Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that some material may have been redacted from this document if that material was received on a confidential basis. Redacted material is indicated by occasional gaps in the text or by gray boxes around non-text content. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optical character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. Content last modified 6/05/2009. CONFIDENTIAL (FR) SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System July 24, 1964. SUPPLEMENTAL NOTES The Domestic Economy Seasonally adjusted retail sales in July, on the basis of data through July 18, appear to be up moderately from their record May-June level. Durable goods sales, boosted by gains at automotive and furniture and appliance outlets, appear to be rising from the reduced June level. With strong gains reported at apparel, gasoline, and general merchandise outlets, total nondurable sales are maintaining their steady upward pace. The Domestic Financial Situation Total credit at weekly reporting banks after showing tax period and early posttax period changes similar to other recent years declined much more than usual in the week of July 15. Although total loans showed a moderate rise, holdings of U.S. Government securities declined sharply, presumably in response to depressed yields on Treasury bills and on coupon issues eligible in the advance refunding. Yields on corporate and municipal bonds have remained generally steady this week, and most new issues have been favorably received. Rejection of the bid on the $100 million State of California bond offering was purely for technical reasons related to state law. Although the average yield on Moody's Aaa municipal bonds rose 2 basis points to 3.09 per cent, the Bond Buyer series on mixed quality issues declined 2 basis points. Also, despite the sizable volume of this week's new offerings, dealers' inventories of unsold municipal securities rose very little. -2- Common stock prices, as measured by Standard and Poor's composite index of 500 stocks, established a record peak of 84.01 on July 17, but have since edged lower, closing at 83.48 on July 23. International Developments U.S. banks have reported outstanding short-term claims on foreigners were up by $330 million in June, much more than in earlier months this year. Preliminary information suggest there was a step- up in the net outflow on bank loans and acceptance credits to foreigners (which had been moderate in March-May), and also some continued outflow of liquid funds for short-term investment. There was a net increase of only $13 million in June in long-term banking claims on foreigners, bringing the total net outflow for the second quarter to $70 million. The U.S. payments deficit on regular trans- actions in June was $141 million. 

Federal Reserve (1964, July 27). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19640728_part3

@misc{wtfs_greenbook_19640728_part3,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1964},
  month = {Jul},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19640728_part3},
  note = {Retrieved via When the Fed Speaks corpus}
}