Bluebook

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Content last modified 6/05/2009. September 16, Strictly Confidential (FR) 1977 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 STRICTLY CONFIDENTIAL (FR) CLASS I - FOMC September 16, 1977 MONETARY AGGREGATES AND MONEY MARKET CONDITIONS Recent developments (1) M-1 grew at an annual rate of 5.5 per cent in August, and for the August-September period is projected to increase at a 6.1 per cent annual rate, about one percentage point above the upper end of the Committee's range. Savings deposit inflows to banks strengthened in August and early September, but the time deposit component of M-2 weakened considerably. Accordingly, the M-2 growth projection for the August- September period--at 6.7 per cent--is within the Committee's range, but in the upper half. Deposit growth at thrift institutions was maintained in August at the very rapid July pace. Nonborrowed reserves fell substan- tially in August, as member banks met a greater portion of their reserve requirements by borrowing at the System's discount window. Following the rise in the discount rate from 5-1/4 to 5-3/4 per cent in late August, member bank borrowing dropped back to around its July level, and nonborrowed reserves are projected to increase rapidly in September. Growth in Monetary Aggregates over August-September period (SAAR in per cent) Ranges Latest Estimates M-1 0 to 5 6.1 M-2 3 to 8 6.7 Memorandum: Federal funds rate (per cent per annum) 5¾ to 6¼ Avg. for statement week ending Aug. 17 5.94 24 5.99 31 6.02 Sept. 7 5.97 14 6.05 -2(2) In the weeks immediately following the August FOMC meeting, incoming data indicated that M-1 and M-2 were, respectively, growing at rates in the upper half and near the mid-point of their ranges. Conse- quently, the Desk continued to seek a Federal funds rate of around 6 per cent. More recently, however, as M-1 growth appeared to be exceeding the upper limit of its range, and with M-2 in the upper half of its range, the Desk has sought a firming in the Federal funds rate to around 6-1/8 per cent. (3) Credit demands generally have been maintained at a high level in recent weeks. In the short-term area, business borrowing in August was somewhat stronger than in July, and the Treasury tapped the bill sector for a substantial sum of new money for the first time since late last year. The Federal Government also has continued to be an active borrower in the coupon market, and bond offerings by corporations and State and local governments--encouraged in part by favorable market conditions--have remained sizable. Moreover, households apparently have continued to raise a large volume of funds in mortgage and consumer credit markets. (4) The strengthening in short-term credit demands, market response to the large increase of M-1 in the last week of August, and a rise in the Federal funds rate have contributed to an increase in shortterm interest rates amounting to as much as 30 basis points since the August FOMC meeting. Long-term rates, on the other hand, have been unchanged or have declined somewhat on balance since mid-August, as demands for bonds from institutional investors have remained strong. Stock prices have edged lower over the intermeeting period. -3(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. 1975 & 1976 Average Past Twelve Months Aug. '77 over Aug. '76 Past Six Months Aug. '77 over Feb. '77 Past Three Months Aug. '77 over May '77 Past Month Aug. '77 over July '77 Nonborrowed reserves 1.4 2.0 1.5 0.8 Total reserves 0.4 4.8 7.3 10.6 9.9 Monetary Base 6.6 7.9 8.8 9.6 8.1 5.2 7.1 9.1 9.5 5.5 M-2 (M-l plus time deposits at commercial banks other than large CD's) 10.4 10.9 9.9 10.5 6.4 M-3 (M-2 plus deposits at thrift institutions) 13.0 12.6 11.3 12.5 11.2 M-4 (M-2 plus CD's) 7.3 9.7 9.1 10.1 6.5 M-5 (M-3 plus CD's) 10.7 11.8 10.7 12.1 11.0 Month-end basis 6.7 10.8 11.0 10.3 12.3 Average of Wednesdays 6.2 15.3 10.0 10.1 11.8 -1.1 -0.2 0.0 0.3 0.4 0.0 0.2 0.3 0.2 0.2 -15.3 Concepts of Money M-1 (Currency plus demand deposits) 1/ Bank Credit Loans and investments of all commercial banks 2/ Short-term Market Paper (Monthly average change in billions) Large CD's Nonbank commercial paper 1/ Other than interbank and U.S. Government 2/ 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 Wednesday statement date 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) Summarized below for Committee consideration are three alternative specifications for the Federal funds rate and the monetary aggregates for the forthcoming intermeeting period. (More detailed and longer-run data on the aggregates are shown in the tables on pp. 6 and 7). Alt. A Alt. B Alt. C Ranges for September-October M-1 5½-9½ 5-9 4½-8½ M-2 6-10 5½-9½ 5-9 5¾-6½ 6¼-7 Federal funds rate (intermeeting period) (7) 5¼-6 Assuming a Federal funds rate centered in the 5¾-6½ per cent range specified for alternative B, M-1 over the September-October period is expected to expand in a 5-9 per cent annual rate range. Incoming data suggest that M-1 will grow at about a 6½ per cent annual rate in September, and the staff would anticipate a slight acceleration to about a 7½ per cent annual rate in October. Strength in the demand for M-1 is likely to be sustained in the fall, given the pick-up in growth of nominal GNP that is projected and recent indications that the public may be reducing the extent to which it is shifting out of M-1 into other liquid assets. (8) Growth in M-1 from the second to the third quarter will be at about a 9¼ per cent annual rate. To restrain M-1 growth over the one year QII '77-QII '78 period to around the mid-point of the 4-6½ per cent range adopted by the Committee in July would require a considerable slowing in M-1 growth in the fourth and subsequent quarters. The required Alternative Levels and Growth Rates for Key Monetary Aggregates M-1 M-2 Alt. A Alt. B Alt. C Alt. A Alt. B Alt. C August 328.3 328.3 328.3 787.7 787.7 787.7 September 330.1 330.1 330.1 792.2 792.2 792.2 October 332.4 332.1 331.8 797.9 797.3 796.7 1977 QII QIII QIV 321.0 328.4 334.2 321.0 328.4 333.3 321.0 328.4 332.9 768.3 787.8 803.9 768.3 787.8 801.9 768.3 787.8 801.0 1978 QI QII 336.4 337.8 335.5 337.8 335.2 337.8 817.1 827.6 814.4 827.1 813.8 827.3 Growth Rates Monthly: 1977 September October 6.6 8.4 6.6 7.3 6.6 6.2 6.9 8.6 6.9 7.7 6.9 6.8 Quarterly Average: 1977 QIII QIV 9.2 7.1 9.2 6.0 9.2 5.5 10.2 8.2 10.2 7.2 10.2 6.7 QI QII 2.6 1.7 2.6 2.7 2.8 3.1 6.6 5.1 6.2 6.2 6.4 6.6 Semi-Annual: QII '77-QIV '77 QIV '77-QII '78 8.2 2.2 7.7 2.7 7.4 2.9 9.3 5.9 8.7 6.3 8.5 6.6 Annual: QII '77-QII '78 5.2 5.2 5.2 7.7 7.7 7.7 1977 1978 FOMC Range: 4-6 7-9k Alternative Levels and Growth Rates for Key Monetary Aggregates (cont'd) M-3 Bank Credit Alt. A Alt. B Alt. C Alt. A Alt. B Alt. C 1977 August September October 1329.2 1340.9 1352.3 1329.2 1340.9 1351.4 1329.2 1340.9 1350.7 841.1 847.4 853.7 841.1 847.4 853.2 841.1 847.4 852.7 1977 QII QIII QIV 1289.9 1329.3 1365.5 1289.9 1329.3 1362.7 1289.9 1329.3 1361.3 820.5 840.5 857.4 820.5 840.5 857.0 820.5 840.5 856.2 1978 QI 1393.7 1415.6 1389.0 1413.8 1387.5 1413.5 875.7 892.3 875.0 892.0 874.2 891.5 Growth Rates Monthly: 1977 September October 10.6 10.2 10.6 9.4 10.6 8.8 9.0 8.9 9.0 8.2 Quarterly Average: 1977 QIII QIV 12.2 10.9 12.2 10.1 12.2 9.6 9.8 8.0 9.8 7.9 QII 1978 QI QII 8.3 6.3 Semi-annual: QII '77-QIV '77 QIV '77-QII '78 11.7 7.3 Annual: QII '77-QII '78 9.7 FOMC Range: 7.7 7.1 11.3 7.5 9.6 8R-11 8.4 7.8 11.1 7.7 9.0 8.1 8.9 8.2 8.8 8.7 7-10 -8constraint on reserves would entail further increases in the funds rate. If the funds rate were to begin rising by mid-October, and reached 7¼ per cent by the end of the year, M-1 growth in the fourth quarter may be at around a 6 per cent annual rate. The effects on monetary growth would be more pronounced in the first half of next year, given the lagged relationship between interest rates and money demand. We have assumed that the 7¼ per cent funds rate would lead to the 2½-3 per cent annual rate of growth in M-1 during the first half of 1978 that is necessary to meet the mid-point of the FOMC's current longer-run range, but it is quite possible we may be underestimating the strength of money demand, given GNP, and that higher interest rates would be required. (9) Under alternative B, in the September-October period M-2 is expected to expand in a 5½-9½ per cent annual rate range, assuming that short-term market interest rates show little change from currently prevailing levels in the period between now and the next meeting. Net inflows of time and savings deposits other than negotiable CD's are expected to be relatively low in September, but to pick up to a pace more consonant with existing interest rate relationships later in the fall. Some of the recent weakness in the time deposit component of M-2 appears to have reflected shifts of funds from maturing "wild card" certificates at banks to higher rate certificates at thrift institutions. Indeed, at nonbank thrift institutions deposit inflows expanded sharply over the summer, as these institutions became more aggressive in seeking deposit funds in view of their large mortgage commitments and in light of uncertainties about their own substantial "wild card" maturities. -9(10) But with higher short-term interest rates projected by year-end, and in the first half of 1978, it is likely that growth of interest-bearing deposits at banks and thrift institutions will slow. Assuming a 3-month bill rate of around 7¼ in the early part of next year, and no adjustment in Regulation Q ceiling rates, such deposits may increase at about an 8-9 per cent annual rate during the first two quarters of 1978. This rate of inflow is somewhat higher than might be expected on the basis of past experience with similar interest rate relationships; it reflects the continued sizable rate of expansion in nominal income that is projected for next year. Nonetheless, even with savings inflows reasonably well maintained, large demands for mortgage credit, including takedowns of the very high level of outstanding commitments, would tend to exert substantial pressures on the position of thrift institutions. They would be forced to reduce liquidity and increase short-term borrowing. Under such circumstances, an upward adjustment in the Q ceiling rate might have to be considered. (11) Alternative C involves a more prompt rise in interest rates than alternative B and somewhat slower monetary growth rates over the balance of this year. It contemplates an increase in the Federal funds rate to the mid-point of a 6¼-7 per cent range between now and the next Committee meeting. With additional monetary restraint in place somewhat sooner, the staff would expect interest rates to rise a little less over the longer-run than under alternative B. (12) Between now and the next Committee meeting an upward adjustment in the funds rate to around the 6-5/8 per cent mid-point -10- of the alternative C range would probably be associated with an increase in the 3-month Treasury bill rate to the 6¼-6½ per cent area. Other short-term rates would adjust commensurately, member bank borrowing from the discount window may once again rise substantially, and pressures for another upward adjustment of the discount rate would build. Long- term rates would probably rise for a time in response to the advance in short rates, but in the absence of indications of stronger economic activity or of a worsening of inflationary pressures such rate increases are not likely to be sustained. (13) An easing in the funds rate to the mid-point of a 5¼-6 per cent range is encompassed under alternative A. The lower interest rates and more rapid near-term growth in the monetary aggregates would require more upward interest rate pressure, and less monetary growth, in early 1978--as compared with alternatives B and C--if growth in the monetary aggregates over the QII '77-QII '78 period is to remain within the FOMC's longer-run ranges. The projected funds rate pattern for alternative A, as well as the other alternatives, is presented in Appendix I. -11(14) Given below are alternatives for the operational paragraphs of the directive. The first formulation, like the directive adopted at the last meeting, places main emphasis on near-term rates of growth in monetary aggregates; it shows--in strike-through form--the specifications adopted at the last meeting. on money market conditions. The second formulation places main emphasis As suggested below, the particular language needed in the opening lines of the money market formulation would depend on the specific conditions sought; the three alternatives shown--calling, respectively, for somewhat easier, prevailing, and somewhat firmer money market conditions--are intended to be associated with the specifications discussed in the preceding section under alternatives A, B, and C. "Monetary Aggregates" Formulation The Committee seeks to encourage near-term rates of growth in M-1 and M-2 on a path believed to be reasonably consistent with the longer-run ranges for monetary aggregates cited in the preceding paragraph. Specifically, at present, it expects the annual growth August-September]SEPTEMBER-OCTOBER period to be within rates over the [DEL: the ranges of [DEL: 0 to 5] ____ to ____ per cent for M-2. to ____ per cent for M-1 and [DEL: 3 to 8]____ In the judgment of the Committee such growth rates are likely to be associated with a weekly-average Federal funds rate of about [DEL: 6] ____per cent. If, giving approx- imately equal weight to M-1 and M-2, it appears that growth rates over the 2-month period will deviate significantly from the midpoints of the indicated ranges, the operational objective for the Federal -12funds rate shall be modified in an orderly fashion within a range of [DEL: 5-3/4 to 6-1/4]____ to per cent. ____ If it appears during the period before the next meeting that the operating constraints specified above are proving to be significantly inconsistent, the Manager is promptly to notify the Chairman who will then decide whether the situation calls for supplementary instructions from the Committee. "Money Market" Formulation At this time, the Committee seeks to maintain about the prevailing money market conditions (or to achieve somewhat easier or somewhat firmer money market conditions) during the period immediately ahead, provided that monetary aggregates appear to be growing at approximately the rates currently expected, which are believed to be on a path reasonably consistent with the longer-run ranges for monetary aggregates cited in the preceding paragraph. Specifically, the Committee seeks to maintain the weekly-average Federal funds rate at about ____ per cent, so long as M-1 and M-2 appear to be growing over the September-October period at annual rates within ranges of ____ to ____ per cent and ____ to ____ per cent, respectively. If, giving approximately equal weight to M-1 and M-2, it appears that growth rates over the 2-month period are approaching or moving beyond the limits of the indicated ranges, the operational objective for the weekly-average Federal funds rate shall be modified in an orderly fashion within a range of ____ to ____ per cent. -13If it appears during the period before the next meeting that the operating constraints specified above are proving to be significantly inconsistent, the Manager is promptly to notify the Chairman who will then decide whether the situation calls for supplementary instructions from the Committee. Appendix I Projected Federal Funds Rate 1977 1978 Alt. A Alt. B Alt. C QIII 5% 5-7/8 5-7/8 QIV 6k 6% 6-7/8 QI 7-3/8 7-1/8 QII 7-5/8 7-1/8 Appendix II Expansion in Reserves Over the Period From QII 1977 to QIV 1977 Consistent with Proposed Alternatives (seasonally adjusted annual rates) Alt. A Alt. B Alt. C Nonborrowed Reserves 4.6 -0.1 -0.8 Total Reserves 6.9 6.6 6.5 Monetary Base 8.7 8.5 8.4 The table above shows growth rates for reserve aggregates over the second half of 1977 that are thought to be consistent with the alternatives presented to the Committee. Estimates for the third quarter as a whole indicate that nonborrowed reserves appear to have expanded from the second quarter at a 4.4 per cent annual rate, total reserves at a 9.3 per cent rate, and the monetary base at a 9.6 per cent rate. Thus a considerable slowing in growth of reserves will be needed in the fourth quarter. Appendix III Implied Velocity Growth Rates V (GNP/M1 1977 1978 Alt. A Alt. B Alt. C III 0.7 0.7 0.7 IV 4.4 5.4 6.0 I 8.4 8.5 8.2 II 8.8 7.7 7.3 III -0.3 -0.3 IV 3.3 4.3 4.8 I 4.6 4.9 4.7 II 5.2 4.2 V2 (GNP/M2 ) 1977 1978 -0.3 CHART 1 9/16/77 MONETARY AGGREGATES NARROW MONEY SUPPLY M 1 BILLIONS OF DOLLARS 340 -320 -300 BROADE SUL MONMI 280 BROADER MONEY SUPPLY M2 -1 - 1976 1977 800 % M J J 1977 A S CHART 9/16/77 MONETARY AGGREGATES BANK CREDIT BILLIONS OF DOLLARS OF MONTH RESERVES - 900 - 860 - 820 - 780 - 740 BILLIONS OF DOLLARS 36 WEEKLY AVERAGES TOTAL 35 34 NONBORROWED I 1976 I 1977 CHART 3 9/16/77 MONEY MARKET CONDITIONS AND INTEREST RATES ONDITIONS PERCENT INTEREST RATES Short-term PERCENT INTEREST RATES I 8 WEEKLY AVERAGES WEEKLY FHA M( FNMA Mi - - UNT RATE S- 7 EURO-DOLLARS 3-MONTH - 5 PRIME COMMERCIAL Aaa \ PAPER 4-6 MONTH - NEW 6 UNDS RATE - Y 1976 J 1977 N 1976 GOV' 1977 CONFIDENTIAL (FR) CLASS OO-FOMC Table 1 MONETARY AGGREGATES SEPT. 16, 1977 ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED Money Supply Narrow Period Total _(M) Time & Savings Deposits To Total U.S. Govt Deposits J/ Broad (M2) .. o than 1T Other Than CD's Oher Isavings Nondeposit CD's CD's O ources of Funds Funds 2/ MONTHLY LEVELS-$BIL 321.9 326.8 328.3 (330.1) 772.8 783.5 787.7 (792.2) 10.1 11.8 10.2 ( 10.2) 514.8 519.5 522.5 (525.2) 450.9 456.7 459.4 (462.2) 212.3 213.8 216.2 (218.2) 238.6 242.9 243.1 (243.9) 63.9 62.6 63.2 ( 63.0) 8.5 8.8 ( 10.0) 0.0 -39.3 S 4.0) 9.5 9.5 8.1) 11.9 9.4 ( 10.0) 15.4 4.0 11.1 8.7 14.2 ( 8.9) -7.0 ( 3.8 8.2 10.2) 10.9 (-5.6) 1 4.2 8.4 9.2) 9.9 9.2 10.2) -18.2 1 7.6) 12.5 8.3 9.8) 14.0 9.8 S10.8) 21.9 7.9 7.2) 7.1 11.6 ( 14.1) 1.9 -1.9 2.6) 4.5 18.3 5.5 6.6) 8.1 16.6 6.4 ( 6.9) -56.6 202.0 -162.7 S 0.0) 13.2 11.0 6.9 6.2) -2.3 8.5 13.5 ( 11.1) 22.5 21.6 1.0 3.9) 30.8 -20.7 7.6 1 -3.8) 6.1) ( 6.7) ( -61.4) 6.6) 1977--JUNE JULY AUG. SEPT. 55.9 55.9 58.1 SANNUAL GROWTH QUARTERLY 1977--1ST QTR. 2ND QTR. 3RD OTR. QUARTERLY-AV 1977--1ST QTR. 2ND QTR. 3RD QTR. ( -48.0 MONTHLY 1977--JUNE JULY AUG. SEPT. AUG.-SEPT. ( 10.7 15.4 7.1 7.3) ( 7.2) (12.3) 2.5) S 1.9) WEEKLY LEVELS-$BIL 1977-AUG. SEPT. 3 10 17 24 31 328.7 327.2 327.5 327.4 330.4 787.0 786.0 786.8 787.2 791.1 12.6 10.2 10.5 10.7 8.5 521.1 522.0 522.6 523.0 523.8 458.3 458.8 459.3 459.9 460.7 215.2 215.7 216.2 216.6 216.9 243.0 243.0 243.3 243.9 7 329.6 791.3 7.3 524.6 461.7 217.6 244.2 ___ NOTE: 1/ 2/ __ I___ __ J.___ ___ .1 _ __ 243.1 62.9 63.3 54.4 59.4 63.3 63.1 59.0 63.1 57.4 58.4 62.8 _ P - PRELIMINARY INCLUDES TREASURY DEPOSITS AT MEMBER BANKS AND FEDERAL RESERVE BANKS. INCLUDES BORROWINGS FROM OTHER THAN COMMERCIAL BANKS IN THE FORM OF FEDERAL FUNDS PURCHASED, SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE, AND OTHER LIABILITIES FOR BORROWED MONEY, PLUS GROSS LIABILITIES TO OWN FOREIGN BRANCHES (EURODOLLAR BORROWINGS), LOANS SOLD TO AFFILIATES, LOAN RPS, AND OTHER MINOR ITEMS. DATA SHOWN IN PARENTHESES ARE CURRENT PROJECTIONS. CONFIDENTIAL (F.R.) CLASS II-FOMC TABLE 2 BANK RESERVES ACTUAL AND CURRENT PROJECTIONS, SEASONALLY ADJUSTED SEPT. Period 16, 1977 REQUIRED RESERVES BANK RESERVES Total Nonborrowed Reserves Reserves Monetary Base Total Required Private Demand Total Time Deposits Gov't. and Interbank 1 2 3 4 5 6 7 MONTHLY LEVELS-SMILLIONS 1077--JUNE JULY AUG. SEPT. 34,862 35,352 35,644 (35,683) 34,599 35,029 34,583 (35,256) 122,027 123,468 124,301 (125,123) 34,714 35,077 35,440 (35,385) 20,601 20,998 21,218 (21,267) 12,306 12,384 12,389 (12,399) I -1.8 6.5 9.4) ( -2.4 4.6 7.6) ( 5.1 8.2 10.1) ( -1.1 7.3 7.7) ( 3.7 3.9 12.9) ( 6.9 6.0 3.0) ( 2.7 3.0 9.3) ( 2.6 1.9 4.4) ( 6.8 7.2 9.6) ( 3.0 3.5 8.4) ( 5.0 3.0 10.1) 1 9.5 4.0 6.4) ( 4.8 16.9 9.9 1.3) 2.9 14.9 -15.3 ( 23.4) ( 6.4 14.2 8.1 7.9) ( 6.9 12.5 12.4 -1.9) ( -6.1 23.1 12.b 2.8) ( 18.8 7.6 0.5 1.0) ( 5.6) 3.9) ( 8.0) ( 5.3) ( 7.7) ( 0.7) 1,808 1,695 1,833 ( 1,719) PERCENT ANNUAL GROWTH QUARTERLY 1977--1ST QTR. 2ND QTR. 3RO QTR. QUARTERLY-AV 1977--IST QTR. 2ND QTR. 3RD QTR. MONTHLY 1977--JUNE JULY AUG. SEPT. AUG.-SEPT. ( WEEKLY LEVELS-SMILLIONS 1977-AUG. 3 10 17 24 31 36,156 35,635 35,705 35,258 35,756 35,558 35,050 34,907 33,593 34,364 124,675 123 931 124*226 124,044 124,845 35,732 35,532 35,503 35,230 35,369 21,450 21,147 21,307 21,124 21.195 12,337 12,366 12,390 12,411 12,410 1,946 2,019 1,806 1,694 1,764 7 14 35,525 35 951 34,88b 35 615 124,613 125,216 35,267 35,561 21,025 21,463 12,396 12,413 1,846 1,685 SEPT. NOTEs RESERVE DATA SERIES SHOWN IN HAVE PAREN BEEN HESES ASS ADJus ARE CURIENT PROJECTIONS. *CIATED WITH CH..NGES IN RESERVE REQUIREMENT R.TIO. TABLE 3 NET CHANGES IN SYSTEM HOLDINGS OF SECURITIES 1/ ($ million, not seasonally adjusted) Treasury Coupons Net Purchases 3/ Treasury Bills Within Net Change 2/ 1 year Period 1- 5-10 Federal Agencies Net Purchases 4/ 1 Over 10 Total STRICTLY CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 16, 1977 Within 1 year 1 - 5 Over 10 - 10 Total Net Change Outright Holdings Total / Net RP's 6/ 1972 1973 1974 1975 1976 -490 7,232 1,280 -468 863 789 579 797 3,284 3,025 539 500 434 1,510 1,048 167 129 196 1,070 642 1,582 1,415 1,747 6,202 5,187 592 400 1,665 824 469 1,059 864 3,082 1,613 891 1,631 9,273 6,303 7,267 6,227 -1,358 -46 -154 1,272 3,607 1976--Qtr. II Qtr. III Qtr. IV 2,067 45 -886 796 881 794 245 345 232 134 1,284 1,557 1,294 140 240 160 192 41 115 3,371 1,398 436 1,654 392 304 1977--Qtr. I Qtr. II 1,164 2,126 997 526 325 171 165 152 1,680 959 2,738 -4,771 3,666 4,175 1977--Mar. -368 Apr. May June 1,392 -208 942 July Aug. -1,136 636 1977--July Aug. 192 109 41 -S --- 12.5 - - 251 68 173 -- 138 -- -- -- 233 113 -- -- -- -- - - - 35 -- -- 33 -- 726 -- 346 ----125 175 2,176 2,822 -3,207 4,561 -- -254 380 1,744 -- ----1,159 552 -2,861 -1,353 -- -- -- -- -- -- -- --- ---159 --- --- --- --- --- --- --- --- -590 ----335 ---- -5,780 585 2,706 -88 -144 -- -- -- ---- -- -- -- -- -- -- -- -- ---- -- -- -- -- -14 --- --- ---- ---- ---- --- --- --- --- -184 -- -- -- -- 448 -1 303 -2,009 -4,604 3,347 -1,028 3,521 ---603 -6,625 271 4,519 -- -- 27.7 10.5 -- -- -- S 41.1 - - -- 7 14 21 28 LEVEL--Sept. 14 (in billions) -- -- -- Sept. 298 37 46 406 -- - 6 13 20 27 3 10 17 24 31 174 S - -- -- -- -- -- -- -- -- -- -- -- -- -- --- - - 3.7 1.6 -- - - 6.6 57.3 - 1.3 .8 7.3 303--1 105.7 -2.1 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 borrowing 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 (-). TABLE 4 SECURITY DEALER POSITIONS AND BANK POSITIONS (millions of dollars) U.S. Govt. Security Dealer Positions Underwriting Syndicate Positions Municipal Corporate Bonds Bonds STRICTLY CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 16, 1977 Member Bank Reserve Positions Borrowing at FRB** Basic Reserve Deficit** Excess** Reserves Total 3,046 175 655 -180 242 24 7,234 1,729 3,017 *-1,445 513 -111 6,174 7,838 1,686 1,509 207 205 Oct. Nov. Dec. 6,271 6,876 8,005 1,832 2,418 2,443 1977--Jan. Feb. Mar. 6,406 4,450 4,906 Apr. May June July Aug. Bills Coupon Issues 1976--High Low 8,896 3,668 1977--High Low 1976--Aug. Sept. 1977--July Aug. Sept. Seasonal 8 New York 38 Others -8,161 -2,367 -12,744 - 6,908 -8,742 -4,234 -13,975 - 8,570 100 63 -4,624 -5,703 - 9,691 - 9,716 221 257 274 94 72 53 -6,428 -6,289 -7,168 -10,527 -11,618 -11,449 2,320 1,650 972 265 198 214 68 72 103 -6,421 -5,604 -5,661 -11,504 -11,503 -10,912 4,567 3,072 4,752 696 123 206 192 213 154 73 206 262 -6,586 -5,693 -5,341 -11,409 -10,175 -10,332 3,916 *2,542 -278 *679 275 204p 323 08 1, 4p -6,391 -5,583p -11,012 -11,425p 6 13 20 27 4,617 4,437 3,927 3,777 800 80 -640 -634 494 264 212 74 265 160 406 295 -5,889 -7,632 -6,075 -5,735 - 8,839 -12,534 -12,608 -10,453 3 10 17 24 31 2,176 1,910 2,171 *3,338 *2,906 1,265 -494 -1,445 *-1,231 *-379 424 103 202 28 387p 598 585 901 1,665 1,392p -6,675 -6,458 -5,534 -4,969 -4,903p - 9,792 -11,765 -12,313 -12,161 -10,161p 258p 367 637p 33 7 p - , p -7,872p 7 14 21 28 *4,562 *5,080 *263r *-268 1,665p 20 7 3 38 -11,846p -13,150p NOTE: Government security dealer trading positions are on a commitment basis. Trading positions, which exclude Treasury securities financing 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. * ** r Strictly confidential. Monthly averages for excess reserves and borrowings are weighted averages of statement week figures. Revised. TABLE 5 SELECTED INTEREST RATES (per cent) Treasury Short-term Bills Commercial CD's New Paper Issue-NYC 1-Year 90-119 Day 60-Day 90-Day (3) () (5) (6) STRICTLY CONFIDENTIAL (FR) CLASS II - FOMC SEPTEMBER 16, 1977 U.S. Govt.-Constant Maturity Yields 3-yr 7-yr 20-yr (7) (8) (9) Long-term Corp.-Aaa Utility Municipal Home Mortgages New Recently Bond Primary Secondary Market Issue Offered Buyer Conv. IFNMA Auc.|GNMA Sec. (13) (14) (15) (10) (11) (12) Federal Funds ) 90-Day (2) 1976--High Low 5.58 4.63 5.53 4.27 6.32 4.62 5.90 4.63 5.63 4.40 5.75 4.50 7.52 5.65 7.89 6.33 8.17 7.23 8.95 7.93 8.94 7.84 7.13 5.83 9.10 8.70 9.20 8.39 8.45 7.57 1977--High Low 6.05 4.47 5.80 4.41 6.14 4.67 6.01 4.63 5.91 4.48 6.00 4.63 6.85 5.83 7.31 6.59 7.78 7.26 8.34 7.90 8.33 7.95 5.93 5.55 8.95 8.65 8.79 8.46 8.08 7.56 1976--Aug. Sept. 5.29 5.25 5.14 5.08 5.64 5.50 5.35 5.33 5.23 5.11 5.31 5.24 6.86 6.66 7.58 7.41 7.917.78 8.52 8.29 8.50 8.33 6.61 6.51 9.00 8.98 8.99 8.88 8.30 8.10 Oct. Nov. Dec. 5.03 4.95 4.65 4.9? 4.75 4.35 5.19 5.00 4.64 5.10 4.98 4.66 4.90 4.84 4.68 5.04 4.94 4.50 6.24 6.09 5.68 7.16 6.86 6.37 7.70 7.64 7.30 8.25 8.17 7.94 8.24 8.18 7.93 6.30 6.29 5.94 8.93 8.81 8.79 8.75 8.66 8.45 7.98 7.93 7.59 1977--Jan. Feb. Mar. 4.61 4.68 4.69 4.62 4.67 4.60 5.00 5.16 5.19 4.72 4.76 4.75 4.61 4.58 4.58 4.68 4.70 4.72 6.22 6.44 6.47 6.92 7.16 7.20 7.48 7.64 7.73 8.08 8.22 8.25 8.09 8.19 8.29 5.87 5.89 5.89 8.72 8.67 8.69 8,48 8.55 8.68 7.83 7.98 8.06 Apr. May June 4.73 5.35 5.39 4.54 4.96 5.02 5.10 5.43 5.41 4.75 5.26 5.42 4.57 5.04 5.24 4.67 5.16 5.35 6.32 6.55 6.39 7.11 7.26 7.05 7.67 7.74 7.64 8.26 8.33 8.08 8.22 8.31 8.12 5.73 5.75 5.62 8.75 8.83 8.86 8.67 8.74 8.75 7.96 8.04 7.95 July Aug. 5.42 5.90 5.19 5.49 5.57 5.97 5.38 5.75 5.16 5.65 5.28 5.78 6.51 6.79 7.12 7.24 7.60 7.64 8.14 8.04 8.12 8.05 5.63 5.62 8.95 8.94 8.72 8.76 7.96 8.03 8.12 8.12 8.14 8.14 5.48 5.51 8.90 n.a. 8.74 -- 7.96 8.07 1977--July 6 13 20 27 5.35 5.33 5.35 5.45 5.43 5.48 5.56 5.62 8.14 8.14 8.12 8.17 Aug. 3 10 17 24 31 5.80 5.70 5.94 5.99 6.02 5.82 5.88 6.05 6.04 5.99 8.07 8.11 8.01 7.97 7 14 21 28 5.97 6.05 5.57 5.80 5.98 6.14 5.88 6.01 8 15 6.01 6.13p 5.61 5.87 6.00 6.13 5.90 6.20 Sept. Daily--Sept. 5.70 5.91 5.75 6.00 6.75 6.84p 7.15 7.23p 7.52 7 .57p - -- -- -- 6.72 6 .80p 7.14 7.21p 7.51 7.56p 8.10 8.05 8.04 8.03 8.02 8.02 8.09p 8.03 7 8.0 p -- -- 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 through 10, the weekly date is the mid-point of the calendar week over which data are averaged. Columns 11 and 12 are 1-day quotes for Friday and Thursday, respectively, following the end of the statement week. Column 13 is an average of contract interest rates on commitments for conventional first mortgages with 80 per cent loan-to-value ratios made by a sample of insured savings and loan associations on the Friday following the end of the statement week. Column 14 gives FNMA auction data for Monday preceding the end of the statement week. The FNMA auction yield is the average yield in bi-weekly auction for shortColumn 15 is a 1-day quote for Monday preceding the end of the statement week. 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 PHA/VA mortgages carrying the coupon rate 50 basis points below the current FHA/VA ceiling. SEPT. 16, 1977 Appendix Table 1-A MONEY AND CREDIT AGGREGATE MEASURES Bank Resrvs ank Reserves -/ Bank Crdit Period Total Nonborrowed Monetary Base 1 2 3 Total Loans and InvestSments 4 ANNUALLY: Money Stock Measures MI M2 M3 6 7 5 (PER CENT ANNUAL RATES OF GROWTH) M4 M5 M6 M7 8 9 10 11 7.0 -0.2 1.0 7.7 3.2 1.2 O.1 5.9 b.9 10.1 3.9 8.0 5.1 4.4 5.6 7.7 8.3 10.9 7.1 11.1 12.8 10.6 6.5 7.1 9.0 9.7 10.3 8.9 10.5 10.0 9.5 10.1 10.2 1ST HALF 1976 2ND HALF 1976 -1.5 3.6 -1.3 3.7 6.9 6.8 6.7 8.9 5.6 5.5 10.3 10.9 11.8 13.1 6.0 8.0 8.9 11.1 9.2 10.3 9.6 10.4 1ST HALF 1977 2.9 2.3 7.0 10.5 6.4 9.7 10.8 9.0 10.3 10.2 10.4 1974 1975 1976 2/ SEMI-ANNUALLY: QUARTERLY: 3RD QTR. 4TH OTR. 1976 1976 0.6 7.6 1.3 7.7 6.1 8.0 7.2 11.2 4.9 7.2 10.4 13.4 12.9 14.5 5.7 12.4 9.9 13.8 9.3 11.9 9.5 11.6 1ST QTR. 2ND QTR. 1977 1977 -1.8 6.5 -2.4 4.6 5.1 8.2 9.5 11.2 3.8 8.2 8.5 8.8 10.0 9.9 7.3 9.1 9.2 10.0 10.1 9.7 10.5 9.9 3RD QTR. 1976 4TH QTR. 1976 2.7 4.4 2.6 4.8 6.3 7.1 6.9 10.8 4.4 6.5 9.1 12.5 11.4 14.4 6.0 9.8 9.3 12.7 9.2 11.1 9.6 11.0 1ST QTR. 2ND QTR. 2.7 3.0 2.6 1.9 6.8 7.2 8.8 11.9 4.2 8.4 9.9 9.2 11.3 10.0 9.3 8.5 10.9 9.4 10.7 9.5 10.8 9.8 5.9 -6.2 6.0 11.8 4.9 7.0 -4.8 4.9 12.6 5.6 6.6 5.1 7.1 9.1 7.7 9.7 7.6 13.5 11.1 8.6 5.9 1.b 13.7 0.0 7.7 8.8 10.0 16.1 10.6 13.1 12.3 13.3 16.9 12.6 13.4 2.0 6.2 13.5 9.7 13.4 7.9 10.8 15.3 11.9 13.7 7.6 8.6 14.1 10.8 10.5 7.7 8.7 13.8 10.5 10.3 10.9 -13.1 -3.1 13.0 1.5 4.8 16.9 9.9 10.4 -13.3 -4.3 14.1 -3.1 2.9 14.9 -15.3 10.6 -0.2 5.0 11.8 6.2 6.4 14.2 8.1 3.7 14.7 10.0 14.0 10.3 8.9 9.3 12.3 5.4 0.8 5.4 19.4 0.7 4.5 18.3 5.5 9.7 7.1 8.6 13.5 4.7 8.1 16.6 6.4 11.4 8.9 9.4 12.4 7.3 9.8 16.1 11.2 8.7 7.0 6.2 11.7 5.4 10.0 13.6 6.5 10.8 8.7 8.0 11.3 7.6 10.7 14.3 11.0 10.9 11.4 7.8 10.6 7.7 10.5 13.3 10.5 11.0 11.7 8.5 10.8 7.9 10.6 12.9 10.4 QUARTERLY-AV: 1977 1977 MONTHLY: 1976--AUG. SEPT. OCT. NOV. DEC. 1977--JAN. FEB. MAR. APR. MAY JUN E JULY AUG. P 1/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. BASED CN QUARTERLY AVERAGE DATA. 2/ P - PRELIMINARY Appendix Table 1-B SEPT. 16, 1977 MONEY AND CREDIT AGGREGATE MEASURES SEASONALLY ADJUSTEd, BILLIONS OF DOLLARS I Bank I- eserves 1/ Period borrowed Total _ _ _ _ _ _a Bank CreHt Total Monetary SNonLoans Base and Investmrnnts __ Mney Steck IMesures MI _ M2 _ 1 M3 M4 MS _ _ _ M6 _ M7 _ ANNUALLY: 34,174 34,015 34,465 33,447 33,885 34,412 104,380 110,394 118,054 695.2 725.5 786.2 283.1 294.8 312.4 612.4 664.3 740.3 981.5 1092.6 1237.1 701.4 746.5 803.5 1070.5 1174.7 1300.3 1181.2 1308.3 1439.1 1221.6 1351.1 1488.8 33,998 33,823 33,897 33,761 115,252 115,739 762.0 766.8 306.5 306.9 710.4 716.3 1180.8 1193.9 775.4 779.4 1245.8 1257.0 1387.5 1397.5 1436.3 1446.7 OCT. NOV. DEC. 33,992 34,325 34,465 33,898 34,253 34,412 116,424 117,304 118,054 775.4 782.6 788.2 310.4 310.4 312.4 725.9 732.3 740.3 1210.7 1223.4 1237.1 788.2 794.6 803.5 1273.0 1285.6 1300.3 1413.9 1426.6 1439.1 1463.3 1977--JAN. FEB. MAR. 34,778 34,397 34,308 34,710 34.326 34,204 119,100 119.077 119,572 790.6 800.3 807.0 313.8 314.0 315.4 746.3 750.7 756.1 1248.9 1258.2 809.3 814.0 818.2 1312.0 1321.5 1330.3 1452.2 1466.0 1475.5 1502.4 1517.1 1527.8 APR. MAY JUNE 34,680 34,723 34,862 34,606 34,517 34.599 120,749 121,376 122,027 816.4 823.4 829.5 320.5 320.7 321.9 764.6 767.6 772.8 1281.2 1289.0 1299.5 826.2 829.9 836.8 1342.8 1351.3 1363.4 1488.5 1498.1 1511.2 1541.6 1551.8 1565.5 P 35,352 35,644 35,029 34,583 123,468 124,301 835.9 844.5 326.8 328.3 783.5 787.7 1316.9 1329.2 846.3 850.9 1379.7 1392.3 1527.9 1541.3 1582.3 1596.0 13 20 27 34,937 35,362 34,962 34,777 34,956 34,667 122,816 123,424 123,422 324.3 329.0 327.8 780.7 785.9 786.0 843.6 848.4 848.3 3 10 17 24 31F 36,156 35,635 35,705 35,258 35,756 35,558 35,050 34,907 33,593 34,364 124,675 123,931 124,226 124,044 124,845 328.7 327.2 327.5 327.4 330.4 787.0 786.0 786.8 787.2 791.1 849.9 849.3 850.1 850.4 854.2 7P 35,525 34,888 124,613 329.6 791.3 854.2 1974 1975 1976 MONTHLY: 1976--AUG. SEPT. JULY AUG. 1268.1 1476.1 1488.8 WEEKLY: 1977-JULY AUG. SEPT. NOTES: WEEKLY DATA ARE DAILY AVERAGES FOR STATEMENT WEEKS. MONTHLY DATA ARE DAILY AVERAGES. M3, 5M, M6, M7, TOTAL LOANS AND INVESTMENTS AND THRIFT INSTITUTION DEPOSITS. 1/ BASED ON DATA ADJUSTED FOR CHANGES IN RESERVE REQUIREMENTS. P - PRELIMINARY WEEKL Y DATA ARE NOT AVAILABLE FOR SEPT. 16, 1977 APPENDIX TABLE 2-A COMPONENTS OF MONEY STOCK AND RELATED MEASURES m - ___ Period II II 5 6 7 8 (Per cent annual rates of growth) ANNUALLY: 1974 1975 1976 14.7 8.0 8.1 10.1 11.7 15.2 6.5 17.4 25.0 12.7 7.8 7.7 36.5 -6.1 -23.5 5.6 15.5 15.6 12.3 19.4 17.8 -28.9 -21.1 13.8 16.2 16.6 17.6 6.3 7.2 16.6 -1.4 21.6 15.2 16.5 29.6 -1.0 19.2 SEMI-ANNUALLY: 1ST HALF 2ND HALF 1976 1976 4.0 4.6 6.3 9.7 14.1 15.2 27.6 19.7 3.8 11.4 1ST HALF 1977 5.7 10.5 12.1 15.1 9.4 0.0 12.2 16.1 6.4 12.5 0.0 -16.1 QUARTERLY: 3RD OTR. 4TH QTR. 1976 1976 3.7 7.4 6.2 15.7 14.5 18.1 19.5 27.5 10.3 10.0 -40.5 1.3 16.9 15.9 17.9 18.2 8.1 6.2 1ST QTR. 2ND QTR. 1977 1977 2.2 8.2 9.5 9.5 11.9 9.4 15.4 4.0 8.7 14.2 -7.0 10.9 12.0 11.1 16.4 13.8 6.1 6.6 31.1 8.3 15.2 4.1 20.9 15.3 QUARTERLY-AV; 3RD QTR. 4TH QTR. 1976 1976 3.2 6.0 7.0 12.2 12.8 17.1 13.8 24.7 11.7 10.8 -24.6 -18.9 14.6 17.2 15.9 18.5 7.0 7.4 1ST QTR. 2ND OTR. 1977 1977 3.1 8.3 12.5 8.3 14.0 9.8 21.9 7.9 7.1 11.6 1.9 -1.9 13.3 10.9 16.7 15.0 1976--AUG. SEPT. OCT. NOV. DEC. 5.3 -1.1 15.3 -2.1 8.9 -0.3 9.2 13.5 17.1 11.4 16.3 17.9 18.8 16.8 21.7 23.3 19.6 29.9 31.0 2.2 11.0 15.8 9.7 4.3 -67.9 -35.1 -15.2 -1.9 21.2 18.0 18.0 18.0 15.3 13.8 16.6 19.6 19.3 15.8 18.8 1977--JAN. FEB. MAR. APR. MAY JUNE JULY AUG. P 4.1 -3.1 5.7 21.6 -1.5 11.0 10.7 6.7 6.9 8.3 13.2 11.0 6.9 12.9 11.7 10.7 9.5 7.6 10.7 15.4 7.1 21.9 13.4 10.4 9.7 4.5 -2.3 8.5 13.5 4.8 10.6 10.5 9.4 10.3 22.5 21.6 1.0" -3.8 3.8 -20.9 -11.6 13.6 30.8 -20.7 7.6 14.2 11.4 10.0 10.4 11.1 11.5 15.1 18.3 15.4 15.2 18.0 11.8 11.7 17.4 20.0 16.9 9.2 -11.9 22.6 7.4 6.7 6.1 11.1 13.6 12.9 19.5 8.6 10.3 5.1 6.8 6.7 0.0 -28.6 0.0 -3.4 -44.9 MONTHLY: 4.6 18.2 6.0 16.1 1/ GROWTH RATES ARE BASED ON ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH PREVIOUS MONTH REPORTED DATA. 2/ BASED ON QUARTERLY AVERAGE DATA. P - PRELIMINARY. 6.7 6.6 5.0 6.6 6.5 6.5 6.5 6.4 AND END OF 17.9 68.9 5.0 3.3 11.6 9.9 0.0 6.5 14.9 9.8 7.3 0.0 4.8 12.1 21.5 28.2 18.4 15.8 11.2 2.2 6.6 APPENDIX TABLE 2-B 1 COMPONENTS OF MONEY STOCK AND RELATED MEASUR Mutual Credit Savings Bank Union Savings & S&L Shares Bonds 1 hares Time d Savings Deposits TiPedand Currency Demand Deposits Period TotalOther Total Than CD's Savngs Other C 1 2 3 4 5 6 7 67.8 73.7 80.5 215.3 221.0 231.9 418.3 451.7 491.1 329.3 369.6 427.9 136.2 161.0 202.4 193.1 208.6 225.5 89.0 82.1 63.3 78.6 79.2 227.9 227.7 468.9 472.5 403.9 409.4 185.8 218.0 220.0 65.0 189.4 OCT. NOV. DEC. 79.8 80.2 230.6 230.2 231.9 477.8 484.2 491.1 415.5 422.0 427.9 192.5 197.3 202.4 1977--JAN. FEB. MAR. 81.1 81.8 82.2 232.7 232.1 233.2 495.6 500.0 502.8 432.5 436.7 440.6 APR. MAY JUNE 83.1 237.4 83.6 84.0 237.1 238.0 505.7 509.2 514.8 JULY AUG. P 85.1 241.6 242.8 8 16 ShortTerm U.S Gov't Sec11 Cormmercial Paper 12 1977 Total NonDeposit Gov't Funds Demand 9 10 11 12 13 341.5 395.2 457.8 27.6 33.0 39.0 63.3 67.3 71.9 47.4 66.3 66.9 40.4 42.8 49.7 37.6 33.7 51.4 6.0 8.3 11.2 63.1 433.8 440.3 36.7 37.3 70.2 70.8 71.4 69.7 48.8 49.2 41.9 42.0 12.6 12.0 222.9 224.7 225.5 62.3 62.2 63.3 446.9 452.6 457.8 37.9 38.4 39.0 71.1 69.7 69.5 66.9 49.5 43.8 48.2 51.4 13.2 13.0 11.2 206.1 208.4 210.2 226.4 228.4 230.4 63.1 63.3 62.2 463.2 72.3 72.7 73.0 67.9 71.8 471.5 39.5 40.0 40.6 50.3 50.7 52.7 10.0 11.7 11.2 444.1 446.9 450.9 211.9 212.7 212.3 232.2 234.2 238.6 61.6 62.3 63.9 475.6 480.0 484.6 41.0 41.4 42.0 73.4 73.8 74.2 72.3 73.0 73.6 53.1 52.7 56.2 55.9 10.8 10.6 10.1 519.5 522.5 456.7 459.4 213.8 216.2 242.9 243.1 62.8 63.2 490.7 498.2 42.7 43.3 74.6 75.0 73.6 74.0 54.4 55.9 58.1 11.8 10.2 456.4 456.9 458.1 213.4 213.8 214.5 243.2 243.1 243.7 62.8 62.4 62.3 54.4 59.2 58.0 10.7 11.8 12.8 54.4 59.4 59.0 57.4 58.4 12.6 10.2 10.5 10.7 8.5 14 ANNUALLY: 1974 1975 1976 MONTHLY: 1976--AUG. SEPT. 80.5 85.5 467.6 71.5 71.9 72.1 49.5 49.7 50.2 51.1 52.3 53.8 54.3 54.7 WEEKLY: 1977-JULY AUG. SEPT. 13 20 27 84.8 84.9 85.3 239.5 242.6 519.2 519.3 520.4 3 10 17 24 31P 85.4 85.4 85.4 85.6 85.8 243.3 241.8 242.1 241.7 244.6 521.1 522.0 522.6 523.0 523.8 458.3 458.8 459.3 459.9 460.7 215.2 215.7 216.2 216.6 216.9 243.1 243.0 243.3 243.9 62.9 63.3 63.3 63.1 63.1 7P 86.2 243.4 524.6 461.7 217.6 244.2 62.8 244.1 243.0 ESTIMATED MONTHLY AVERAGE LEVELS DERIVED BY AVERAGING END OF CURRENT MONTH AND END OF PREVIOUS MONTH REPORTED DATA. INCLUDES BORROWINGS FROM OTHERTHAN COMMERCIAL BANKS IN THE FORM OF FEDERAL FUNDS PURCHASED, SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE, AND OTHER LIABILITIES FOR BORROWED MONEY, PLUS GROSS LIABILITIES TO OWN FOREIGN BRANCHES (EURODOLLAR BORROWINGS), LOANS SOLD TO AFFILIATES, LOAN RPS, AND OTHER MINOR ITEMS. INCLUDES TREASURY DEPOSITS AT MEMBER BANKS AND FEDERAL RESERVE BANKS. 3/ P - PRELIMINARY 1/ 2/ 7.3 

Federal Reserve (1977, September 19). Bluebook. Bluebooks, Federal Reserve. https://whenthefedspeaks.com/doc/bluebook_19770920

@misc{wtfs_bluebook_19770920,
  author = {Federal Reserve},
  title = {Bluebook},
  year = {1977},
  month = {Sep},
  howpublished = {Bluebooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bluebook_19770920},
  note = {Retrieved via When the Fed Speaks corpus}
}