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 March 1, 1968 SUPPLEMENTAL NOTES The Domestic Economy Preliminary BLS estimates indicate that the wholesale price index for industrial commodities increased 0.4 per cent from January to February with lumber, fuels, machinery, and nonmetallic metals showing the main increases. The final January rise from December was also 0.4 per cent, as noted in the Greenbook. The total wholesale price index was estimated to have risen 0.6 per cent in February as compared with 0.4 per cent in January. The faster rise in the total reflects a sharp rise in prices of farm products (2.0 per cent) and a further increase in prices of processed foods (0.6 per cent). Price increases were indicated for livestock, meats, eggs, fresh fruits, and fats and oils. The consumer price index increased again by 0.3 per cent in January, to 118.6 per cent of the 1957-59 average--3.4 per cent above the level of a year earlier. Advances were widespread with increases prominent in prices for food, gasoline, medical care, and postage. Grocery prices were up 0.8 per cent--the largest monthly increase since last July as a result mainly of increases in fresh vegetables. Restaurant meals were 0.4 per cent higher, and for the second consecutive month increased at a slower rate than grocery prices. Average prices for all commodities other than food increased 0.1 per cent in January. than seasonal. Apparel was lower, but the decline was less Gasoline and motor oil prices, seasonally adjusted, rose 1.1 per cent as "price wars" subsided in some areas. New cars - 2 - were 0.3 per cent below the December average, but substantially less than expected seasonally. Used cars were up 0.8 per cent, substantially more than expected seasonally. Prices of consumer services, less rent, increased 0.6 per cent and accounted for about one-half of the increase in the total price index. Medical care services rose 0.7 per cent further as professional fees and hospital service charges increased sharply. Transportation services were up substantially, 0.8 per cent, reflecting higher prices for auto repairs, auto insurance, and registrations and drivers permits. The recent increases in postal rates on first and third class mail accounted for a substantial part of the rise in total service costs. Corrections: Page II - 7 Table. Next to last column, first line, the increase in GNP from QIV 1967 to QI 1968 should be $18.9 billion. xxxxx -3KEY INTEREST RATES 1967 High Nov. 171/ 1968 Mar. 1 Feb. 5 Short-Term Rates 3-months Treasury bills (bid) Bankers' acceptances Euro-dollars Federal agencies Finance paper CD's (prime NYC) Highest quoted new issue Secondary market 6-months Treasury bills (bid) Bankers' acceptances Commercial paper Federal agencies CD's (prime NYC) Highest quoted new issue Secondary market 1-year Treasury bills (bid) Federal agencies Prime municipals (12/29) (1/6) 4.67 4.88 5.75 5.05 5.13 4.91 5.13 5.44 5.05 5.25 5.01* 5.25 5.69 5.10 5.13 5.50 (12/29) 5.70 (12/29) 5.25 5.30 5.25 5.35 5.38 5.35 5.60 5.88 6.00 5.55 5.13 5.00 5.13 5.11 5.25 5.50 5.40 5.25 5.22* 5.38 5.50 5.40 5.50 (12/29) 6.00 (12/29) 5.38 5.60 5.50 5.55 5.50 5.62 5.71 (12/29) 5.95 (12/29) 4.00 (12/29) 5.27 5.26 5.50 3.25 5.33* 5.75 3.40 5.91 (11/13) 5.81 (11/20) 5.72 5.70 5.64 5.39 5.56 5.39 5.07 5.63 6.88 5.30 5.88 (12/5) (12/29) (11/28) (12/1) (12/29) (1/16) (12/29) 5.50 3.25 Intermediate and Long-Term Treasury coupon issues 5-years 20-years Corporate Seasoned Aaa Baa New Issue Aaa With call protection Without call protection Municipal Bond Buyer Index Moody's Aaa FHA home mortgages 30-years 1/ Pre-devaluation yield levels. * - 2:00 p.m. quotations. 6.25 (12/28) 6.13 6.98 (12/28) 6.76 6.13 6.80 6.08 6.79 6.55 (12/7) 6.53 6.68 6.16 6.29 6.40 6.48 4.15 (12/28) 4.33 3.98 4.16 3.90 4.44 4.16 6.81 (Dec.) 6.77(Nov.) 6.70 (12/1) 4.45 (12/7) 6.81(Jan.) - 

Federal Reserve (1968, March 4). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19680305_part1

@misc{wtfs_greenbook_19680305_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1968},
  month = {Mar},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19680305_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}