The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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) April 8, 1966. MONEY MARKET AND RESERVE RELATIONSHIPS Money markets Recent developments. The spread between bill rates and other short-term rates widened during recent weeks. All short-term rates rose around the mid-March tax date, following the increase in the prime loan rate, but since then bill rates have fluctuated in a lower range while other short-term rates either have stabilized or have risen slightly further. The recent peak for the 3-month bill was reached in the mid-March auction at 4.72 per cent; subsequently, the 3-month bill rate declined sharply to as low as 4.46 per cent before moving back up above the discount rate. Differences in supply situations help to account for the differential movements of bill and other short-term rates. Increased supplies of other short-term debt instruments -- notably, negotiable CD's and agency issues -- continued to reach the markets at rising yields necessitated by the conjunction of new financings and large roll-overs. On the other hand, the bill market was temporarily depleted of trading supply in the wake of unusually large purchases by investors during late winter; in addition, $3 billion in March tax bills matured without replacement and the weekly $100 million additions to the 3-month bill were drawing to a close. Most recently, dealers' inventories of bills have been rebuilt to sizable levels, in part through their own aggressive bidding in auctions, and this has led to the firming in bill yields. (Monthly averages and, FINANCIAL MARKET RELATIONSHIPS IN PERSPECTIVE where available, weekly averages of daily figures; amounts in Money Market Indicators 3-month Free Borrow- Federal TreasReserves ings Funds ury Bill Rate Period Bond Yields U.S. Corporate MuniciGov't. New pal (20 yr) Issues (Aaa) (Aaa) millions of dollars) Flow of Reserves. Bank Credit and Money NonRe- Cei Time borrowed Re- Credit Money Rey Deposits 2/ sserveserves Proxy Supply 1965--Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. - 46 -129 -156 -176 -178 -162 -139 -132 - 77 - 22 395 471 490 534 527 549 552 490 418 452 4.04 4.09 4.08 4.01 4.07 4.11 3.95 4.05 4.09 4.28 3.93 3.93 3.89 3.80 3.83 3.84 3.92 4.02 4.08 4.37 4.20 4.20 4.21 4.21 4.21 4.25 4.30 4.32 4.40 4.50 4.45 4.46 4.51 4.58 4.61 4.63 4.67 4.69 4.72 4.85 3.09 3.09 3.09 3.15 3.16 3.16 3.25 3.31 3.34 3.39 + 89 +148 - 31 +151 + 30 -116 - 11 + 85 + 59 +365 +145 +224 - 61 +179 + 23 - 50 + 14 + 44 - 45 +338 +1,782 +2,623 + 772 +1,802 +1,414 +1,608 + 249 +2,592 + 759 +2,147 1966--Jan. Feb. Mar. p - 51 -117 -212 431 474 545 4.32 4.58 4.64 4.58 4.65 4.58 4.52 4.71 4.72 4,84 4.96 5.27 3.39 3.48 3.55 +103 + 42 - 61 +117 + 85 + 60 +1,793 +1,000 +1,000 + 820 - 400 + 800 + 687 +1,200 + 800 9 16 23 -159 -116 -122 503 453 520 4.62 4.58 4.62 4.62 4.66 4.67 4.63 4.74 4.75 4.96 5.02 5.06 3.39 3.51 3.62 -1,033 + + 100 + 424 - 2 9 16 23 p 30 p -171 -254 -173 -229 -234 464 614 536 602 508 4.62 4.65 4.55 4.70 4.65 4.64 4.59 4.66 4.55 4.51 4.80 4.79 4.75 4.67 4.66 5.28 5.34 5.29 5.09 5.02 3.63 3.61 3.56 3.51 3.44 + + + + + 6 p -225 623 4.75 4.51 4.60 4.95 3.44 +1,996 + Year 1965 - 90 467 4.05 Averages 3.95 4.27 4.58 3.16 Annual Rates of Increase 1/ + 4.2 + 5.1 + 9.1 + 4.8 +16.1 1966--January February March - 51 431 474 545 4.32 4.58 4.64 4.58 4.65 4.58 4.84 4.96 5.27 3.39 3.48 3.55 + 5.7 + 2.2 - 3.3 Feb. Mar. Apr. -117 -212 4.52 4.71 4.72 416 408 193 114 808 + 6.3 + 9.1 + 4.6 + 4.1 + 3.2 + 3.7 + 600 + 800 -1,100 +1,800 + 700 + 200 +1,600 +1,300 + 100 +1,700 +1,100 +1,400 +1,100 +1,300 +1,700 +2,500 +1,500 +2,000 +1,900 +1,500 200 200 + 800 + +1,000 + 200 + 500 + 600 700 400 200 + 200 + + + 300 300 400 800 + 400 + 7.2 - 2.9 + 8.6 + 8.2 + 6.5 + 6,5 Feb. 16 - Mar. 9 -166 513 4.62 4.64 4.77 5.18 3.59 + 2.7 + 4.6 + 7.0 -4-12 22 +16.9 + 9.2 Mar. 16 - ADr. 6 -215 567 4.66 3.49 4.56 , 4.67 -5-O3 +12 I/ Base is average for month preceding specified period or in the case of weekly periods, the week preceding. 2/ Time deposits, adjusted, at all commercial banks differs from time deposit required reserve series in Table A-2 since latter includes only member banks. April 8, 1966. p - Preliminary. .... ... | .. , . .. . .. , Over the three statement weeks ending April 6, net borrowed reserves averaged about $230 million and member bank borrowings about $580 million -- in each case slightly higher than the levels of the previous 3-week period. The Federal funds market also appeared to tighten a shade further, with funds trading at an effective rate of 4-3/4 per cent on 10 of the 15 days in the period and with a small amount of trading at a new high 4-7/8 per cent rate reported late in the period. Dealer financing costs also moved higher in the most recent week, reflecting both the pressures in the funds market and larger dealer financing needs. Prospective developments. On the assumption that net borrowed reserves will continue to average close to recent levels over the next 4 weeks, the 3-month bill rate might be expected to fluctuate in a 4.55 to 4.70 per cent range. The recent tightening of money market conditions may persist through the April tax period, when Federal funds are likely to continue trading at 4-3/4 per cent and occasionally at 4-7/8 per cent. Such pressures could abate toward the end of April and in early May. After the mid-April tax date funds typically shift toward the money centers. Also, seasonal demands for bills,from public funds and other investors, may be supplemented by demand from sellers of maturing issues in the Treasury May refunding. But rather heavy agency issues in prospect for the weeks ahead, including a sizable amount of new money, could be an offsetting influence. -3The course of bond yields will be importantly influenced by Administration policy with respect to a tax increase. So long as economic indicators remain buoyant, continued postponement of a decision on taxes could generate a new wave of bearish investor sentiment. The Government bond market is now particularly susceptible since it is in a less strong technical condition as a result of the recent build-up in dealer bond positions. The downward movements of bond and bill yields since early March have occurred despite some tightening of bank net reserve positions. As noted above, continuation of the present reserve posture is not likely to be accompanied by any further decline in rates and probably by some upward movement. Any further tightening of reserves -- to, for example, net borrowed reserves in a $250-$300 million range -- is likely to place bill rates in a 4.60-4.75 per cent range and at the same time exert further upward pressure on bond yields, particularly if market participants become convinced that a further step-up in monetary restraint is in process. Reserve flows, bank credit, and money Recent developments. Increases in total deposits and total reserves were slightly stronger in the second half of March than anticipated at midmonth, with the daily average figures for the month as a whole now showing annual rates of increase of 3 per cent in both cases over the previous month. Higher member bank borrowing accounted for all of the increase in total reserves, as nonborrowed reserves declined for the first time since last September. Weekly data indicate a sharp bulge in deposits and credit over the March tax period and into early April, following the sluggish growth of the previous four weeks. increase appears temporary. Much of this The more rapid expansion of time deposits in recent weeks apparently reflects city bank attempts to prepare for expected large credit demands later in April and to lengthen average maturities on CD's. In addition, dealer borrowing from banks increased substantially during the last two statement weeks in reflection of their enlarged inventories. Prospective developments. With increases in all cate- gories of deposits pushing levels well above the March average in the latest weeks and with credit demands remaining very strong through the April 15 tax period, a sharp rise is expected in the daily average bank credit proxy this month, with the annual rate of increase in the 10-12 per cent range. An increase in total reserves of about 7 or 8 per cent would appear consistent with this expected expansion. After April, a more moderate rate of increase in monetary aggregates is anticipated, even if net borrowed reserves are not deepened from recent levels. The rate of increase in bank credit may fall back to or somewhat below the projected March-April average of around 7 per cent. Several factors may reduce time deposit expansion below the rate of recent weeks -- the spread between CD and bill rates may narrow, and both growing corporate spending programs and prospective large agency offerings may absorb funds that would otherwise be invested in CD's. Bank credit growth is also likely to be moderated by repayments of the enlarged borrowing during the March 15-April 15 tax period. On the other hand, the mid-May Treasury refunding may temporarily increase bank credit expansion, though the effect may be relatively small in view of the expected routine nature of the financing. Moderation of loan demand after mid-April would also tend to reduce the growth rate of private demand deposits to around 5 per cent over the months ahead. The rate of increase in April may still average above that rate, although below the March average of 12 per cent. Table A-1 MARGINAL RESERVE MEASURES (Dollar amounts in millions, based on period averages of daily figures) Period Excess reserves As I. re Member bank Free borrowings v i s 'ed to reserves date t Policy periods 8/19/64 - 2/3/65 412 323 2/3/65 - 3/24/65 391 405 - 3/24/65 - 12/8/65 366 506 -140 12/8/65 - 3/2/66 375 444 - 69 3/2/66 - 4/6/66 344 558 -214 1965--March April May June July August September October November December 349 342 334 358 349 387 413 358 341 430 395 471 490 534 526 549 552 490 418 452 1966--January February March p 380 357 333 431 474 545 688 208 305 590 218 352 2 9 16 23 348 344 337 398 2 9 16 89 14 As first published each week As expected at conclusion of each week's open market operations Monthly (reserve weeks ending in): Weekly 1966--Jan. 12 Feb. Mar. - 77 - 22 - 51 -120 -212 88 98 - 10 47 - 21 34 106 1 - 50 418 503 453 520 - 70 - 17 - 22 464 614 536 602 508 -171 -254 -173 -229 -234 -172 -219 -224 -274 30 293 360 363 373 274 -229 -186 -193 -217 -260 - 22 6 398 623 -225 -225 -241 23 Apr. - 46 -129 -156 -176 -177 -162 -139 -132 p - Preliminary. -159 -116 -122 -120 -122 -102 -121 - 99 - 95 Table A-2 AGGREGATE RESERVES AND RESERVE RELATED MEASURES (In per cent, Total reserves Period Policy 8/64 1/65 3/65 11/65 2/66 - + 3.5 + 4.2 + 5.1 Period: 1/65 3/65 11/65 2/66 3/66 p Monthly: 1965--February March April May June July August September October November December 1966--January February March p * + 3.5 + 4.6 + 4.2 +10.4 + 8.1 +12.5 - 3.4 + 9.6 + 1.3 - 2.7 + 0.8 + 2.4 - 2.4 +18.6 + 6.3 + 4.6 + 3.2 Required reserves by type of deposit Demand Time Private + Private U. S. Gov't. + 4 +15.4 +12.8 +16.3 + 3.2 + 3.5 + 2.6 + 2.5 + 3.5 + 4.6 +12.2 + 7.5 + 7.6 + 9.1 + 3.8 + 4.3 + 4.8 + 8.1 +10.4 + 8.0 + 8.2 + 3.7 4.4 1.1 5.1 5.8 8.6 - 2.3 + 4.5 + 6.0 - 8.2 +13.5 + 5.2 + 1.5 +11.8 + 9.5 + 0.7 + 7.2 - 2.1 + 8.6 + 6.4 + 5.1 + 8.4 - 1.8 + 8.6 + 1.7 - 6.5 - 0.6 + 4.8 + 3.3 +20.5 +19.8 +10.3 +13.5 + 9.8 +11.4 +14.5 +24.4 +13.5 +18.7 +14.4 +10.7 + 3.0 + 9.0 +14,8 - 1.3 + 7.8 + 0.7 - 7.1 -11.1 + 8.1 - 6.9 +11.2 - 2.0 + 6.9 + 5.0 -14.0 +15.6 +14.0 + 8.4 + 1.7 +11.7 +11.1 + 9.7 +14.1 + 4.1 1- 9.6 + 7.5 + 8.4 + 1.3 +13.5 + 3.9 +11.0 + 5.7 + 2.2 - 3.3 + 6,2 + 5.4 + 6.1 +12.0 + 3.1 + 1.1 + 4.1 - 2.1 +12.2 + 9.1 + 4.3 + 3.7 ___ _ __ _ _ _ ____ __ __ _L _ __ __ _.. __ __ _ __ Includes all deposits subject to reserve requirements. movements in total member bank credit. p - Preliminary. Reserve related measures Total member Money bank deposits supply (credit) 1/ I + 2.4 + 1.7 + 3.1 + 2.4 +15.3 +15.1 +15.7 + 7.5 + 6.1 5.2 5.8 2.4 9.5 3.3 ____ __ __ _ 1/ Nonborrowed reserves 4 + Annually: 1963 1964 1965 Retrospective Changes, Seasonally Adjusted annual rates based on monthly averages of daily figures) __ + 1.4 - 0.4 _ _L Movements in _ __ __ _ __ £_ +12.3 __ __ this aggregate correspond closely with _ __ _ Chart 1 MEMBER BANK RESERVES SEASONALLY ADJUSTED MONTHLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 22.5 22.0 21.5 21.0 20.5 / FREE RESERVES 1**0 20.0 - . REQUIRED TOTAL PRIVATE AGAINST DEPOSITS 19.5 19.0 16.5 PRIVATE 16.0 REQUIRED AGAINST -DEMAND DEPOSITS lo-n / -mm__ ________ _ 00 ano msoWo* 15.5 15.0 S 1964 D M J 1965 S D M 1966 J Chart 2 MEMBER BANK DEPOSITS SUPPORTED SEASONALLY ADJUSTED MONTHLY AVERAGES BY REQUIRED RESERVES OF DAILY FIGURES BILLIONS OF DOLLARS 240 235 230 225 220 125 215 120 210 115 205 110 105 100 10 U.S. --- GOVERNMENT - --. DEMAND = 5 --- S D M 1965 % Chart 3 MONEY SUPPLY BY COMPONENTS SEASONALLY ADJUSTED MONTHLY AND WEEKLY AVERAGES OF DAILY FIGURES BILLIONS OF DOLLARS 170 165 160 155 135 130 125 120 40 35 S 1964 D M J 1965 S D M 1966 J Table B-1 MAJOR SOURCES AND USES OF RESERVES Retrospective and Prospective Period (Dollar amounts in millions, based on weekly averages of daily figures) Factors affecting supply of reserves = Change = Bank use of reserves Federal Reserve Gold Currency Technical in Required Excess es reserves total factors outside credit (excl. stock banks net 2/ reserves 3/ reserves +3,125 +3,219 -426 -165 -1,950 -1,847 - 76 -365 +676 +840 +763 +910 - 87 - 70 +943 +137 -825 -153 +557 +448 -1,163 -1,121 -488 -688 -299 -625 -189 - 63 2 9 16 23 +369 +657 -363 -519 + - 1 2 1 -- + 59 -457 +171 + 56 -339 -417 + 23 +415 + 87 -215 -170 - 47 + 44 -211 -163 -108 + 43 - 4 - 7 + 61 2 9 16 23 p 30 p 6 p -115 +450 -100 - 3 + 71 +512 --- 29 - 72 + 1 +143 -528 + 90 + 16 +226 -399 - 19 + 8 + 86 +288 -448 +107 + 10 - 71 + 76 +273 -225 +115 -138 + 73 +263 -126 -105 + 67 + 3 + 10 - 9 +12 float) I/ ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Year-to-date: (12/25/63 - 4/7/65 (12/23/65 - 4/6/66 Weekly: 1966--Feb. Mar. Apr. +97 99 . PROJECTED Apr. 13 20 27 -125 -600 - 50 -- 10 - 10 -290 +290 +305 +340 +460 -145 - 75 +140 +100 -75 +140 +100 May 4 11 18 25 +465 +335 -455 + 35 - 10 10 10 10 -145 -395 +145 +150 -210 - 80 +235 -250 +100 -150 - 85 - 75 +100 -150 - 85 - 75 1 +405 - 10 -175 -300 - 80 - 80 June For For For See retrospective details, see Table B-4. factors included, see Table B-3. required reserves by type of deposits, see Table B-2. reverse side for explanation of projections. p - Preliminary. -- Explanation of Projections in Table B-1 1. Changes in Federal Reserve credit inciate reserves needed to offset projected changes in required reserves and factors affecting the supply of reserves. 2. Projected changes in currency outside banks reflect seasonal movements plus an allowance for growth of about $30 million per week. 3. Projected effects of Treasury operations, included in "technical factors," reflect scheduled and assumed calls in current two weeks and thereafter, maintenance of Treasury balances with Federal Reserve at $200 million. 4. Projected changes in gold stock reflect assumed outflow after $50 million per month. April at the rate of about 5. Projected changes in required reserves reflect estimated seasonal movements in private deposits, except as indicated in projections in Table B-2, and projected movements in U. S. Government demand deposits. Government deposit projections are based on anticipated Treasury receipts and expenditures and the following assumed financing operations: none. Table B-2 CHANGES IN REQUIRED RESERVE COMPONENTS Retrospective and Prospective Seasonal and Nonseasonal Changes (Dollar amounts in millions, based on weekly averages of daily figures) Total required Period reee reserves reses Supporting U. S. Gov't. demand demand Total Total deposits Supporting private deposits Other than chan seasonal Seasonal changes seasonal changes Demand Time Demand Time + 45 + 16 --- +239 +542 +471 +467 ACTUAL Year 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) +763 +910 + 8 -115 Year-to-date: (12/25/63 - 4/7/65 (12/23/64 - 4/6/66 -299 -625 + 77 -156 -376 -469 -831 -845 +78 +63 +188 +189 +189 +124 2 9 16 + 44 -211 -163 + 65 + 20 + 20 - 21 -231 -183 -169 -212 -148 23 + 9 + 9 - 9 +141 - 21 - 48 -108 +226 - 2 - 7 + 22 -334 -198 + 9 -142 - 3 2 +115 - 96 +211 + 30 +18 +171 - -138 + 73 +263 -126 8 -193 -206 +393 + 26 -112 + 55 +279 -130 -152 +211 + 19 +181 -231 -168 +152 +18 - 9 -18 + 9 - 9 + + + + + + 4 + + 1 18 23 17 25 Apr. 13 - 75 -350 +275 +265 +10 20 +140 - 65 +205 +215 -10 27 +100 +155 - 55 - 65 +10 4 11 +100 -150 +275 + 55 -175 -205 -185 -215 +10 +10 18 25 - 85 - 75 +115 +100 -200 -175 -200 -165 --10 -80 -120 + 40 + 30 +10 Weekly: 1966--Feb. Mar. Apr. 9 16 23 p 30 p 6 p+ +755 +1,025 PROJECTED May June 1/ 1 17 89 96 10 43 -- - - Reduction in percentage reserve requirements applicable to time deposits released $780 million of reserves at the end of October 1962. Table B-3 TECHNICAL FACTORS AFFECTING RESERVES Retrospective and Prospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) Technical factors (net) Foreign deposits and gold loans reserves) Treasury operations Float -216 -470 +149 -365 -1163 -1121 +151 +414 -1475 -1076 2 9 16 23 -339 -417 + 23 +415 - 63 - 33 - 29 -178 -236 + 68 +302 29 16 23 30 + 8 + 86 +288 -448 + 53 +227 + 98 -177 -102 +346 -346 6 +107 +257 -104 - Apr. 13 20 27 +340 +460 -145 +195 - 30 - 35 + 75 +400 -110 + 20 -- May 4 11 18 25 -210 - 80 +235 -250 ----- -210 - 80 +320 - 50 1 -300 -- -300-- Period ACTUAL Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) - 76 - 84 + 88 + 11 Other nonmember leposits and R. accounts - 97 +178 Year-to-date: (12/25/63 (12/23/ 65- Weekly: 1966--Feb. Mar. Apr. 4/7/65) 4/6/66) - 19 +234 + 30 - 40 +131 -419 - 63 -173 - 33 -127 - 67 -195 - 38 38 - R PROJECTED June --- + 50 + 90 -- - 85 -200 Table B-4 SOURCES OF FEDERAL RESERVE CREDIT Period Retrospective Changes (Dollar amounts in millions, based on weekly averages of daily figures) II Total Federal U. S. Government securities Reserve credit Total Outright Repurchase (excl. ( c Year: 1963 (12/26/62 - 12/25/63) 1964 (12/25/63 - 12/23/64) Year-to-date: (12/30/64 - 4/7/65 float) fot 41--, +3,125 +3,219 holdingss *- ---- '' +3,076 +3,340 4- Bill B - Othtr nr an, -. +1,659 +2,086 +1,404 +1,022 tm~~ Bankers' acceptances _ _ _ _ _ Member bank borrowings 1 + 13 +232 + 39 - 61 + 10 -137 + 88 - 12 + 66 + 77 - 60 943 137 + + 789 72 8 15 22 29 441 138 325 369 + + 479 135 55 28 376 87 22 171 +103 - - 48 - 33 + 8 -268 +328 1966- -Jan. 5 12 19 26 247 118 ,232 45 + + - 178 115 812 123 24 216 490 123 +202 -101 -322 + 16 + 28 -372 +134 Feb. 2 9 16 23 369 657 363 519 + + - 338 569 308 585 89 409 166 360 + 66 + 85 42 +249 +160 -142 -267 115 450 100 3 71 512 72 + 273 26 88 + 194 + 419 * 4 73 252 84 50 147 1 21 11 9 47 (12/29/65 - Weekly: 1965--Dec. Mar. 4/6/66 2 9 16 23 30 Apr. 6 i- I I - 769 + 17 Tr 97& - 76 +199 I - 56 50 + 67 - 56 +150 + 47 - - 47 + 66 - II +145 +145 II -- zzLL ZZ I 78 94 +115 +115 Chart Reference Table C-1 TOTAL, NONBORROWED AND REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures)' Period Total reserves reserves Nonborrowed reserves Total reservesTotal Required reserves Against private deposits Demand Total Demand 1964--January February March April May June July August September October November December 20,248 20,268 20,459 20,482 20,404 20,682 20,665 20,753 21,012 20,949 21,033 21,082 19,977 19,982 20,176 20,226 20,167 20,431 20,420 20,416 20,638 20,600 20,626 20,886 19,884 19,872 20,056 20,057 20,023 20,269 20,285 20,332 20,570 20,536 20,639 20,742 19,185 19,246 19,292 19,361 19,338 19,441 19,577 19,694 19,832 19,960 19,988 20,081 15,442 15,466 15,492 15,527 15,471 15,539 15,646 15,705 15,805 15,886 15,864 15,912 1965--January February March April May June July August September October November December 21,175 21,359 21,504 21,728 21,667 21,840 21,863 21,813 21,827 21,871 21,827 22,165 20,862 20,973 21,062 21,210 21,179 21,330 21,360 21,244 21,255 21,340 21,399 21,764 20,840 20,915 21,116 21,316 21,296 21,470 21,535 21,379 21,420 21,528 21,460 21,788 20,122 20,166 20,294 20,409 20,258 20,506 20,579 20,665 20,903 21,090 21,124 21,326 15,878 15,852 15,943 16,009 15,822 16,028 16,047 16,041 16,227 16,341 16,318 16,477 1966--January February March p 22,282 22,367 22,427 21,867 21,908 21,847 21,996 21,994 22,077 21,407 21,396 21,584 16,533 16,500 16,668 p - Preliminary. Chart Reference Table C-2 DEPOSITS SUPPORTED BY REQUIRED RESERVES Seasonally Adjusted (Dollar amounts in millions, based on monthly averages of daily figures) Period Total member bank deposits Time depsis (credit 1/) U. S. Gov't. demand Private demand deposits deposits 2/ 202,981 203,759 205,068 206,176 206,613 208,669 209,312 211,506 212,906 214,109 215,849 216,738 93,563 94,495 95,011 95,852 96,677 97,542 98,273 99,725 100,670 101,850 103,090 104,215 5,011 4,695 5,308 5,337 5,327 6,061 5,256 5,592 5,368 4,849 5,500 4,932 104,407 104,569 104,749 104,987 104,609 105,066 105,783 106,189 106,868 107,410 107,259 107,591 106,107 107,843 108,778 109,996 5,180 111,955 113,306 November December 218,640 220,663 222,445 225,068 225,840 227,642 229,056 230,664 230,913 233,505 234,264 236,411 107,353 107,178 107,795 108,243 106,975 108,372 108,497 108,456 109,717 110,489 110,327 1966--January February March p 238,204 239,024 239,765 121,861 122,401 123,029 1964--January February March April May June July August September October November December 1965--January February March April May June July August September October 110,898 115,594 116,900 118,718 120,152 121,220 5,642 5,872 6,829 7,967 7,315 7,253 6,614 4,296 4,298 3,785 3,782 111,409 4,556 111 ,787 5,061 111,552 112,b99 4,037 Includes all deposits subject to reserve requirements--i.e., the total of time, private demand,and U.S. Government demand deposits. Movements in this aggregate correspond closely with movements in total member bank credit. 2/ Private demand deposits include demand deposits of individuals, partnerships and corporations and net interbank balances. p - Preliminary: 1/ Chart Reference Table C-3 MONEY SUPPLY BY COMPONENTS Seasonally Adjusted (Dollar amounts in billions, based on monthly averages of daily figures) Period Money Supply Demand deposits deposits Currency 2/ l/ 1965--January February March April May June July August September October November December 160.0 159.7 160,3 161.1 160.0 161.8 162.5 162.7 164.3 165.6 165.7 167.4 125.5 125.1 125.6 126.4 125.1 126.8 127.3 127.3 128.7 129.7 129.6 131.2 34.5 34.7 34.7 34.7 34.9 35.0 35.2 1966--January February March p 168.4 168.0 169.2 131.8 131.2 132.3 36.7 36.8 36.9 169.1 168.1 167.4 132.5 131.5 130.8 36.6 36.7 36.6 16 23 167.9 168.1 168.3 167.5 131.2 131.3 131.5 130.6 36.7 36.9 36.8 36.9 Mar. 2 9 16 p 23 p 30 p 168.5 168.7 169.2 169.8 169.1 131.6 131.8 132.3 132.9 132.2 36.9 36.9 36.9 36.9 36.9 Apr. 6 p 169.9 133.1 36.9 35.4 35.6 35.9 36.1 36.3 Weekly 1966--Jan. 12 19 26 Feb. 2 9 1/ 2/ Includes (1) demand deposits at all commercial banks, other than those due to domestic commercial banks and the U.S. Government, less cash items in process of collection and Federal Reserve float; and (2) foreign demand balances at Federal Reserve Banks. Includes currency outside the Treasury, the Federal Reserve, and the vaults of all commercial banks. p - Preliminary.
@FedFRASER