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(CONFIDENTIAL

FR)

May 11,

1973

MONETARY AGGREGATES
AND
MONEY MARKET CONDITIONS
Prepared for the Federal Open Market Committee

By the Staff
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

May 11,

CONFIDENTIAL (FR)

1973

MONETARY AGGREGATES AND
MONEY MARKET CONDITIONS
Recent developments
(1)

Both M1 and M2 appear to be expanding at annual rates somewhat

above the upper ends of the Committee's April-May ranges of tolerance.

Growth

in RPD for the same period, however, seems to be falling short of its range,
as shown in the table.

The divergent tendencies evident in money supply

and RPD expansion are attributable to a lower than anticipated average
level of excess reserves in May; to greater than anticipated growth in
currency, which swells M

but does not absorb required reserves; and to a

difference (still partly projected) in the weekly pattern of deposits from
that projected earlier (which affects the required reserve component of RPD
with a lag).
Growth of Monetary Aggregates and RPD
in April-May period

(SAAR in Per Cent)

RFD

Current

Ranges of
Tolerance

Estimates

10 - 12

8.0

M1

4 -

6

M2

4-1/2--6-1/2

7.0
8.0

Memo:

Federal funds rate

6-7/8--7-1/2
Week Ending
May 2: 7.43
May 9: 7.60

(2)

The tendency for money supply growth to exceed the Committee's

target ranges became evident soon after the last meeting, and the Desk, while

-2taking account of even-keel, adopted a somewhat more reluctant reserve
supplying strategy.

This was expected to raise the Federal funds rate from

the 6-7/8 to 7 per cent range prevailing at the time of the last meeting
into a 7-1/4--7-1/2 per cent range.

In the week ending May 2 the average

funds rate rose to 7.43 per cent, and then in the most recent week to
7.60 per cent.

During these two statement weeks, member bank borrowings

averaged $1.7 billion, little different from the preceding four weeks.
(3)

The recent rise in the funds rate to more than 7-1/2 per

cent reflected unexpected shortages in the supply of reserves arising
partly from a large shortfall in float over the week-end of May 5, which
was partly related to delays in transfers of funds to banks because of a
computer failure.

In response to developing money market tightness in the

most recent period, the Desk supplied reserves mainly through repurchase
agreements.

The impact of the higher funds rate on market attitudes was

blunted by the reserve supplying efforts of the Desk, by the relatively
low volume of total dealer positions, and by the ready availability of
dealer financing at favorable rates from non-bank institutions.
(4)

During most of the inter-meeting period, interest rates on

market securities showed little net response to the rise in
funds rate.

the Federal

While average issuing rates in the auction of the Treasury's

new 6-7/8 per cent note and 7 per cent bond were apparently nudged upward,
these securities dropped somewhat in yield in

the immediate post-auction

period, and yields on short-term bills declined about a quarter of a
percentage point, with the 3-month issue moving to just under 6 per cent.
This drop reflected both current and prospective shortages in the market

-3supply of Treasury bills.

In addition to the usual April and June redemptions

of tax bills, the Treasury recently initiated a cut-back of its

regular

bill auction by $100 million a week; $1.7 billion of the maturing May
securities will be redeemed--creating potential demands for bills; the
rest of the May maturities were refunded into longer-maturity notes and
bonds; and it was announced that the initial Treasury cash borrowing in
the new fiscal year might not come until early August.
(5)

Following the 1/4 point rise in

the discount rate to 5-3/4

per cent on April 23, a further increase to 6 per cent was announced
Yesterday's announcement was received relatively quietly by

Thursday.
the market.

Bill rates initially adjusted upward about 10 basis points,

but rose further on Friday as the day progressed, perhaps in part due to
persisting money market tightness on that day.
recently was quoted 6.23 per cent bid.
in Treasury and other bond markets.
meeting,

The 3-month bill most

There were minor price declines

On balance,

since the last Committee

corporate and municipal bond yields have changed little,

while

mortgage rates have edged up and longer-term Government securities have
advanced about 1/8 of a percentage point in response to the Treasury's debt
lengthening operation.
(6)

The table on the following page shows (in

percentage annual

rates of change) selected monetary and financial flows over various time
periods.

J

-

~

Past 3
Calendar
Years
Dec. '72
over
Dec. '69

-

Past
12
Months
Apr. '73
over
Apr. '72

Past
6
Months

Past
3
Months

Past
Month

Apr.

'73

Apr.

'73

Apr.

' 73

Oct.

'72

Jan.

'72

Mar.

'73

Total reserves

8.4

9.0

10.1

Nonborrowed reserves

8.8

2.8

0.5

Reserves available to
support private nonbank deposits

9.0

9.7

1.2

12.6

-8.7

26.5

11.3

10.0

Concepts of Money
M 1 (currency plus
demand deposits)l/

5.3

4.5

7.9

M2 (Ml plus time
deposits at
commercial banks
other than large

11.3

9.0

7.7

6.4

8.3

12.8

11.0

9.5

8.1

8.3

Total member bank
deposits (bank credit
proxy adj.)

10.7

12.8

14.1

16.8

13.7

Loans and investments
of commercial banks 2/

12.4

15.3

16.8

16.1

6.4

CD's)
M3 (M2 plus deposits
at thrift institutions)
Bank Credit

Short-term market japer
(Monthly ave. change in
billions)
Large CD's

3.1

Nonbank commercial
paper

0. 1

4..8
-0.9

3.8

4

1/ Other than interbank and U.S. Government.
2/ Based on month-end figures. Includes loans sold to affiliates and branches.
3/ Less than $50 million.
4/
Latest data March, 1973.
NOTE: All items are based on averages of daily figures, except for data on total
insti-tuloons and investments of commercial ban-s, .commercial paper, and thrift
tions--vhich are either end-of-month or last-Wednesday-of-month figures.

Prospective developments
(7)

Alternative long run monetary objectives and associated

short-run ranges of tolerance are summarized in the table below for
Committee consideration.

(More detailed figures are shown in the

table on the following page).
Alt. A

Alt. B

Alt. C

M1

6--6-1/2

5--5-1/2

4--4-1/2

M2

7--7-1/2

6--6-1/2

4-1/2--5

9-1/2--10

9--9-1/2

8--8-1/2

8-1/2--9

7-1/2--8

6-1/2--7

Longer-run targets
(represented by growth
rates for 2nd and 3rd
quarters of 1973)

Credit proxy
RPD
Associated ranges for
May-June
RPD

10--12

9--11

7-1/2--9-1/2

M

5--7

4--6

3-1/2--5-1/2

1

M
6-1/2--8-1/2

5-1/2--7-1/2

4-1/2--6-1/2

6-3/4--7-1/2

7-1/4--8

7-1/2--8-1/2

2
Federal funds rate range
(inter-meeting period)

(8)

Alternative B is consistent with the long run path for the

aggregates (as indexed by M 1 growth of 5--5-1/2 per cent) adopted by the
Committee at recent meetings.

Attainment of these longer-run objectives

might well involve some further tightening of the money market, with

-5a-

Alternative Longer-Run Targets
for Key Monetary Aggregates
Adjusted Credit Proxy

M1

Alt. A
1973

Apr.
May
June

Sept.

Alt. A

Alt. B

Alt. C

542.3

Alt. C
536.3
539.6
541.2

426.4
429.2
434.1

426.4
429.2
433.8

426.4
429.0
433.0

549.1

545.5

442.3

441.0

439.2

258.3
259.6
260. 8

Alt. B
258.3
259.5
260.6

Alt. C
258.3
259.4
260. 3

Alt. A
536.3
539.9
543.0

Alt. B
536.3
539.8

264.6

263.5

262.4

551.7

Rates of Growth
Quarters: 1973 2nd Q.
3rd Q.

6.5
6.0

6.0
4.5

5.75
3.6

8.0
6.5

6.5
3.0

12.0
7.5

11.5
6.5

11.0
5.5

Mwhths:
May
June

6.0
5.5

5.5
5.0

5.0
4.0

8.0
7.0

7.5
3.5

8.0
13.5

8.0
13.0

7.5
11.0

1973

Apr.
May
June

Total Reserves
Alt. b
Alt. A
32,335
32,335
32,409
32,417
32,415
32,461

Sept.

32,704

32,543

Alt. C
32,335
32,401
32,343

Alt. A
29,869
30,021
30,409

IRPo
Alt. B
29,869
30,014
30,363

32,343

30,946

30,786

Alt.

C

29,869
30,005
30,292

30,586

Rates of Crowth
Quarters:

1973 2nd

6.0

5.0

3rd

3.0

1.5

3.0

2.5

Montha:
Tay
June

1.5

4.5

2.5

-2.0

10.5
7.0
6.6
15.5

10.0
5.5
6.0

14.6

9.0
4.0
5.5
11.5

-6the funds rate between now and the next Committee

meeting probably moving

up toward the top of the 7-1/4--8 per cent range shown.

This represents

somewhat tighter money market conditions than were specified at the time
of the last meeting as consistent with the given longer-run objectives for
the aggregates.

This specification of tighter money market conditions re-

flects the greater strength of money supply in recent weeks and the sizable
upward revision in the projection of nominal GNP for the second quarter.
(9)
in April.

In May-June, M 1 growth is indicated to be less rapid than

Income tax refunds will be tapering off in the forthcoming

period, and growth will also be held down by the cumulative impact of past
interest rate increases together with the restraint on reserve growth
targeted.

By the third quarter, a further modest slowing in M 1 growth

would be needed to attain the longer-run target.

This might be accomplished

without any additional tightening in money market conditions beyond the 7-1/4--8
per cent funds rate range,

particularly if,

as projected,

the rate of growth

in GNP moderates.
(10)

Between now and the next Committee meeting the 3-month

Treasury bill rate is likely to move back up into a 6-1/4--6-5/8 per cent
range under alternative B.

The recent rise in the discount rate and the

somewhat tauter money market conditions anticipated will put pressure on
dealer financing costs and will also give banks a further incentive to sell
or liquidate bills as compared with other forms of adjustment.

In addition,

a $1--$2 billion drop in the Treasury balance at the Fed is anticipated prior
to mid-June tax receipts and this will cause the System to sell more bills
than otherwise into the market.

The bill

rate is

unusually low relative to the funds rate, however.

still

expected to remain

The Treasury's favorable

cash position has enabled it to pay down maturing coupon issues and bills, and

the Treasury has also stressed debt lengthening in its refunding operations.
In this assessment of the bill market, we have not assumed any substantial
reflow of funds from abroad.
(11)

Pressure on bank liquidity positions is expected to persist

in the weeks ahead as bank lending continues to grow at a rapid pace.

There

has been some moderation of business loan demands as the shift of commercial
paper borrowers to banks has abated.

Nevertheless, the projected rapid

rate of business inventory accumulation and large plant and equipment outlays
indicate basic strength in credit demands.
(12)

These demands are likely to be financed in

issuance of CD's in
quarter pace.

sizable volume,

large part by

though diminished from the record first

If the cost of issuing CD's is increased (by raising reserve

requirements), the amount of CD's issued will probably be cut back somewhat because of the higher effective rate,

banks will shift to other

forms of raising funds (such as selling securities), and lending terms to
business may righten somewhat further.
(13)

The availability of bank credit to finance demands will

also be dampened by an expected further slowing of net inflows of consumertype time and savings deposits as short-term interest rates edge higher.
The staff has not assumed a rise in Regulation Q ceilings that pertain to
such deposits.

Given this assumption, a more marked slowing of consumer-

type time deposit flows is anticipated around the mid-year interest crediting
period and continuing into the third quarter, when Treasury bill rates are
expected to rise further.

(14)

Long-term interest rates seem likely to rise somewhat under

the conditions of alternative B partly as restraint on bank credit availability

leads banks to participate relatively little

in securities markets.

as suppliers of funds

Reduced flows of funds to nonbank savings institu-

tions will also work toward upward pressure on mortgage rates and on debt
markets more generally as Federal agencies offer sizable amounts of
securities to help support the mortgage market.

Demands on long-term bond

markets, however, still appear quite moderate, and this may permit a rise
in short rates to develop without significant impacts on long rates.

But

expectations are very important in the determination of long rates, and
should monetary actions be interpreted as implying that credit will
tighten substantially further, or remain tight for a more extended period
than expected,
(15)

long rates could well come under more upward pressure.
Alternative A indicates specifications that appear consis-

tent with a policy move toward a higher growth rate for the aggregates
than encompassed in alternative B.

This alternative implies some easing

of money market conditions in the weeks ahead.
(16)

Under alternative C, which moves toward a lower long-run

growth rate for the aggregates, it would appear that the Federal funds
rate would probably have to rise above 8 per cent over the period immediately ahead.

Because of lags the main impact on M1 growth would not

occur until the third quarter, when--to achieve the 4--4-1/2 per cent
long-run objective--M1 growth would have to fall to a 3 per cent annual
rate.

M2 growth also would slow sharply, given the significantly higher

short-term rates and assuming no increase in Regulation Q ceilings for

-9consumer-type time deposits.

Given the low growth rates for the aggre-

gates expected for the third quarter under this alternative, the Committee may
find it necessary to ease money market conditions in the course of summer
if it desires to stay on the longer-run growth paths of alternative C
thereafter.

-10-

Proposed directive
Presented below are three alternative formulations for

(17)

the operational paragraph of the directive, which might be taken to
correspond to the similarly lettered policy alternatives discussed in the
preceding section.

In light of the comments by a number of members at the

previous Committee meeting about the disadvantages of using such qualitative terms as "moderate" or "modest" to characterize the desired growth
rates in the monetary aggregates, such objectives have been expressed
relative to the actual growth over the past 6 months.
rates are shown in the table on page 4.

These 6-month growth

The diverse behavior of the various

monetary aggregates, however, creates difficulties in characterizing future
targets in the same way relative to past performance for all aggregates.
(18)

The 6 month comparison works quite well for M1, since

the long-term target range specified under alternative B (5--5-1/2 per
cent) and the short-run range of tolerance encompass the 5-1/4 per cent
growth rate experience in the past 6 months; the ranges specified under
A and C are, respectively, somewhat above and somewhat below the 6-month
pace.

For the bank credit proxy, actual growth over the past 6 months

exceeds both the long-run target and near-term expectations under all
three alternatives.

For RPD and M 2 , the situation is a little more compli-

cated, but for the most part the previous 6-month rates of expansion are
above specifications in the three alternatives (with some exceptions in
alternative A).

-11(19)

The directive language below attempts to take account of

the differences in specified future movement of the aggregates relative to
the past.

As will be noted, an instruction to take account of credit market

developments is included in alternative C since the relatively sharp tightening
of money market conditions contemplated could lead to undesirably rapid
adjustments in credit markets generally.
Alternative A
To implement this policy, [DEL:
forthcoming
of
account
taking
while
Treasury
financing]

the Committee seeks to achieve bank reserve

and money market conditions consistent with SOMEWHAT FASTER
aggregates]
monetary
[DEL:
moderate]growth in [DEL:

THE NARROWLY DEFINED

MONEY STOCK over the months ahead THAN OCCURRED IN THE PAST

6 MONTHS ON AVERAGE BUT SOMEWHAT SLOWER GROWTH IN OTHER KEY
MONETARY AGGREGATES.
Alternative B
To implement this policy,
financing]
Treasury

[DEL:
forthcoming
of
account
taking
while

the Committee seeks to achieve bank reserve

moderate] growth in
and money market conditions consistent with [DEL:
[DEL:
aggregates]
monetary

THE NARROWLY DEFINED MONEY STOCK over the

months ahead AT ABOUT THE AVERAGE RATES OF THE PAST 6 MONTHS
AND SLOWER GROWTH IN OTHER KEY MONETARY AGGREGATES.

-12Alternative C
To implement this policy,

while taking account of [DEL:
forthcoming

Treasury financing] CREDIT MARKET DEVELOPMENTS,

the Committee seeks

to achieve bank reserve and money market conditions consistent with
SOMEWHAT SLOWER [DEL:
moderate]growth in monetary aggregates over the

monnths ahead THAN OCCURRED ON AVERAGE IN THE PAST 6 MONTS.

STRICTLY CONFIDENTIAL(FR)
5/11/73

CHART 1

RESERVES AVAILABLE TO SUPPORT
PRIVATE NONBANK DEPOSITS
BILLIONS OF DOLLARS

12% growth for Apr

i
I
J

F

7
M
1973

S
1971

D

M

J
1972

D

M

J

1973

*Break in Series, Actual Level of RPD After Reduction in Reserve Requirements £ffective November 9, 1972

"t"

i
A

M

CHART 2

STRICTLY
CONFDENTIAL (FR)

5/11/73

MONETARY AGGREGATES
NARROW MONEY SUPPLY M1

BILLIONS OF DOLLARS

6% growth for Apr

4% growth

I

i

BROADER MONEY SUPPLY M2

6/ 2% g'oth for Apr

i II

N D
1972

1971

1972

1973

J

F

I /i

M A
1973

M

CHART 3

STRICTLY CONFIDENTIAL (FR)

5/11/73

MONETARY AGGREGATES
BILLIONS OF DOLLARS
/428

ADJUSTED CREDIT PROXY

2

-420

(5/9/73)

- 400

TOTAL RESERVES

-7)

1971

1972

* Bleak m sertes Actual Level of T1cal

Reserves

1973

J

F

M
A
1973

M

After Reauction in Reserve Requiremen s Ettective November 9 1972

CHART 4

MONEY MARKET CONDITIONS AND INTEREST RATES
CONDITIONS
PER CENT

1971

1972

INTEREST RATES Long-term

INTEREST RATES Short-term

1973

PER CENT

FWEEKLY AVERAGES

1971

1972

3

WEEKLY

1971

1972

1973

TARLE

STRICTLY CONFIDENTIAL
---------------------

1

MAY 11,

BANK RESERVES
(ACTUAL AND CURRENT PROJECTIONS)
--------------------------------------------------

m--------

----------------------------------------------

m--m-----

1)

ARGRFGATE RESFRVFS
I
RFQUIRED RESERVES
---------------------II--------------------------------------II
SEASONALLY AIJUSTEO
-------------------------------------------------------------------------II-------------------------------TOTAL
NONRORROWEn I
PRIVATF
nTHFW
CU'S AND
SEAS ADJ
I NON SFAS. ADJ
t RESFRVES
RESERVES
I
OFMANn
TIMF nEP
NON DEP
I
RESERVES AVAILABLE FOR
S PRIVATE NONRANK DEPOSITS

PERIOD

S
MONTHLY LEVELS-SMILLIONSI
------------------------I
1973--JAN.
1
FEB.
MA.
APR.
MAY

(1)

29.411
29.296
29*622
29.869
(30014)

I

1

(2)

30.384
29.369
29.360
29.902
(29851)

I
ANNUAL RATES OF CHANGE
--------------------QUARTERLYt
-- *- - -I
1972--4TH OTR.

II
I

I
1

1973

(3)

II
II
9I
11

(1
9I
i9
II
I
I

(4)

(5)

( )

GOV T AND
INTERRANK

(7)

(8)

I
I
32.242
31.649
319999
329335
(32.409)

30.848
299787
29.526
30,178
(30.290)

I

19.248
19.031
199021
18.870
(189943)

7.646
7.674
7.707
7.777
( 79854)

29253
2.384
2v669
29970
( 3.087)

2.832
2.353
2377
2.466
(

2.396)

11

10.6

14.2

4,8

8.3

11.4

23.1

SII
1973--ST OTR.
2ND OTR.
MONTHLYS
1973--JAN.
FEB.
MAR.
APR.
MAY
APR.-MAY

I
I
I
I

10.5
10.0)

APR.

MAY

7
14
21
28

(

22.8
*.7
13.4
10.0
6.0)

I

(

8.0)

4
11
18
25
2
9

1
1
1
1

1
1
I

I

8.8
5.0)

1

-7.1
16.5)

29167
29.111
299671
29.235

1
9
1
I
I

I
1

29.591
29.314
29.657
28.917

1
29.407
28.952
29.503
29,316

29.850
29.296
29.676
29.451
30.128
29366
29.831
309097
30.102
29.515

I
1

1
I
1

29.972
29.136
29.939
30.244
30.390
29.699

It
1
99
11
11
11

11
11
11
11
11
11
II
91
II
11
II

I

2.9
0.5)

(

90.2
80.0)

(

13.5
4.4
5.2
10.9
12.0)

(

41.3
69.8
143.5
135.3
47.5)

(

11.5)

(

94.0)

(

7.7
q.5)

23.2
-13.5
-0.6
-9.S
(
4.5)
-2.4)

(
1
I

99

I

1
MAR.

(
1

1
1
1
I

YEEKLY LEVELS-SMILLIONS
----------------------I
7
FEB.
14
I
21
1
28

I

35.8
-22.1
13.3
12.6
3.0)
7.5)

31.3
-41.3
-10.5
26.5
(
4.5)
(

1

15.b)

19.046
180957
19.143
189979

7.r70
7.6o8
7.646
7.%92

2.288
2.338
2.430
2.478

2.442
2.457
2.274
2.241

199243
18.953
199033
189P57

79686
7.693
7.773
7.713

2.524
2.603
29.71
2.799

2.455
29422
2.331
29248

30.579
299319
29.219
30.897

19.01?
18.767
18.909
18.781

7.742
7.769
7,758
7.761

2.850
29910
2o982
3.055

2.O01
29472
2.689
2,359

30.412
29.811

18.971
18.84?

7.468
7*416

3.011
390t2

2*269
2.797

319608
31.568
31.945
31.476

30.24
29,511
29.7A7
29.530

32.305
319718
32.006
31.699

30.238
29.148
28.679
2.350

32.628
31.838
32.519
32.4*6
32.371
32.312

1
1

1

------------------------------------------------------------------------------------------------------------------------------------NOTEs DATA SHOWN IN PARENTHESES ARE CURRFNT PROJFrTIONS.
1/
AT THE FOMC MEETING APRIL 17. 1973 THE COMMITTEE AGREED ON A RPn RANAF OF 10 TO 12 PFM ChNI.

TABLE 2

STRICTLY CONFIDENTIAL
---------------------

MONETARY AGGREGATES
(ACTUAL AND CURRENT PROJECTIONS, SEASONALLY

-----------------------------

MAY 11,
ADJUSTED)

m---me
mmmemmmemmmemmemmmmmememmmmmmmmmmmmmmmmmmmmmmmmm--------mm--m---------mwm-

I
I
PERIOD
I
-- -- - -- - -- - -I
I
MONTHLY LEVELS-SRILLIONSI
----**------------* I
1973--JAN.
FEB.
MAR.
APR.
MAY

1
PERCENT ANNUAL GROWTH
-------------------QUARTERLY
--------1972--4TH QTR.

I
I
I
I

1973--IST OTR.
2ND OTR.

I
I

MONTHLY
------1973--JAN.
FEB.
MAR.
APR.
MAY

1.7
1 6.0)

I

I
I
I

I
I
I

1
I

-0.5
6.1
-. 5
7.9
( 5.5)

I

( 7.0)

I
FEB.

MAR.

APR.

7
14
21
28

I

7
14
21
28

1

I

I
I
I

4
I
11
18
1
25 PI
2

I
I
6.4
5.9
4.7
8.3
( 8.0)

I

( 8.0)

I

8.3
16.4
19.7
13.7
( 8.0)

529.0
530.4
532.3
530.3

257.6
256.1
257.5
256.0

533.0
531.7
533.7
532.8

418.8
419.9
423.2
423.6

534.1
534.1
537.9
535.6

426.0
424.1
425.8
426.8

411.3
413.0
417.5
417.2

I
257.5
257.5
258.9
257.0

I
I

I

P

259.5

9 PEI
I

258.9

429.5
428.2

538.5
538.8
I

1

I1

15.7
21.6
30.9
21.0
15.0)

(10.0)

(18.0)

( 9.5)

320.1
322.2
323.?
325.0

272.8
274.0
274.1
274.4

6.3
8.1
8.0

327.5
330.1
331.4
333.2

275.3
275.6
276.2
276.8

7.7
5.4
4.6
6.1

334.3
335.6
337.1
337.5

276.6
P76.6
279.0
278.7

6.8
5.8

338.3
339.7

279.0
?79.9

r
II
If
SI

(11.0)

I

I

9.5
( 8.5)

I NONDEPOSIT
I SOURCES OF
I
FUNDS
- -- - -- I

I

4.5

I

*.5
4.9

5.1
( 5.0)

I

II
II

256.3
256.4
258.3
255.9

I
MAY

I

23.1
(16.)

15.0
(11.5)

I

WEEKLY LEVELS-SRILLONS I

--------------------

5.7
( 7.5)

I

1

APR.-MAY

MONEY SUPPLY
I ADJUSTED II
U.S.
I
TIMF AND SAVINGS OFPOSTTS
NARROW
I
BROAD
I
CREDIT
II
GOVT.
I
I
OTHER
I
(MI)
I
(M2)
I
PROXY
II nEPOSITS I
TOTAL
I THAN CD S I
rD S
- -- - -- - -- - -- m - -- - -- - -- - -- - -- - -- - -- -- - -- - -- - -- - -(1)
(2)
(5)
(6)
(3)
II
(4)
(7)
I
II
I
II
II
255.4
527.9
I
409.2
1I
7.1
316.9
272.5
*A
44.4
256.7
530.5
414.8
i8
7.2
I
322.6
273.8
I
48.8
256.6
532.6
421.6
330.9
276.0
i4.9
1
7.5
I
258,3
536.3
426.4
5.8
II
336.7
278.0
58.7
(259.5)
(539.8)
(429.2) I1 ( 4.8)
(340.9)
(20.3)
(60.6)
I
II
I
II
I
II
I
I
I
8.6
10.2
12.1
II
14.4
11.6
I

II
II
II
I
II
II
I
1
II
I1
11
II
I
1
II
f
II
II

5.5
6.9
8.6
7.9
7 0

I

12.9
5.7
9.6

I

I

I

I
I
I

47.3
48.?
49.1

I

'O.7

1

4.4

I
1
I
1

4.4
4.7
4.8
5.0
4.9
5.0

52.2
54.5
95.2
56.3
%7.7

I

4.5

4.9

59.0

1

58.1
98.f

I

59.3
59.

I

I

4.9
5.2
5.4
5.2
4.9

I

NOTEI DATA SHOWN IN PARENTHESES ARE CUPRFNT PROJECTIONS.

P
- PRELTMINARY
PE - PARTTALLY ESTIMATED
ANNUAL RATES OF CHANGE OTHER THAN THOSF FOR THF PAST ARE ROUNDEb TO THF NEAFRST HALF PERCENT.

-- - -- - -- - - -- - -- - -- - - -- - -- - - -- - -- - -- - - -- - --

- - - -- - -- - - -- - -- - -- - - -- - -- - -

1973

STRICTLY CONFIDENTIAL (FR)
MAY

11,

1973

Table 3
RESERVE EFFECTS OF
OPEN MARKET OPERATIONS AND OTHER RESERVE FACTORS
(Millions of dollars, not seasonally adjusted)

Period

Bills
& Accept.

(1)

Open Market Operations 1/
Coupon
Agency
RP's 3/
Issues
Issues
Net -

(2)

(3)

(4)

Total

Daily Average Reserve Effect 2/
Open Market
A Member
Other 4/
Operations
Bank Borrowing
Factors

A in reserve categories
req. res. against
available res.5/
U.S.G. and interb. (6)+(7)+(8)-(9)

ATarget
available
reserves

(5)

(6)

(7)

(8)

(9)

(10)

(11)

Monthly
1972 --

1973

Nov.
Dec.

-548
450

-51
-135

157
134

-147

-442
596

-226
- 25

32
443

-1,835
839

-651
- 78

-1,378
343

-1,520
300

- Jan.
Feb.
Mar.
Apr.

1,336
659
1,109
1,332

-196
-207

-18
-14
-19

862
-193
542
-414

2,197
644
1,636
1,106

1,116
146
1,689
1,323

117
428
265
-137

376
-1,794
-1,723
-884

278
-109
156
-74

1,331
-1,111
75
376

995
-1,140
40
505

May

200

June

Weekly
1973 --

I/
2/
3/
4/
5/

--

--14
---

-1,856
1,827
-1,686
2,112

-2,015
2,259
-1,245
2,159

781
293
376
154

206
-197
648
-126

-215
-599
-617
-319

282
- 48
-144
-104

490
-455
551
-187

443
243
309
201

-207

-- 8
--

-1,212
-379
2,385
-2,020

-769
-144
2,694
-1,612

998
-572
743
266p

-259
-252
343
-199p

209
- 36
-221
3
- 87p

292
- 24
62
-477p

656
-836
803
157p

--

-16
--

646
-41

1,102
368

467p
400p

22 8

472
409

p
-386p

- 73p
-316p

-llOp
647p

13 p
-949p

Mar.

7
14
21
28

-159
446
441
47

Apr.

4
11
18
25

May.

2
9
16
23
30

6

2

auctions.
Represents change in System a portfolio from end-of-period to end-of-period; includes redemptions in regular bill
Represents change in daily average level from preceding period.
Includes matched sale-purchase transactions as well as RP's.
Sum of changes in vault cash, currency in circulation, Treasury operations, F.R. float, gold and foreign accounts, and other FR accounts.
Target change for April and May reflects the target adopted at the April 17, 1973 FOMC
Reserves to support private nonbank deposits.
Target change for previous months reflects the bluebook patterns that are consistent with target ranges that were adopted during
meeting.
the month.

STRICTLY CONFIDENTIAL (FR)
MAY 11, 1973

Table 4
SECURITY DEALER POSITIONS AND BANK POSITIONS
Millions of Dollars
U. S. Govt. Security
Dealer Positions

Period

Bills

(1)
1972

Coupon Issues

(2)

Other Security
Dealer PositionsMember
Corporate
Bonds

Municipal
Bonds

Member Bank Reserves Positions
Bank Reserves Positions
Excess
Reserves

Borrowings at FRB
Total
Seasonal

(4)

Basic Reserve Deficit
8 New York
|
38 Other

(8)

(9)

--

High
Low

4,291
1,916

-1,585
-93

383
40

1,223
12

-5,635
-1,638

-5,270
-1,910

1973 --

High
Low

3,718
1,683

1,125
-96

244
55

2,139
688

-5,243
-1,820

-7,093
-4,839

1972 --

Apr.
May
June

2,612
2,792
2,694

274
675
205

136
104
204

109
119
94

-3,026
-2,625
-2,828

-3,299
-2,652
-2,864

July
Aug.
Sept.

2,262
2,643
4,099

97
692
170

147
255
162

202
438
514

-2,945
-3,913
-3,835

-2,603
-2,801
-4,024

Oct.
Nov.
Dec.

2,887
3,096
3,510

207
1,039
953

247
314
219

574
606
1,049

-3,637
-4,561
-4,977

-4,044
-3,622
-4,958

Jan.
Feb.
Mar.

3,407
2,132
2,490

720
562
-50

342
205
295

1,165
1,593
1,858

-4,550
-4,187
-4,273

-5,469
-5,436
-5,847

Apr.

*2,457

-3,293

-6,577

1973 --

1973 --

Notes:

*106

341
23
249
93

1,688
1,491
2,139
2,013

-3,760
-4,883
-4,719
-4,062

-6,235
-5,920
-6,075
-5,269

72
190
*104
* 12

537
-86
234
388p

1,754
1,502
1,845
1,646p

-3,577
-4,227
-4,121
-2,392

-5,933
-7,093
-6,676
-6,908

*221
*809

215p
-151p

1,874p
1,488p

-1,
0p
-3,465p

Mar.

7
14
21
28

1,976
1,973
2,740
3,028

11
-73
-96
-83

Apr.

4
11
18
25

3,142
2,549
*2,477
*2,222

May

2
9
16
23
30

*1,969
*1,788

82

Government Security dealer trading positions are on a commitment basis. Trading positions, which exclude Treasury bills financed
agreements maturing in 16 days or more, are indicators of dealer holdings available for sale over the near-term. Other security
are debt issues still in syndicate, excluding trading positions. The basic reserve deficit is excess reserves less borrowing at
less net Federal funds purchases. Weekly data are daily averages for statement weeks, except for corporate and municipal issues
which are Friday figures.
*STRICTLY CONFIDENTIAL

74

-5,5 p
5 75 5
- ,
p

by repurchase
dealer positions
Federal Reserve
in syndicate

CONFIDENTIAL (FR)

MAY 11, 1973

Table 5
SELECTED INTEREST RATES
Per Cent

Period

Federal Funds
(1)

Treasur
90-day
(2)

bills
-year
(3)

Slort-term______
90-119 day
Commercial
Paper
(4)

CD's Prme - N
90-119 day
60-89 day
(5)

(6)

ll

Aaa Ut ht
New
Recently
Offered
Issue
(7)
(8)

Municipal
Bond Buyer
(9)

. arm
U.S. Government
Constant
(10-yr.
Maturt

F

(10)

Auction
Yields
ds
(11)

1972 --

High
Low

5.38
3.18

5.13
3.03

5.52
3.60

5.50
3.75

5.38
3.13

5.50
3.50

7.60
6.99

7.46
7.12

5.54
4.96

6.58
5.87

7.72
7.54

1973 --

High
Low

7.60
5.61

6.44
5.15

6.71
5.42

7.13
5.63

7.25
5.38

6.75
5.50

7.52
7.29

7.60
7.26

5.35
5.00

6.80
6.42

7.92
7.69

1972 -- Apr.
May
June

4.17
4.27
4.46

3.71
3.69
3.91

4.65
4.46
4.71

4.55
4.45
4.60

4.34
4.15
4.38

4.47
4.33
4.50

7.45
7.38
7.32

7.40
7.38
7.36

5.43
5.31
5.34

6.19
6.13
6.11

7.58
7.63
7.63

1973 --

1973 --

July

4.55

3.98

4.90

4.83

4.63

4.75

7.38

7.37

5.41

6.11

7.63

Aug.
Sept.

4.80
4.87

4.02
4.66

4.90
5.44

4.75
5.07

4.65
4.88

4.78
5.00

7.37
7.40

7.34
7.42

5.30
5.36

6.21
6.55

7.63
7.65

Oct.
Nov.
Dec.

5.04
5.06
5.33

4.74
4.78
5.07

5.39
5.20
5.28

5.21
5.18
5.40

5.00
5.00
5.19

5.19
5.13
5.38

7.38
7.09
7.15

7.38
7.18
7.18

5.19
5.02
5.05

6.48
6.28
6.36

7.72
7.71
7.68

Jan.
Feb.
Mar.

5.94
6.58
7.09

5.41
5.60
6.09

5.58
5.93
6.53

5.76
6.17
6.76

5.63
6.16
6.78

5.75
6.28
6.75

7.38
7.40
7.49

7.35
7.41
7.51

5.05
5.13
5.29

Apr.

7.12

6.26

6.51

7.13

7.04

6.75

7.48p

7.

5.15

6.46
6.64
6.71
6.67

7.69
7.72
7.78
7.89

Mar. 7
14
21
28

7.02
7.13
6.96
7.11

5.83
5.92
6.25
6.28

6.27
6.44
6.69
6.64

6.40
6.65
6.88
7.00

6.63
6.63
6.88
7.00

6.75
6.75
6.75
6.75

-7.52
7.45
--

7.50
7.60
7.53
7.44

5.27
5.34
5.35
5.26

6.67
6.72
6.76
6.71

7.75

Apr. 4
11
18

7.18
6.84
7.23

6.44
6.26
6.18

6.71
6.43
6.41

7.08
7.13
7.13

7.13
7.00
7.00

6.75
6.75
6.75

7.51
---

7.43
7.47
7.52

5.22
5.07
5.17

6.70
6.64
6.64

7.86

25

7.14

6.22

6.57

7.13

7.05

6.75

7.45

7.42

5.14

6.68

2
9
16
23

7.43
7.60

6.24
6.10

6.57
6.52

7.13
7.13

7.25
7.25

6.75
6.75

7.40
--

7.42
7.45p

5.10
5.10

6.75
6,80p

May

30
Notes:

___

48

p

__

Weekly data for columns 1 to 4 are statement week averages of daily data.
Columns 5 and 6 are one-day Wednesday quotes. For columns 7, 8 and 10 the
weekly date is the mid-point of the calendar week over which data are averaged. Column 9 is a one- day quote for the Thursday following the end of
the statement week. Column 11 gives FNMA auction data for the Monday preceding the end of the stat ement week. The FNMA auction yield is the yield
in the bi-weekly auction for short-term forward commitments for Government underwritten mortgages.

7.81

7.89
7.92

Appendix Table I
CONFIDENTIAL

(FR)

RESERVES AND MONETARY VARIABLES
May 11, 1973
Money Stock Measures

Reserves

Period

Total
(1)

(2)

Available to
Support Pvt.
Depoits
(3)

)Nonborrowed
2
(4)
(5)

.
(6)

Bank Credit Measures
Adjusted
Total
Credit
Loans and
. ProxV
Investents
(7)
(8)

Time
Total
Other than
Time .
's
(9)
(10)

Other
Thrift
Institution
Depets
(11)

(Per Cent Annual Rates of Growth)

.

's
(12)

Nondeposit
ts
(13)

U.S.
Gov't.
D
fd
(14)

(Dollar Change in Billions)

Annually:

+7.5
-1.1
+6.1
+7.2
+10.6

+5.3
-2.8
+9.6
+8.1
+7.1

1st Half 1971
2nd Half 1971

+9.7
+4.4

Ist Half 1972
2nd Half 1972

1968
1969
1970
1971
1972

+8.1
-1.7
+8.6
+7.2
+9.7

+7.8
+3.6
+6.0
+6.6
+8.3

+9.3
+2.6
+8.4
+11.4
+10.8

+8.3
+2.9
+8.0
+13.5
413.0

+9.5
+0.4
+8.2
+9.4
+11.6

+11.0
+3.9
+8.1
+11.3
+14.0

+11.5
-4.8
+17.9
+18.2
+15.5

+11.2
+1.4
+11.1
+16.7
+13.3

+6.4
+3.5
+7.7
+17.5
+16.8

+2.9
-12.4
+14.4
+7.7
+10.1

+2.6
+13.0
-8.4
-7.6
+0.4

+9.6
+6.3

+10.7
+3.4

+10.1
+3.0

+14.9
+7.4

+16.4
+9.8

+10.1
+8.4

+11.5
+10.6

+21.6
+13.4

+20.0
+12.1

+19.6
+14.0

+4.3
+3.4

-7.1
-0.4

-1.4
+1.1

+11.7
+9.0

+12.1
+2.0

+8.6
+10.6

+7.7
+8.5

+10.8
+10.3

+13.0
+12.1

+11.4
411.1

+12.8
+14.2

+15.4
+16.5

+13.7
+12.1

+17.3
+15 0

+4.4
+5.7

-0.3
+0.6

+0.4

+6.5
+2.3

+6.6
+6.0

+3.2
+3.6

+4.1
+1.9

+6.0
+8.7

+8.9
+10.5

+6.7
+9.8

+9.7
+11.1

+9.8
+16.6

+8.0

+14.2
+13.3

+1.7
+1.8

-0.4

+1.1

+15.9

1972
1972
1972
1972

+10.4
+12.6
+3.6
+14.2

+10.7
+13.1
-0.8
+4,8

+10.4
+6.6
+9.9
+10.6

+9.2
+6.1
+8.2
+8.6

+12.7
+8.5
+10.3
+10.2

+14.9
410.7
+12.4
+11.5

+11.0
411.5
+9.8
+12.1

+15.7
+9.5
+13.6
+14.4

+15.4
+14.8
+14.0
+14.4

+16.1
+10.8
+12.3
+11.6

+19.7
+14.3
+16.2
+13.2

+0.8
+3.7

-0.3

+2.4
+3.3

+0.4
+0.3

-0.4
+0.5
-1.1
+1.4

1st Qtr. 1973

+8.8

-7.1

+10.5

41.7

+5.7

+ 8.6

+15.0

+20.3

+23.1

+9.5

+11.7

+0.5

+0.9

Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

+21.8
-5.2
+14.5
+22.1
+8.8
+6.4

+26.7
-5.7
+11.0
+21.7
+9.4
+8.0
+2.9
+0.7
-6.1
+15.5
+9.8
-10.9

+11.0
+6.5
+13.4
+6.8
+3.9
+9.0
+6.9
+9.7
+12.9
+3.2
+20.8
+7.7

+1.0
+14.7
+11.5
+8.0
+4.0
+6.4
+12.7
+4.4
+7.2
+7.2
+5.2
+13.3

+10.4
+15.1
+12.4
+7.9
+8.3
+9.2
+12.5
+9.3
+8.7
+10.1
+7.9
+12.2

+13.2
+16.8
+14.2
+10.7
+10.1
+11.1
+13.9
+11.6
+11.2
+12.0
+ 9.8
+12.4

+9.2
+7.2
+16.2
+12.2
+15.6
+6.6
+10.0
+9.6
+9.5
+11.9
410.5
+13.4

+14.2
+12.4
+19.9
+5.4
+20.0
+2.3
+10.2
+18.3
+11.9
+11.4
+20.6
+10.7

+17.7
+16.2
+11.6
+12.8
+18.2
+12.9
+13.6
+15.9
+12.0
+11.5
+14.2
+17.1

+19.2
+15.4
+13.2
+7.8
+13.0
+11.4
+12.3

-0.1
-0.3
+0.1
-0.2
+0.2

+0.2
-1.7
+1.1
+1.1

Jan.
Feb

+35.8
-22.1
+13.3
+12.6

+31.3
-41.3

+22.8
-4.7
+13.4
+10.0

-0.5
+6.1
-0.5
+8.0

+6.4
+5.9
+4.8
+8.3

+9.8
+9.0
+6.9
+8.3

+8.3
+16.4
+19.7
+13.7

+18.6
+21.9
+19.4
+6.4

+15.7
+21.6
+30.9
+21.0

-0.6
+0.5
+1.1
-0.3
+0.4

Semi-Ahnually*

Quarterly:
3rd Qtr. 1971
4th Qtr. 1971
let
2nd
3rd
4tb

Qtr.
Qtr.
Qtr.
Qtr.

1972:

1973:

Mar.
Apr.

NM
TE

+5.2

+7.6
-1.9
+18.2
+11.4
+12.5

-10.5
+26.5

Reserve requirements of Eurodollar borrowtlgs are included begifhing October 16,
October 1, 1970.
p - Prel tinary.

1969, am

+13.6

+0.1

+10.2
+12.8
+10.4
+11.2

+23.3
+16.6
+18.2
+13.4
+21.6
+16.9
+16.7
+14.9
+16.3
+14.5
+12.3
+12.5

+12.9
+5.7
+9.6
+8.7

+19.4
49,1
+11.7
+5.0

+14.0

requireents on batik-related

+0.6
+0.1

+1.5
+1.5
+0.7

+0.7

+0.1
+0.3
-0.1
40.2

-1.3
-1.0
-0.7
+0.6
+1.2
+0.6

+1.9

+0.1

-0.4

+1.2
+4.5
+6.1
+3.8

+0.1

+0.5
+0.2
+0.2
-1.6

+0.8
+0.8
+0.8
+0.2
+1.2

+0.4
+0.2

conaercial paper are itcluded beginning

Appendix Table II

CONFIDENTIAL
(FR)
May 11, 1973

RESERVES AND MONETARY VARIABLES
(Seasonally adjusted, billions of dollars)

Period
Annull y:
Dec. 1968

Total
1l)

oonborro
()

Dec.

1969

Dec.

1970

27,219
27.959
29,121

Bank Credit Measures
Adjusted
Tota
Credit
Loans and
Total
Proxy
Inveatmente
Time
(0)'
(8)
(9)

loney Stock Measures

Reserves
Available to
Support Pvt.
Depoits

otl
Total

t.
Prt.

e.

3

2

(3)

(4)

(5)

26,416
26,699
28,727

24,791
25,339
26,975

201.6
208.8
221.3

158.2
162.7
172.2

382.5
392.3
425.2

(6)

(7)
577.2
594.0
641.3

306.6
307.7
332.9

390.6
406.0
438.9

Time
Other than
CD's

lit)

Other
Thrift
Institution
Deposts

Cs
( ii
(13)

180.9
183.5
203.9

194.7
201.7
216.1

23.3
10.9
25.3

Deposit
Fuds

7.0
20.0
11.6

-Dec.

31,209

31,060

26,907

236.0

183.4

473.8

727.7

364.3

488.6

270.9

237.9

253.8

33.0

4.90

1972--Jan.
Feb.
Mar.

31,776
31,639
32,021

31,751
31,601
31,891

29,172
29,329
29,656

236.2
239.1
241.4

183.3
185.8
187.7

477.9
483.9
488.9

735.7
746.0
754.8

367.1
369.3
374.3

494.4
499.5
507.8

274.9
278.6
281.3

241.7
244.8
247.5

257.8
262.1
265.9

33.2
33.7
33.8

4.0

Apr.
May
June

32,612
32,852
p3,027

32,467
32,720
32,938

29,824
29,920
30,144

243.0
243.8
245.1

189.1
189.6
190.7

492.1
495.5
499.3

761.5
767.9
775.Q

378.1
383.0
385.1

510.1
518.6
519.8

284.3
288.6
291.7

249.1
251.8
254.2

269.4
272.4
275.7

35.2
36.8
37.5

3.5
3.7
3.8

July
Aug.
Sept.

33,171
3,381
3,327

33,018
33,038
32,870

30,317
30,562
30,890

247.7
250.1

193.1
193.8
194.8

504.5
508.4
512.1

784.0
791.6
799.0

388.3
391.4
394.5

524.2
532.2
537.5

295.0
298.9
301.9

256.8
259.8
262.0

279.6
283.2
286.9

38.3
39.1
39.8

3.9
4.2
4.1

Oct.
Nov.
Dec.

S3,832
)1,883
B1,309

33,295
31,297
30,063

30,973
29,496
28,862

251.6
252.7
255.5

195.9
196.5
198.7

516.4
519.8
525.1

807.0
813.6
822.0

398.4
401.9
406.4

542.6
551.9
556.8

304.8
308.4
312.8

264.8
267.1
269.6

290.6
293.8
296.9

40.0
41.2
43.2

4.3
4.3
4.4

1973--Jan.
Feb.

2,242
1~,649
1,999
32,335

30,848
29,787
29,526
30,178

29,411
29,296
29,622
29,869

255.4
256.7
256.6
258.3

198.4
199.3
198.7
199.7

527.9
530.5
532.6
536.3

828.7
834.9
839.7
845.5

409.2
414.8
421.6
426.4

565.4
575.7
585.0
588.1

316.9
322.6
330.9
336.7

272.5
273.8
276.0
278.0

300.8
307.0
309.2

44.4
48.8
54.9
58.7

4.5
4,5
4.9
5.1

272.0
271.6
272.8
272.7
273.4

Mar.
Apr.

Weekly:
1973--Jan.

Feb.

Mar.

Apr.

May

248.6

3
10
17
24
31

1,959
1,898
3,245
1,791
2,158

29,886
31,007
31,720
30,537
30,576

29,367
29,241
29,915
28,958
29,548

258.2
254.6
255.7
255.0
254.3

200.8
197.4
198.7
198.0
197.6

530.2
526.2
528.5
527.8
527.7

409.8

315.5
315.6
316.7
317.3
318.9

7
14
21
28

1,608
31,568
31,945
31,476

30,284
29,511
29,767
29,530

29,167
29,111
29,671
29,235

256.3
2564
258.3
255.9

198.9
199.0
200.6
198.6

529.0
530.
532.3
530.3

411.3
413.0
417.5
417.2

320.1
322.2
323.2
325,0

272.8
274.0
274.1
274.4

7
14
21
28

32,305
1,718
32,006
1,699

30,238
29,148
28,679
29,350

29,850
29,296
29,676
29,451

257.6
256.1
257.5
256.0

199.8
198.3
199.5
198.1

533.0
531.7
533.7
532.8

418.8
419.9
423.2
423.6

327.5
330,1
331.4
333.2

275.3
275.6
276.2
276.8

4
11
18
25 p

32,628
31,838
32.519
2,456

30,579
29,319
29,219
30,897

30,128
29,366
29,831
30,097

257.5
257.5
258.9
257.0

199.3
198.9
200.2
198.1

534.1
534.1
537.9
535. 6

426.0
424.1
425.8

426.8

334.3
335.6
337.1
337.5

276.6
276.6
279.0
278.7

2,371

30,412

30,

259.5

200.9

538,5

429.5

338.3

279.0

2

p

102

...
....
...
. ..

p -

.....

::::::::::::::::::::

3.6
3.7

4.4

4.1
4.6
4.7
4.7

ilil
.............
4.5

!i!
..................
4.4
.......................

:

4.4
4.7

4.8
......................
i
5.0
:::::::
............
4.9
.............
!ii:ii:
5.0

i::!
'. ............

4.9
4.9
5.2

: :':
t ; t:'
t:;':

..........

NOTE:

412.0
407.4
409.4
409.1

394.4

U.S.
Gov't.
Demand

.......
...

on bank-related commercial paper are included beginning
Reserve requirements on Euro-dollar borrowings are included beginning October 16, 1969, and requirements
bank-related commercial paper, and Euro-dollar
requirements,
reserve
to
subject
deposits
bank
member
total
mainly
includes
October 1, 1970. Adjusted credit proxy
daily averages except for nonbank commercial paper figures which
are
data
Monthly
weeks.
statement
for
averages
daily
are
data
Weekly
banks.
borrowings of U.S.
total loans and investments and thrift institution deposits.
Weekly data are not available for M3 ,
are for last day of month.

Preliminary.