5 9.9 11.4 9.9 10.0 9.9 9.1 11.9 13.7 11.9 12.2 1977 QI QII 6.0 5.2 6.0 5.8 6.1 6.2 8.8 7.5 8.7 8.0 8.4 8.5 9.9 7.8 9.1 8.1 8.7 8.7 Semi-annual QII '76-QIV '76 QIV '76-QII '77 5.7 5.7 5.4 6.0 5.2 6.2 10.8 8.2 10.1 8.4 9.6 8.5 13.0 8.9 12.2 8.7 11.6 8.8 Annual QII '76-QII '77 5.7 5.7 5.7 9.7 9.5 9.3 11.3 10.7 10.5 FOMC Longer-run Range QII '76-QII '77 44-7 74-94 9-11 -5bAlternative Levels and Growth Rates for Key Monetary Aggregates (cont'd) Credit Proxy 1976 1976 Alt. A Alt. B Alt. C Alt. A Alt. B Alt. C Alt. A Alt. B Alt. C August September October 777.7 782.5 789.8 777.7 782.5 788.8 777.7 782.5 788.1 1248.7 1260.5 1275.1 1248.7 1260.5 1273.3 1248.7 1260.5 1271.9 522.6 522.7 527.1 522.6 522.7 526.5 522.6 522.7 526.3 QII 766.6 779.1 796.7 766.6 779.1 795.1 766.6 779.1 794.0 1220.7 1250.2 1288.1 1220.7 1250.2 1284.3 1220.7 1250.2 1281.5 518.3 523.0 531.3 518.3 523.0 532.3 518.3 523.0 530.7 815.4 833.4 814.1 832.5 812.2 830.8 1320.8 1349.1 1315.1 1343.9 1310.9 1341.0 541.0 550.4 540.6 550.2 539.4 549.0 QIII QIV 1977 QI QII Growth Rates Monthly: 1976 September October 7.4 11.2 7.4 8.6 11.3 13.9 11.3 12.2 11.3 10.9 0.2 10.1 0.2 8.3 Quarterly Averages: 1976 QIII QIV 6.5 9.0 6.5 8.2 6.5 7.7 9.7 12.1 9.7 10.9 9.7 10.0 3.6 7.0 3.6 6.3 3.6 5.9 1977 QI QII 9.4 8.8 9.6 9.0 9.2 9.2 10.2 8.6 9.6 8.8 9.2 9.2 6.7 7.0 7.0 7.1 6.6 7.1 Semi-annual QII '76-QIV '76 QIV '76-QII '77 7.9 9.2 7.4 9.4 7.1 9.3 11.0 9.5 10.4 9.3 10.0 9.3 5.3 6.9 5.0 7.1 4.8 6.9 Annual QII '76-QII '77 8.7 8.6 8.4 10.5 10.1 6.2 6.2 5.9 9.9 also at thrift institutions--will remain sizable so long as the 3-month Treasury bill rate remains in the neighborhood of 5-1/8 per cent. (9) Business loan demands on banks are likely to remain sluggish over the next few weeks, although they may strengthen later in the fall if and as the rate of business inventory accumulation once again accelerates. Over the near-term, banks are likely to continue utilizing large inflows of funds into time and savings deposits other than large CD's to increase holdings of relatively high-yielding Treasury coupon issues, including the two-year Treasury note to be auctioned on September 21 and a just announced 5-year note to be auctioned on September 28 (raising $2 billion of new cash). Banks will also probably permit the outstanding volume of large negotiable CD's to decline somewhat further over the weeks immediately ahead, and the bank credit proxy over the SeptemberOctober period may rise at about a 4 (10) per cent annual rate. Private credit demands on the open market may strengthen a little from the summer pace. In particular, substantially more new corporate bond offerings appear to be scheduled for October than had been marketed during the summer months, although part of the increase is seasonal. A sizable volume of new state and local government issues continues to be projected for early fall. Treasury credit needs are likely to be relatively moderate in the early fall, given the large end-ofSeptember cash balance now in prospect, but such needs will probably pick up as the quarter progresses. (11) Alternative A involves an easing of the money market, with the funds rate range centered on 4¾ per cent. Such an easing would probably be accompanied by a decline in the Treasury bill rate to the 4¾ per cent area also and by a drop in the 3-month commercial paper rate to around 5 per cent. In response to these market rate declines, the bank prime loan rate would probably adjust downward. Longer-term market rates probably also would move down somewhat further, but the declines could be limited as borrowers accelerate offerings in anticipation of a later reversal in yields. Primary mortgage market rates--which have changed little in recent weeks despite declines in corporate bond yields-would probably begin to drop noticeably. (12) The easing in short-term rates under alternative A would likely be accompanied by a slightly stronger expansion in M1 over the short-run--with the M1 growth range estimated to be 4 -8 per cent for the September-October period. There would be some strengthening in inflows of time and savings deposits other than large CD's, particularly savings deposits. However, if credit demands on banks remain relatively weak over the next few weeks, banks are likely to become less active in soliciting consumer-type time deposit funds. Banks would probably continue to run-off large money market CD's, while at the same time taking advantage of the lower level of market rates to lengthen maturities on those new CD's that they do issue. (13) The tightening of money market conditions contemplated under alternative C--with the funds rate range centered on 5¾ per cent-might well lead to fairly sharp upward adjustments in market rates over the next few weeks. Dealer bill positions are currently very large, and the 3-month bill rate could move up to the 5 -6 per cent area. Holdings of coupon issues are also fairly sizable, and strong efforts to secure the paper profits on such positions could lead to an appreciable rise in longer-term Treasury yields, with spill-over effects on other longer-term markets. (14) A little slower growth in the monetary aggregates would, of course, be likely to develop over the September-October period under alternative C than under either of the other two alternatives. In particular, growth in savings deposits may well come to a halt, at least temporarily, as depositors shift to higher-yielding market instruments. Banks may seek to compensate for this to some extent by more aggressive offerings of time deposits, including large CD's. On balance, under this alternative we would expect M1 over the forthcoming two-month period to expand in a 3½-7½ per cent annual rate range and M 2 in an 8-12 per cent range. (15) All of the short-run alternatives shown would be consistent with the Committee's current longer-run growth ranges for the monetary aggregates covering the period from QII '76 to QII '77. The staff still believes that interest rates will probably have to rise--perhaps beginning late in the year--to achieve a longer-run M 1 growth rate of 5¾ per cent, the mid-point of the Committee's range. In view of the apparent strengthening of time and savings deposit flows, and allowing for a somewhat lower average level of interest rates during the year ending mid-'77, the staff now expects longer-run growth rates for M2 and M3 to be near the tops of their ranges. The longer-run Federal funds rate patterns implied by the alternatives are shown in appendix Table II. Proposed directive (16) Given below is a proposed operational paragraph for the directive if the Committee should wish to return to language that emphasizes desired growth in monetary aggregates. No alternatives are presented for this formulation, in the expectation that the reference to desired growth will be taken to apply to the longer-term targets and that at this meeting the Committee will not reconsider those targets. "Monetary Aggregates" Proposal To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to[DEL: maintain prevailing]ACHIEVE bank reserve and money market conditions CONSISTENT WITH MODERATE GROWTH IN MONETARY AGGREGATES over the period [DEL: immediately] ahead [DEL: provided that monetary aggregates appear to be growing at about the rates currently expected]. (17) Should the Committee desire to continue placing main emphasis on bank reserve and money market conditions, would depend on the specific conditions sought. the language needed Three alternative "money market" directives, intended to correspond to the similarly lettered policy alternatives, are given below. -10Alternative "Money Market" Proposals Alternative A To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to[DEL: maintainprevailing]ACHIEVE SOMEWHAT EASIER bank reserve and money market conditions over the period immediately ahead, provided that monetary aggregates appear to be growing at about the rates currently expected. Alternative B To implement this policy, while taking account of developments in domestic and international financial markets, the Committee seeks to maintain prevailing bank reserve and money market conditions over the period immediately ahead, provided that mone- tary aggregates appear to be growing at about the rates currently expected. Alternative C To implement this policy, while taking account of developments in domestic and international financial markets, the Commaintain prevailing]ACHIEVE SOMEWHAT FIRMER bank mittee seeks to[DEL: reserve and money market conditions over the period immediately ahead, provided that monetary aggregates appear to be growing at about the rates currently expected. APPENDIX A Comparison of Actual and Targeted Reserves The table below compares the actual average level of reserves for the five-week period ending September 22 with the "targeted level that had been thought consistent with the mid-points of the short-run ranges for the monetary aggregates adopted at the last FOMC meeting. Actual1/ 1. (2+3) 2. 3. Nonborrowed reserves Required reserves (4-5) Excess reserves 5. Member bank borrowing 6. (1+5) Currency 7. 8. Total reserves (6+7) Monetary base Difference s 34,321 34,333 34,138 34,241 183 92 91 251 200 51 68 108 -40 34,390 34,441 -51 81,655 81,537 118 116,045 115,978 67 Free reserves 4. Targeted -12 -103 As can be seen from the table, actual nonborrowed reserves turned out to be very close to the "targeted" level. Banks held more free reserves than the staff had expected, reflecting both a lower level of borrowing and greater demand for excess reserves by banks than anticipated. Meanwhile, actual required reserves were about $100 million below expectations. Somewhat more money growth than anticipated took the form of currency, which required no reserves, and the average reserve ratio against deposits also turned out to be lower than expected. 1/ Includes week of September 22, which is partly estimated. A- 2 With borrowing lower than expected, total reserves were also somewhat below their targeted level, while the monetary base was stronger than targeted. The strength in the monetary base reflected greater currency expansion than expected at the time of the last FOMC meeting. Appendix Table I Reserve Measures Consistent With Short-run Alternatives (seasonally adjusted) Change from average of previous 5-week period ($ million) Average of 4 weeks Sept. 29 to Oct. 20 ($ million) Alt. A Nonborrowed reserves Alt. B Alt. C 2-month Annual Percentage Growth Rate for Sept.-Oct. Alt. A Alt. B Alt. C Alt. A Alt. B Alt. C -1.9 -2.8 -4.7 -22 -2.8 -3.1 -3.4 34,359 34,308 34,218 38 -13 -103 45 78 150 -17 10 30 233 215 198 -18 -36 38 Total reserves 34,404 34,386 34,368 -4 Monetary base1 / 116,826 116,808 116,790 763 745 5.9 5.8 5.7 Nonborrowed monetary base 116,781 116,730 116,640 753 663 6.2 5.9 5.3 Member bank borrowing Excess reserves Other reserve aggregates: 1/ Total reserves plus currency held outside the Treasury, the Federal Reserve, and member banks. Appendix Table II Projected Federal Funds Rates 1976 QIII QIV 1977 QI QII Alt. A Alt. B Alt. C 5k 5k 5k 5k 6 Appendix Table III Growth Rate in Money Supply (Per cent change in an annual rate) (Revised Series) 72 M q 7.3 9.2 m Q 3.6 7.4 7.3 9,2 8.4 10.3 II 10.1 6.4 9.9 8.2 9.8 8.5 III 1.8 5,5 6.3 7.9 6.1 7.8 IV 7.8 5.1 10.5 9.0 9.9 8.4 QIV '72-QIV '73 6.0 6.2 8.8 8.8 8.8 9.0 6.0 9.0 9.6 8.4 8.9 II 5.6 6,9 7.4 5.7 6.5 III 4.2 5.5 6.4 5.2 5.6 4.0 6.6 6.4 7.2 6.5 5,0 7.2 7.7 6.8 7.1 1.4 0.6 6.9 5.6 9.0 7.5 9.7 7.4 12.5 10.2 14.5 12.6 3.6 7.1 6.5 10.1 10.7 13.3 IV 1.6 2.3 7.0 6.4 9.3 QIV '74-QIV '75 4.1 4.4 8.5 8.3 11.3 11.1 1976 4.3 2,6 11.5 10.1 12.6 11.4 6.8 8.4 9.9 11.3 11.3 12.4 1973 1 1974 I IV QIV '73-QIV '74 1975 I II III I II M 9.4 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. CHART 1 CONFIDENTIAL (FR) CLASS II-FOMC 9/17/76 MONETARY AGGREGATES NARROW MONEY SUPPLY M1 BILLIONS OF DOLLARS S320 300 280 V (9/8/76) I 4% growth BROADER MONEY SUPPLY M 2 I I I (9/8/76) growth I 1975 1976 J J A 1976 1 S 0 CHART 2 9/17/76 MONETARY AGGREGATES ADJUSTED CREDIT PROXY BILLIONS OF DOLLARS 540 520 500 II l II l l I I, II. i I i BILLIONS OF DOLLARS -1 35 NONBORROWED 1975 1976 Total and nonborrowed reserve series have been adjusted to remove discontinuities associated with changes in reserve requirement ratios CHART 3 9/17/76 MONEY MARKET CONDITIONS AND INTEREST RATES MONEY MARKET CONDITIONS PERCENT - 8 INTEREST RATES Short-term - WEEKLY AVERAGES F.R. DISCOUNT RATE - - 7 PERCENT 10 INTEREST RATES WEEKLY - - 6 FUNDS. RATE 4J RESERVES 1975 1976 1975 1976 1975 1978 Table 1 CONFIDENTIAL (FR) MONETARY AGGREGATES SEPT. CLASS 11-FOMC 17, 1976 ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED Adjusted Total Credit U.S Govt. Proxy Deposits Money Supply Narrow Broad (M 1) (M2) Period 1 2 303.1 304.8 306.3 1307.7) 700.3 707.6 713.4 (720.4) 3 Time and Savings Deposits Other Than CD'S Savings Other Total 4 5 6 CD'S 8 Nondeposit Member Sources of US Govt Funds Depo si 9 10 11 8.4 6.8 8.9 8.2) 3.7 2.7 3.9 3.2) MONTHLY LEVELS-SBIL 1976--JUNE JULY AUG. SEPT. t 522.3 523.6 522.6 1522.7) ( 467.9 472.4 471.4 (474.81 9.8 9.0 13.8 13.0) 397.3 402.8 407.1 (412.7) 179.4 181.1 184.4 (187.6) 217.9 221.7 222.7 (225.1) ( 70.6 69.6 64.3 62.0) I 1 ANNUAL GROWTH QUARTERLY 1976--15T QTR. 2ND QTR. 3RD QTR. ( 4.3 6.8 6.1) 1 2.6 8.4 4.8) 11.5 9.9 11.5) ( 1.2 4.9 0.31 2.3 2.4 3.6) ( 5.4 8.2 5.91 ( 17.1 12.4 15.5) I 7.8 6.3 7.8) ( 15.9 13.7 13.9) I 15.1 11.5 -2.5 8.7) ( 3.0) 32.4 13.6 18.3)1 1 5.6 11.3 13.2) ( -47.3 -13.7 -48.7) 1 6.7 7.0 14.7) -29.3 -30.6 ( -27.4) ( 42.2 -17.0 -91.4 -42.91 ( -65.5) QUARTERLY-AV 1976--15T OTR. 2ND QTR. 3RD QTR. 1 10.1 11.3 9.9) ( -0.8 6.7 5.9 5.5) 1 5.3 12.5 9.8 11.8) ( 16.3 3.0 -2.3 0.2) ( 5.7) I 10.9) ( -1.0) i I 28.3 21.7 13.2) ( 10.4 16.6 12.8 16.5) 1 0.0 11.4 21.9 20.8) ( 19.0 20.9 5.4 12.9) ( 14.7) ( 21.51 ( 9.2) MONTHLY 1976--JUNE JULY AUG. SEPT. AUG.-SEPT. WEEKLY LEVELS-$BIL 1976-AUG. SEPT. NOTE! 1/ P - 4 11 18 25 1 8 P 305.5 306.3 307.3 306.4 710.3 712.0 714.1 714.7 523.4 522.8 523.0 521.9 11.0 11.4 12.7 16.5 471.3 471.1 471.2 471.8 404.8 405.7 406.9 408.3 182.7 183.6 184.2 185.0 222.1 222.1 222.6 223.3 66.5 65.4 64.4 63.5 8.7 8.7 9.2 9.3 3.0 4.4 3.7 4.2 305.8 304.1 715.4 715.6 522.5 521.4 16.0 16.0 472.3 473.6 409.5 411.4 185.8 186.8 223.8 224.7 62.8 62.2 8.6 7.9 3.7 5.7 DATA SHOWN IN PARENTHESES ARE CURRENT PROJECTIONS. INCLUDES TREASURY DEPOSITS AT MEMBER BANKS AND FEDERAL RESERVE BANKS. PRELIMINARY , CONFIDENTIAL (F.R.) CLASS II-FOMC TABLE 2 BANK RESERVES SEPT. ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED BANK RESERVES Period Total Reserves Nonborrowed Reserves 17, 1976 REQUIRED RESERVES Monetary Base Total Required Private Demand Total Time Deposits Gov't. and Interbank 11,842 12,003 11,797 (11,645) 2,327 2,198 2.356 (2,334) MONTHLY LEVELS-SMILLIONS 1976-JUNE JULY AUG. SEPT. PERCENT 34,335 34,387 34,560 (34,388) 34,209 34,254 34,460 (34,321) 114,653 115,150 115,806 (116,378) ( -6.2 3.9 0.6) 1 -5.3 3.1 1.3) 4.6 8.8 6.0) ( -3.8 0.8 3.3) ( -3.2 0.5 3.2) ( 7.0 1.8 6.0 -6.0) ( 6.6 1.6 7.2 -4.8) S 0.0) 1 1.2) 34,121 34,152 34,320 (34,157) 19,953 19,952 20,166 (20,177) ANNUAL GROWTH QUARTERLY 1976--IST QTR. 2ND QTR. 3RD QTR. 1 -5.7 4.0 0.4) ( -2.0 6.0 4.5) 1 -3.6 1.2 2.8) ( ( 6.9 5.2 6.8 5.9) ( 6.9 1.1 5.9 -5.7) 1 1 6.4) 1 I ( -11.0 -1.0 -6.7) -1.0 4.2 3.8) ( -6.5 -4.4 -0.9) -2.2 -0.1 12.9 0.7) 9.4 16.3 -20.b S-15.5) S 6.8) ( -17.9) QUARTERLY-AV 1976--1ST QTR. 2ND QTR. 3RD QTR. 5.3 8.5 S6.3) MONTHLY 1976-JUNE JULY AUG. SEPT. AUG.-SEPT. 0.1) WEEKLY LEVELS-SMILLIONS 1976-AUG. SEPT. 4 11 18 25 35,020 34,226 34,725 34,490 34,863 34,104 34,640 34,423 116,017 115,397 115,966 115,899 34,584 34.262 34,388 34,242 20,231 20 076 20,170 20,145 11,935 11,886 11,790 11,730 2,418 2,301 2,428 2,366 1 8 34,531 34,293 34.538 34,438 34,247 34,477 115,849 115,763 116,668 34,225 34 021 34,207 20.248 20,115 20,219 11,686 11,659 11,640 2,291 2,247 2,348 15 i NOTE: I a L RESERVE SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH CHANGES IN RESERVE REQUIREMENT RATIO. DATA SHOWN IN PARENTHESES ARE CURRENT PROJECTIONS. TABLE 3 NET CHANGES IN SYSTEM HOLDINGS OF SECURITIES ($ millions, not seasonally adjusted) Net Purchases 3/ Period Within 1-year Total Within 1-year 46 120 439 191 1 - 5 5 - 10 Over 10 539 500 434 1,510 167 129 196 1,070 1,582 1,415 1,747 6,202 273 1972 1973 1974 1975 -490 7,232 1,280 -468 789 579 797 3,284 1975--Qtr. II Qtr. III Qtr. IV 1,086 -757 1,294 1,135 712 385 454 201 171 234 315 2,079 1,096 1,006 1976--Qtr. I Qtr. II -363 2,067 115 109 554 796 226 245 156 134 1,052 1,284 38 78 63 24 203 -42 1976--Mar. Apr. May June 513 -292 1,845 July Aug. -2,009 1,100 1976--July 7 14 21 28 Aug. Sept. 1/ 2/ 3/ 4/ 5/ 6/ 4 11 18 25 1 8 15 22 29 1/ Net Change Federal Agencies Treasury Coupons Treasury Bills Net Change 2/ CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 17, 1976 Net Purchases 4/ Over 1 - 5 5 - 10 10 592 400 1,665 824 Total 3,082 1,613 -1,358 -46 -154 1,272 -2 747 284 3,076 1,060 2,626 230 2,392 -1,403 535 240 1,022 3,371 1,256 1,654 23 788 758 -122 2,735 1,261 -958 1,351 ----2,040 -2,334 1,484 2,093 -481 ----791 ---- -3,126 -1,003 864 288 140 108 57 -- - -- 140 57 38 40 - -- 294 -- 3 990 42 301 72 -- -472 -783 -523 -231 -- 42 -- 301 72 --- -- -- 65 480 -- -- -- -- ---- -- -- -- ---- - - - -- --- --- ------- - ----- -- -- -- -- -- -- -- -- -- -- -- -- ---- -- -- -- -- -- -- -- S - - S - - -- - - - 65 480 - -- -- -- -- --- --- --- -- - -- -- -- -- - -- -- ---- --- --- --- -526 ----238 -- - Net RP's 6/ 1,631 9,273 6,303 7,267 1,059 102 3 Outright Holdings Total 5/ -- --- -2,188 -13 2,499 115 -8,081 950 441 8,359 -1,510 ----186 2,002 --34 -5,731 -3,133 Change from end-of-period to end-of-period. Outright transactions in market and with foreign accounts, and redemptions (-) in bill auctions. Outright transactions in market and with foreign accounts, and short-term notes acquired in exchange for maturing bills. Excludes redemptions, maturity shifts, rollovers of maturing coupon issues, and direct Treasury borrowings from the System. Outright transactions in market and with foreign accounts only. Excludes redemptions and maturity shifts. In addition to net purchases of securities, also reflects changes in System holdings of bankers' acceptances, direct Treasury borrowings from the System, and redemptions (-) of Agency and Treasury coupon issues. Includes changes in both RP's (+) and matched sale-purchase transactions (-). CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 17, 1976 TABLE 4 SECURITY DEALER POSITIONS AND BANK POSITIONS (millions of dollars) U.S. Govt. Security Dea er Positions Underwriting Syndicate Positions Municipal Corporate Bonds Bonds Member Bank Reserve Positions Basic Reserve Deficit Borrowing at FRB** 1975-High Low 7,029 1,586 2,845 253 Excess** Reserves (5) 804 -42 1976--High Low *7,932 3,668 2,060 175 655 -180 242 24 -6,686 -2,367 -12,660 - 6,908 1975--Aug. Sept. 4,020 5,008 1,204 588 195 191 211 397 -3,964 -3,551 - 9,966 - 9,015 Oct. Nov. Dec. 5,766 4,751 4,822 1,480 2,073 1,075 161 251 189 60 130 -2,644 -3,812 -2,811 - 9,202 -10,159 -10,418 1976--Jan. Feb. Mar. 4.959 5,214 5,910 1,220 1,051 232 778 223 79 81 54 -3,581 -4,138 -4,726 - 9,746 -10,015 - 9,640 Apr. May June 5,750 4,239 4,996 605 591 582 155 214 43 114 127 -5,179 -4,402 -4,219 -10,783 - 8,151 - 9,158 July Aug. 5,743 6,174 904 1,686 234 247p 132 100p -4,756 -4,624 - 9,399 - 9,691 7 14 21 28 5,263 5,630 5,744 6,232 1,264 1,015 619 817 146 139 13 19 562 29 228 32 124 177 59 159 -5,006 -5,958 -3,917 -3,805 - 7,760 -11,101 - 9,724 - 8,875 4 11 18 25 6,201 6,103 5,478 *5,856 977 2,060 1,960 *1,602 32 110 124 75 436 -36 337 248p 157 122 85 67p -3,598 -4,575 -4,469 - 8,908 -11,321 -10,744 - 8,941 1 8 15 22 29 *7,539 *7,932 *7,628 *1,568 2 73 130p 306p 272p 324p -5,165 -7,122p -6,047p - 8,016 10 0 13 , p -11,674p Bills Period (1) 1976-July Aug. Sept. Coupon Issues (2) *1,705 *1,613 265 256 210 Total 93 p 6 4 p 61p Seasonal 8 New York (8) 38 Others -7,387 -1,757 -11,632 - 7,207 -5,170 (9) NOTE: Government security dealer trading positions are on a commitment basis. Trading positions, which exclude Treasury securities financed by repurchase agreements maturing in 16 days or more, are indicators of dealer holdings available for sale over the near-term. Underwriting syndicate positions consist of issues still in syndicate, excluding trading positions. The basic reserve deficit is excess reserves less borrowing at Federal Reserve less net Federal funds purchases. Weekly data are daily averages for statement weeks, except for corporate and municipal issues in syndicate which are Friday figures. * STRICTLY CONFIDENTIAL **Monthly averages for excess reserves and borrowings are weighted averages of statement week figures. STRICTLY CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 17, 1976 TABLE 5 SELECTED INTEREST RATES (Per cent) Federal Funds (1) Period Short-Term Treasury Bills 90-119 Day Commercial 90-Day 1-Year Paper (2) (3) (4) CD's New Issue-NYC 60-Day (5) 90-Day (6) 7.75 5.38 Long-Term U.S. Govt. 20Yr. Constant Maturity (10) FNMA Auction Yield (11) GNMA Guaranteed Securities (12) 7.67 6.27 8.63 7.63 9.95 8.78 9.10 7.93 Aaa Utility Municipal Bond New Recently Issue Offered Buyer (7) (8) (9) 1975--High Low 7.70 5.13 6.68 5.02 7.31 5.46 8.43 5.38 7.88 5.25 1976--High Low 5.58 4.70 5.53 4.73 6.32 5.35 5.90 5.00 5.63 4.75 7.13 6.50 8.17 7.80 9.20 8.83 8.45 8.00 1975--Aug. Sept. 6.14 6.24 6.44 6.42 7.16 7.20 6.59 6.79 6.31 6.44 7.17 7.44 8.50 8.57 9.41 9.78 8.75 8.97 5.82 5.22 5.20 5.96 5.48 5.44 6.48 6.07 6.16 6.35 5.78 5.88 6.08 5.69 5.65 6.45 6.03 5.83 7.39 7.43 7.31 8.35 8.28 8.23 9.80 9.80 9.31 8.87 8.50 8.56 1976--Jan. Feb. Mar. 4.91 4.84 5.05 5.03 5.06 5.20 7.07 6.94 6.92 8.01 8.03 7.97 9.10 9.06 9.05 8.37 8.29 8.30 Apr. May June 4.81 5.25 5.55 4.94 5.38 5.68 6.60 6.87 6.87 7.86 8.13 8.03 8.89 9.09 9.13 8.10 8.33 8.35 9.05 8.99 8.37 8.30 Oct. Nov. Dec. 9.80 8.89 9.45 9.20 9.36 9.71 9.06 9.43 9.26 9.21 July Aug. 5.31 5.29 5.23 5.14 5.82 5.64 5.54 5.35 5.30 5.23 5.42 5.31 8.63 8.52 8.63 8.50 6.79 6.61 8.00 7.91 1976--July 5.37 5.27 5.30 5.28 5.38 5.21 5.20 5.19 6.03 5.75 5.79 5.78 5.75 5.60 5.50 5.40 5.50 5.25 5.25 5.20 5.63 5.38 5.38 5.30 8.58 8.53 8.66 8.72 8.57 8.55 8.68 8.69 6.78 6.78 6.77 6.73 7.98 7.96 8.03 8.03 4 11 18 25 5.36 5.25 5.29 5.28 5.15 5.18 5.15 5.13 5.74 5.67 5.63 5.63 5.38 5.38 5.38 5.35 5.20 5.25 5.30 5.35 8.60 8.49 8.60 8.49 6.65 6.60 7.99 7.93 9.01 5.25 5.30 -- 8.46 6.60 5.20 5.30 8.47 8.44 6.58 7.89 7.86 8.97 1 8 15 22 29 5.28 5.25 5.22 5.09 5.10 5.12 5.57 5.54 5.56 5.30 5.38 5.38 5.10 5.13 5.13 5.22 5,25 5.30 8.38 8,28 8.30p 8.38 8.35 8.34p 6.52 6.52 6.50 7.82 7.81 7.8 2 p 5.25 5.22 p 5.12 5.10 5.56 5.53 5.38 5.38 Aug. Sept. Daily-- Sept. 9 16 9.05 9.04 8.92 8.41 8.34 8.34 8.37 8.37 8.37 8.27 8.25 8.25 8.13 8.13 7.81 7.81(9/15) NOTE: Weekly data for columns 1 to 4 are statement week averages of daily data. Columns 5 and 6 are 1-day Wednesday quotes (prior to 1976, figures shown are for 60-89 day and 90-119 day ranges, respectively). For columns 7 and 10, the weekly date is the mid-point of the calendar week over which data are averaged. Columns 8 and 9 are 1-day quotes for Friday and Thursday, respectively, following the end of the statement week. Column 11 gives FNMA auction data for Monday preceding the end of the statement week. Column 12 is a 1-day quote for the Monday preceding the end of the statement week. The FNMA auction yield is the average yield in bi-weekly auction for short-term forward commitments for Government underwritten mortgages. GNMA yields are average net yields to investors on mortgage-backed securities for immediate delivery, assuming prepayment in 12 years on pools of 30-year FHA/VA mortgages carrying the coupon rate 50 basis points below the current FHA/VA ceiling. APPENDIX TABLE 1-A MONEY AND CREDIT AGGREGATE MEASURES SEPT. 17, 1976 U Period I 12 (Per cent annual rates of growth) ANNUALLY: 6.7 7.1 -0.4 6.0 9.2 1.3 10.5 10.2 3.9 1ST HALF 1975 2ND HALF 1975 -1.2 0.3 1.7 0.9 IST HALF 1976 -1.2 3RD QTR. 1975 4TH QTR. 1975 1ST QTR. 2NO QTR. 1973 1974 1975 I I I 13.8 9.2 4.4 6.0 4.7 4.1 8.8 7.2 8.5 4.5 3.1 4.2 4.5 5.6 2.6 9.8 6.8 -1.2 3.1 4.9 5.6 -0.8 1.4 -2.8 4.5 -0.8 7.0 4.2 4.6 -6.2 3.9 -5.3 3.1 1.2 4.9 11.9 8.9 9.7 11.6 10.6 6.4 10.6 9.0 9.7 11.9 10.1 6.9 5.7 9.9 9.2 9.5 10.0 9.4 9.5 10.8 12.1 6.3 9.2 8.6 8.8 3.6 1.6 6.5 7.0 10.7 9.3 3.0 8.4 8.1 10.0 8.6 11.3 7.5 11.3 5.5 4.3 4.3 6.8 11.5 9.9 12.6 11.3 5.0 7.6 8.4 9.8 7.7 9.3 7.7 9.8 SEMI-ANNUALLY: QUARTERLYI 1976 1976 OUARTERLY-AV 1975 1975 0.1 0.6 -1.9 2.7 1.4 6.0 4.4 6.0 7.1 2.3 10.1 6.4 13.3 9.4 5.7 6.7 10.1 9.4 10.7 9.9 1ST OTR. 1976 2ND OTR. 1976 -3.8 0.8 -3.2 0.5 2.3 2.4 3.8 5.4 2.6 8.4 10.1 11.3 11.4 12.4 5.7 7.1 8.6 9.6 8.7 9.0 -3.1 3.9 0.0 -2.6 0.8 14.3 -1.6 -4.3 5.2 5.9 14.4 0.7 5.9 5.7 6.4 9.8 5.3 1.6 -0.8 9.0 -3.2 5.7 4.2 5.3 11.5 4.0 10.3 8.5 8.7 11.9 7.1 -0.5 4.3 7.9 11.7 5.3 5.9 8.2 9.9 12.1 7.7 7.0 6.5 10.3 14.3 8.9 6.0 5.7 10.1 14.3 9.1 -8.4 -6.9 -0.8 1.1 1.5 6.6 1.6 7.2 -0.7 3.5 0.9 3.0 -4.6 16.3 3.0 -2.3 1.2 5.7 6.1 14.9 6.4 -0.8 6.7 5.9 10.7 14.9 8.7 14.9 9.2 5.3 12.5 9.8 11.9 14.7 11.0 14.7 10.8 8.0 13.1 12.7 3.5 7.0 4.3 10.9 3.1 8.6 9.8 0.8 7.2 9.8 7.9 12.2 6.9 9.9 11.4 7.0 7.1 8.2 7.7 11.2 6.6 9.9 10.3 5.7 7.1 8.0 7.8 11.4 7.2 3RD QTR. 4TH QTR. MONTHLYt V975-AUG. SEPT. OCT. NOV. DEC. 1976-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. P NOTESI 1/ P - -6.3 9.7 0.8 -10.2 -6.8 -1.7 0.7 4.0 7.0 1.8 6.0 . U - U- , U U -2.3 3.5 5.9 6.9 5.4 5.4 2.1 6.9 8.2 U I I ADJUSTED CREDIT PROXY INCLUDES MAINLY TOTAL MEMBER BANK DEPOSITS RELATED INSTITUTIONS, AND EURODOLLAR BORROWINGS OF U.S.BANKS. BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. PRELIMINARY I U I , I , B SUBJECT TO RESERVE REQUIREMENTS, LOANS SOLD TO BANK- APPENDIX TABLE 1-B MONEY AND CREDIT AGGREGATE MEASURES SEPT. SEASONALLY ADJUSTED, BILLIONS OF DOLLARS Period Non borrowed Monetary Base Adj. Credit proxy 1 2 3 4 32,390 34,693 34.539 31,092 33, 966 34,409 96,051 104,892 110,930 449.4 495.3 514.4 34.310 34,421 34,099 34,024 108,694 108,949 34,239 34,515 34.539 34,048 34,455 34,409 1976--JAN. FEB. MAR. 34,245 34,052 34,003 APR. MAY JUNE 34,024 34,136 Total Total Loans and Investments 5 1976 MONEY STOCK MEASURES BANK CREDIT MEASURES BANK RESERVES 17, M M2 M3 M4 M5 M6 M7 6 7 8 9 10 11 12 637.7 695.2 725.5 270.5 283.1 294.8 571.4 612.4 664.3 919.5 981.6 1092.9 634.9 102.2 747.2 982.9 1071.4 1175.8 1093.7 1191.0 1310.3 1132.0 1232.7 1351.9 503.3 505.5 713.8 717.2 293.2 293.6 650.6 652.9 1060.6 1068.1 729.3 731.9 1139.3 1147.1 1267.5 1274.4 1308.6 1314.8 109,279 110,287 110,930 508.0 514.1 514.4 721.0 726.9 725.5 293.4 295.6 294.8 655.8 662.1 664.3 1075.8 736.7 743.9 747.2 1156.6 1168.3 1175.8 1285.3 1300.6 1310.3 1325.9 1341.7 1351.9 34,167 33,971 33,949 111,171 111,538 112,192 514.1 515.6 516.0 727.6 731.2 735.4 295.1 296.5 298.0 670.2 678.5 683.4 1103.7 1117.2 1127.4 749.4 753.8 756.5 1182.9 1192.6 1200.5 1318.0 1327.0 1335.5 1359.9 1369.0 1377.9 34,335 33,980 34,022 34,209 113,333 113,994 114,653 517.3 515.3 522.3 738.7 742.0 743.3 301.7 303.3 303.1 691.9 697.2 700.3 1141.2 1151.5 1159.2 763.4 765.4 770.9 1212.7 1219.7 1229.8 1348.0 1355.4 1366.6 1391.0 1399.4 1411.5 34,387 34,560 34,254 34,460 115,150 115,806 523.6 522.6 747.6 752.7 304.8 306.3 707.6 713.4 1171.9 1184.3 777.2 777.7 1241.5 1248.7 1378.3 1384.8 1423.6 1430.3 33,896 28 34,072 34,324 34.120 34,265 33.961 115,001 115,189 115,102 523.1 526.6 524.3 304.6 306.0 304.7 706.9 709.0 709.0 777.4 778.7 777.3 4 11 18 25 35,020 34,226 34,725 34,490 34,863 34,104 34,640 34,423 116,017 115,397 115,966 115,899 523.4 522.8 523.0 521.9 305.5 306.3 307.3 306.4 710.3 712.0 714.1 714.7 776.8 777.4 778.5 778.2 34,531 34,438 34,247 115,849 115,763 522.5 521.4 305.8 304.1 715.4 715.6 778.2 777.8 ANNUALLY: 1973 1974 1975 MONTmL Y t 197--AUG. SEPT. OCT. NOV. DEC. JULY AUG. P 1086.5 1092.9 WEEKLY % 1976-JULY AUG. SEPT. 14 21 IP 8P 34.293 I I I I I I I 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/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. P - PRELIMINARY NOTESt SEPT. 17, APPENDIX TABLE 2-A 1976 COMPONENTS OF MONEY STOCK AND RELATED MEASURES Period period Currey JCurw*ey d Deposits Total Tlime end Savings Deposits Sn os Other Than CD's Other Total 1 2 3 4 ANNUALLY 8.1 10.2 8.7 1973 1974 1975 Svins ther Credit Union Shares-l/ 2.8 7.0 17.8 lb.7 11.2 8.2 7.8 13.4 10.4 18.2 16.0 10.0 6.1 Savings Bonds/ Short USGTerm Scrities I/ 10 11 I 9 6 7 8 5 (Per cent annual rates of growth) 11.4 9.4 12.2 16.2 15.0 7.9 Mutual Savings & Bank IUinUScurits SL CD's Shares ommercial Paper-/ 12 8.5 5.6 15.8 13.8 12.1 20.2 4.9 4.8 6.2 31.3 11.9 19.5 39.3 -12.7 -2.9 15.2 15.2 20.9 17.6 5.7 6.5 6.7 31.3 5.7 -6.5 0.3 15.9 -24.2 45.6 41.4 -7.7 9.1 -0.5 SEMI-ANNUALLYs 1S5 MHLF 1975 2ND HALF 1975 9.4 7.6 1ST HALF 1976 10.6 6.9 15.0 23.6 8.5 -29.7 14.0 16.8 6.3 3RD QTR. 1975 4TH QTR. 1975 5.6 9.4 2.6 12.9 8.9 11.6 15.6 15.8 3.9 8.2 -23.8 19.2 17.4 12.5 17.0 17.6 6.8 6.0 19.2 41.3 1ST QTR. 1976 2ND OTR. 1976 10.9 10.0 5.4 8.2 17.1 12.4 32.4 13.6 5.6 11.3 -47.3 -13.7 14.3 13.2 16.8 16.1 6.5 5.9 -3.6 4.7 9.7 12.7 9.8 18.9 8.0 6.6 -27.5 9.5 18.2 14.0 18.6 16.5 6.8 6.1 26.4 23.5 -23.7 14.4 9.8 11.7 7.8 6.3 15.9 13.7 28.3 21.7 6.7 7.0 -29.3 -30.6 13.4 13.8 17.1 16.4 6.6 5.9 12.3 0.0 9.7 17.1 1975-AUG. SEPT. OCT. NOV. DEC. 10.1 1.7 10.0 13.2 4.9 -3.8 5.8 13.7 13.5 11.0 6.4 6.0 10.7 13.6 10.1 15.1 13.4 11.7 14.6 20.5 0.0 0.6 10.0 12.8 1.7 -48.2 4.6 27.3 13.4 16.1 17.7 14.9 13.5 12.4 11.3 19.4 15.2 18.8 14.8 18.3 5.5 5.5 7.3 5.4 5.4 27.6 -23.2 21.6 63.8 34.9 -28.5 -20.4 3.0 17.8 14.6 1976-JAN . FEB. MAR. APR. MAY JUNE JULY AUG. P 8.1 14.6 9.6 15.9 11.0 3.1 9.3 6.1 5.3 7.7 3.1 8.4 1.0 18.2 21.4 11.0 14.9 11.4 10.4 16,6 12.8 26.9 44.6 23.3 22.1 18.3 0.0 11.4 12.1 4.0 0.6 9.6 5.1 19.0 20.9 5.4 -53.6 -57.6 -36.6 -27.9 -53.8 42.2 -17.0 -91.4 13.4 14.7 14.2 14.1 13.3 11.7 13.9 17.9 18.0 10.7 21.1 13.8 13.7 20.3 10.0 13.2 7.1 7.1 5.3 5.3 7.0 5.2 10.4 12.0 3.6 -19.6 5.4 0.0 0.0 12.6 -8.9 8.7 5.7 8.6 17.0 25.1 27.3 13.4 2.6 7.8 QUARTERLY 11.9 7.7 Z3.6 4.2 QUARTERLY-AV 3RD QTR. 1975 4TH QTR. 1975 1ST QTR. 2ND OTR. 1976 1976 8.5 8.4 -1.0 MONTHLY I/ P - 15.1 11.5 -2.5 21.9 II ~ I I IU I I ~ GROMTH RATES ARE BASED ON ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING PREVIOUS MONTH REPORTED DATA. PRELIMINARY. - I - & - -25.1 I END OF CURRENT MONTH AMD END OF APPENDIX TABLE 2-B SEPT. 17, 1976 COMPONENTS OF MONEY STOCK AND RELATED MEASURES Mutual s Credit Union Savins Bank S&L Shares Bon Y S hares g Depos and S T Tim and Savin DeposSving Currency Demand Deposits Period Other Than CD's orncy t Total 1 3 2 Savings Other 5 6 4 7 9 8 10 ShortTerm U.S Gov't Sec Commercial Paper 11 12 Total NonGov't Deposit Funds Demnd Deposi 13 14 ANNUALLY: 61.5 67.8 73.7 209.0 215.3 221.0 364.4 419.1 452.4 300.9 329.3 369.6 127.3 136.2 160.5 173.6 193.1 209.0 63.5 89.8 82.9 323.5 341.6 395.5 24.7 27.7 33.3 60.4 63.3 67.2 50.3 56.3 67.3 38.3 41.8 41.6 6.6 8.4 8.4 7.3 5.6 7.6 71.9 72.0 221.3 221.6 436.2 438.3 357.4 359.2 152.7 154.4 204.7 204.8 78.8 79.1 378.8 383.5 31.5 31.9 65.9 66.2 62.2 61.0 41.1 40.4 7.0 7.0 3.6 6.9 72.6 73.4 73.7 220.8 222.1 221.0 443.3 448.3 452.4 362.4 366.5 369.6 155.9 157.8 160.5 206.5 208.7 209.0 80.9 81.8 82.9 387.8 391.8 395.5 32.4 32.8 33.3 66.6 66.9 67.2 62.1 65.4 67.3 40.5 41.1 41.6 7.9 8.2 8.4 8.6 9.6 7.6 1976-JAN. FEB. MAR. 74.2 75.1 75.7 220.8 221.5 222.3 454.4 457.3 458.5 375.2 381.9 385.4 164.1 170.2 173.5 211.1 211.8 211.9 79.2 75.4 73.1 399.9 404.8 409.6 33.8 34.1 34.7 67.6 68.0 68.3 67.5 66.4 66.7 41.9 42.1 42.4 7.9 8.0 8.2 8.0 10.9 10.9 APR. MAY JUNE 76.7 77.4 77.6 225.0 226.0 225.5 461.7 462.1 467.9 390.2 393.9 397.3 176.7 179.4 179.4 213.6 214.5 217.9 71.4 68.2 70.6 414.4 419.0 423.1 35.1 35.5 36.1 68.6 69.0 69.3 66.7 66.7 67.4 43.0 43.9 44.9 7.5 7.6 8.4 7.2 7.4 9.8 JULY AUG. P 78.2 78.6 226.6 227.6 472.4 471.4 402.8 407.1 181.1 184.4 221.7 222.7 69.6 64.3 428.0 434.4 36.4 36.8 69.9 70.6 66,9 65.5 45.4 45.5 8.8 8.9 9.0 13.8 1973 1974 1975 MONTHLYs 1975-AUG. SEPT. OCT. NOV DEC. WEEKLY: 1976-JULY 14 21 28 78.3 78.2 78.3 226.3 227.8 226.4 472.8 472.7 472.6 402.4 403.0 404.3 180.7 181.4 182.1 221.6 221.6 222.2 70.4 69.7 68.2 8.5 9.0 9.1 9.3 8.9 8.6 AUG. 4 11 18 25 78.4 78.7 78.6 78.7 227.1 227.6 228.6 227.6 471.3 471.1 471.2 471.8 404.8 405.7 406.9 408.3 182.7 183.6 184.2 185.0 222.1 222.1 222.6 223.3 66.5 65.4 64.4 63.5 8.7 8.7 9.2 9.3 11.0 11.4 12.7 16.5 78.6 79.0 227.2 225.1 472.3 473.6 185.8 186.8 223.8 224.7 62.8 62.2 8.6 7.9 16.0 16.0 SEPT. . 1/ 2/ P - 1P 8P .- - --- 409.5 411.4 -- --- -- --- ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH AND END OF INCLUDES TREASURY DEPOSITS AT MEMBER BANKS AND FEDERAL RESERVE BANKS. PRELIMINARY . . - PREVIOUS MONTH REPORTED DATA. - 

Federal Reserve (1976, September 20). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19760921

@misc{wtfs_bluebook_19760921,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1976},
  month = {Sep},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19760921},
  note = {Retrieved via When the Fed Speaks corpus}
}