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 May 21, 1965. SUPPLEMENTAL NOTES The Domestic Economy Seasonally adjusted private housing starts in April continued at the improved rate reached in March. On a three-month moving average basis, the rate for the most recent period was 1.50 million, including farm. This was a little above the first quarter average but was 7 per cent below the rate in the February-April period a year earlier. Unlike starts, seasonally adjusted residential building permits declined in April, as permits for multifamily structures dropped appreciably. The rate of multifamily permits had been at a 7-month high in March, however, and the rate in April still remained above the recent low in December of last year. PRIVATE HOUSING STARTS AND PERMITS April (thousands of units) 1/ Per cent change from: Month ago I Year ago Starts (total) 1,548 -- + 1 Permits (total) 1 - family 2-4 - family 1,204 724 82 - 4 + 3 + 2 - 6 + 3 -17 398 -14 -17 5-or-more family 1/ Seasonally adjusted annual rate; preliminary. The Domestic Financial Situation Turnover of demand deposits at banks outside New York City, seasonally adjusted, declined slightly in April following five months of continuous increases. The April rate was above the first quarter average, however, and over the January-April period, turnover averaged nearly 6-1/2 per cent above that in the corresponding months last year. After two weeks of very large increases, business loans at New York City banks increased only $4 million, somewhat less than seasonally, in the week ending May 19. Reception of this week's large volume of corporate bond offerings was only fair, reflecting in part the fact that the $125 million Pacific Telephone and Telegraph issue was reoffered to yield somewhat less than the market had been expecting. At the close on May 20, this issue was only one-fifth sold, and total holdings of issues still in syndicate which had been reduced as the result of syndicate terminations in the two preceding weeks, have again expanded, to about $150 million. 

Federal Reserve (1965, May 24). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19650525_part1

@misc{wtfs_greenbook_19650525_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1965},
  month = {May},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19650525_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}