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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 this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. 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 optimal 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. CONFIDENTIAL (FR) CLASS II - FOMC September 14, SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System 1979 TABLE OF CONTENTS THE DOMESTIC NONFINANCIAL ECONOMY Industrial production . Capacity utilization . . . . . . . . * . . . * * . . * * . * . U .* .* . THE DOMESTIC FINANCIAL ECONOMY Errata * * . * . * * * * * * . . . .* .* * TABLES: Selected Financial Market Quotations Monetary Aggregates . . . .. .. * S U S 5 5 * S S S S S APPENDIX: (With charts and tables) Revised Bank Credit and Nondeposit Funds Series A-1 SUPPLEMENTAL NOTES Industrial production declined by an estimated 1.1 percent in August following a 0.1 percent increase in July and no change in June. Output of consumer durable goods was reduced sharply in August, by 5.4 percent, for the third successive month as production of autos and personal-use trucks and vans was cut further. Output of business equip- ment and materials declined 0.8 percent and 1.0 percent, respectively. Reductions in output occurred in most other components of the index as well. At 150.9 percent of the 1967 average, industrial production was 1.4 percent below the level of March 1979 and 2.0 percent above a year earlier. Output of consumer durable goods fell 5.4 percent in August as auto assemblies were reduced about 15 percent, and the production of home goods, which include carpeting, furniture, and appliances, was cut back. Auto assemblies, at a 7.5 million unit annual rate in August, had been tentatively scheduled to increase in September, but assemblies were expected to remain well below the annual rate of 8.9 million units in the first half of the year. declined. Output of consumer nondurable goods also Production of business equipment was lower in August than in July as a result of declines in business vehicles and a strike-related cut in power equipment. Output of construction supplies was again about unchanged. Production of durable goods materials in August was reduced 1.8 percent as widespread declines occurred in all components, particularly in parts for consumer durable goods and in basic metals, such as raw steel. Output of nondurable goods materials declined moderately. Energy materials increased 0.7 percent as coal production rose. Capacity utilization in manufacturing was at an 84.6 percent rate in August, down 1.3 percentage points from the July rate and the lowest level in over a year. Utilization rates declined in most manufacturing industries in August, but the weakness was most evident in the advanced processing grouping related to a 15 percent drop in the output of motor vehicles and parts. The rate of capacity utilization in advanced processing industries fell 1.6 percentage points in August to 82.9 percent, and the rate in primary processing industries declined 0.9 percentage point to 87.7 percent. The utilization rate for manufacturing has fallen 2.5 percentage points since March when it reached 87.1 percent, the highest rate since 1973. Among materials producers, declines in utilization were large for durable goods materials--1.9 percentage points in the aggregate, mainly because of reductions in the output of raw steel and of parts used in the production of consumer durables. -3The Domestic Financial Economy ERRATA: Part I, page 1-15, lines 12-13: Sentence should read, "Profits of nonfinancial corporations appear to be rising in the current quarter, but the corporate financing gap has continued larger." SELECTED FINANCIAL MARKET QUOTATIONS (percent) 1978 1. / 1Hi / Jan. High1974 1979 an.3 Jan. / 1979 2/ FOMC Au 14 Sept. 13 FOMC Au.14 July 11 Change from: Aug. July FOMC FOMC FOMC FOMC Short-term rates Federal funds 1/ 13.55 6.69 10.59 10.28 10.80 11.30 +1.02 treasury bills 1-month 3-month 6-month 1-year 9.88 9.63 9.75 9.54 5.81 6.16 6.45 6.55 8.93 9.30 9.49 9.68 9.35 9.27 9.18 8.76 9.23 9.49 9.44 9.05 10.62 -1.27 +1.23 +1.15 +1.21 +1.39 10.50 10.33 9.97 Commercial paper 1-month 3-month 6-month 12.25 12.25 12.00 6.62 6.68 6.70 10.32 10.57 10.62 9.91 9.86 9.78 10.37 10.31 10.25 11.66 11.74 11.73 -1.75 -1.88 -1.95 +1.29 -1.43 +1.48 Large netotiable CDs 3/ 1-month 3-month 6-month 12.58 12.64 12.30 6.62 6.76 7.01 10.37 10.93 11.51 10.04 10.05 10.10 10.51 10.64 10.74 11.78 11.99 12.09 +1.74 +1.94 +1.99 +1.27 +1.35 +1.35 13.78 14.01 6.89 7.25 11.14 11.81 10.61 10.64 11.05 11.25 12.14 12.61 -1.53 +1.97 -1.09 +1.36 12.00 7.75 11.75 11.50 11.75 12.75 -1.25 +1.00 U.S. Treasury (constant maturity) 3-year 7-year 20-year 8.84 8.52 8.69 7.38 7.72 8.00 9.61 9.23 9.02 8.97 8.94 9.70 9.00 8.90 8.90 8.90 9.36 9.20 +.80 +.46 --. 30 Municipal (Bond Buyer) 4/ 7.15 5.64 6.58 6.08 6.13 6.49 -.41 10.52 8.48 9.51 9.41 9.40 9.44 9.84p 9.87p 10.03 9.00 10.38 11.13 11.08 -. 50 -1.01 +.89 +.92 Eurodollar deposit 1/ 1-month 3-month Bank prime rate Intermediate- and longterm rates -.68 +.39 +.26 +.36 Corporate Aaa New issue 5/ Recently offered 6/ Primary conventional mortgages 6/ 10.61 1974 Low-7/ Stock prices Dow-Jones Industrial NYSE Composite AMEX Composite NASDAQ (OTC) 1/ 2/ 3/ 4/ 5/ 6/ 7/ 577.60 32.89 58.26 54.87 -- 1978 Jan.6-7/ 807.43 51.34 125.20 103.13 1979 FOMC Jan.5-7/ July 11 821.42 54.74 154.98 119.92 843.86 58.86 197.83 138.85 ily averages for statement week except where noted. One-day quotes except as noted. Secondary market. One-day quotes for preceding Thursday. Averages for preceding week. One-day quotes for preceding Friday. Calendar week averages. 11.20 FOMC Aug. 14 Sept. p. 13 1 876.71 61.26 204.22 146.30 870.73 61.53 223.61 149.33 - +.44 +.46 +.43 +.07 +.12 July FOMC +26.87 +2.67 +25.78 -10.48 Aug. FOMC -5.98 +.27 -19.39 +3.03 MONETARY AGGREGATES (Seasonally adjusted annual rates of growth) 1/ 1978 QIII QIV QI 8.0 9.3 7.6 7.7 8.3 7.9 9.6 7.3 9.8 10.3 4.1 10.6 1.7 7.6 9.3 12.2 11.3 12.3 - HI Major monetary aggregates 1. M-1 2. Currency 3. Demand deposits 4. M-2 5. M-3 Bank time and savings deposits 6. Total 7. Other than large negotiable CDs at weekly reporting banks 8. Savings deposits 9. Individuals 2/ 10. Other 3/ 11. Time deposits 12. Small time 4/ 13. Large time 4/ 14. Time and savings deposits subject to rate ceilings (8+12) ,sits at nonbank thrift institutions l. Total 16. Savings and loan associations 17. Mutual savings banks 18. Credit unions MEMORANDA: 19. Total U.S. govt. deposits 6/ 20. Total large time deposits 7/ 21. Nondeposit funds 22. Domestic 8/ 23. Net due to related foreign institutions 7.6 11.0 2.9 2.9 2.7 4.1 5.2 -10.1 11.7 17.9 6.8 12.7 21.5 26.9 4.7 6.9 Aug. '78 to Aug. '79 1979 QII July Aug. -2.1 9.1 -6.2 1.8 4.7 7.6 8.1 7.5 8.6 7.9 10.1 10.6 10.3 12.9 11.3 6.8 14.1 3.6 10.9 9.6 4.9 10.3 3.0 7.7 8.3 8.4 1.2 12.2 14.6 8.0 10.2 4.5 0.2 -9.6 0.0 -9.4 0.0 -13.0 18.2 15.6 15.8 16.5 22.4 13.6 9.3 -3.1 -2.9 -8.1 18.5 36.3 -12.1 7.0 2.2 15.1 14.6 14.0 9.4 6.6 11.2 8.8 -8.1 -32.4 18.1 19.0 21.4 23.3 11.5 11.4 9.7 -1.5 -1.2 -5.9 18.8 26.3 5.9 15.3 10.7 14.9 5/ 9.2 11.1 11.6 8.8 6.8 9.3 7.7 9.2 9.5 12.3 13.1 11.3 7.8 10.1 8.2 10.8 5.6 6.8 7.8 4.6 3.1 0.8 1.7 4.4 17.0 13.7 10.1 0.8 8.3 24.2 19.4 10.1 Average monthly changes, billions of dollars 0.3 1.1 -0.4 -2.0 1.5 2.2 0.0 -0.1 1.3 -6.3 0.8 2.2 0.4 3.6 2.9 4.7 1.8 1.6 2.2 5.3 5.0 3.6 8.3 4,2 1.3 0.9 1.6 2.0 1.3 2,0 4,6 1.7 0.5 0.7 0.6 3.3 3.7 1.6 3.6 2.5 e-estimated. 1/ Quarterly growth rates are computed on a quarterly average basis. Savings deposits held by individuals and nonprofit organizations. 2/ 3/ Savings deposits of business, government, and others, not seasonally adjusted. 4/ Small time deposits are time deposits in denominations less than $100,000. Large time deposits are time deposits in denominations of $100,000 and above excluding negotiable CDs at weekly reporting banks. 5/ Growth rates computed from monthly levels are based on average of current and preceding end-of-month data. 6/ Includes Treasury demand deposits at commercial banks and Federal keserve Banks and Treasury note balances. 7/ All large time certificates, negotiable and nonnegotiable, at all CBs. / Domestic nondeposit borrowings of commercial banks from nonbank sources include Federal funds purchased and security RPs plus other liabilities for borrowed money (including borrowings from the Federal Reserve), and loans sold, less interbank borrowings. APPENDIX A* REVISED BANK CREDIT AND NONDEPOSIT FUNDS SERIES With this issue of the Greenbook, the bank credit and nondeposit funds series have been revised. The new series differ both conceptually and statistically from those used previously. Institutional coverage has been broadened to match that of the money stock, with the addition of 215 additional institutions engaged in commercial banking in the United States. these institutions are U.S. agencies and New York investment company subsidiaries of foreign banks, as well as Edge Act Corporations.1/ In addition, the bank credit series now includes lease financing receivables of domestically chartered banks in recognition of the similarity between this financing and bank lending. The nondeposit funds series has been changed to reflect the broader institutional coverage for both domestic borrowings from nonbanks and for the Eurodollar component. The revised Eurodollar series reflects net balances due to directly related foreign institutions for all commercial banks, in contrast to the previous measure of gross liabilities to own foreign branches of 46 reporting banks. Among the statistical changes in the revised series are improved blowup procedures for estimating data for domestically chartered banks, more frequent benchmarking, conversion from end-of-month estimates to monthly averages, and new monthly average seasonal adjustments. In addition, the revised series provide new detail on loan components and separate data for domestically chartered banks and foreign-related institutions.2/ * Prepared by Edward R. Fry of the Banking Section, Division of Research and Statistics, with assistance in constructing the new series by Mary Jane Harrington, Virginia Lewis, Mary F. Weaver, Frankie Wright, and Neva VanPeski. 1/ U.S. branches of foreign banks have been included in the bank credit series and partially in the nondeposit funds series previously. Branch representation has been improved in the revised series. 2/ Domestically chartered banks are those with national or state charters, whether foreign owned or domestically owned. Foreign-related banking institutions are U.S. branches, agencies, and New York investment company subsidiaries of foreign banks, and Edge Act corporations. The investment company subsidiaries and Edge Act corporations are chartered as U.S. banking corporations, but in the new series they are grouped with the foreign-related component because of the international character of their business. A-2 Revised bank credit series The need for revision of U.S. banking statistics has become increasingly apparent in view of the exceptionally rapid growth of banking assets of foreign-related institutions, the large revisions in estimated components of nonmember banks, and the volatility of the single-data observations. Over the past year, reporting and estimating procedures have been changed to improve monthly estimates for both domestically chartered banks and U.S. branches of foreign banks covered by the bank credit series. The additional coverage of foreign-related institutions in the new series provides a more comprehensive measure of commercial banking in the United States, and the conversion from a last-Wednesday-of-month to a monthly average basis reduces the volatility of the series. As may be seen in Chart 1 the estimated levels of total loans and investments were raised in the revised series--in June 1979 by $24 billion as a result of the expanded institutional coverage and by another $8 billion through the addition of leasing financing receivables to the series. While the addition of lease receivables increased the trend rate of growth of the revised series only slightly--0.1 percent per year--the additional coverage of agencies, New York investment companies, and Edge Act corporations tends to accelerate growth in expansion periods. As Table 1 shows, yearly growth rates are higher for the new series than for the old in 1973-74 and 1978; they tend to be slightly lower in intervening years. This difference arises largely from more pronounced cyclical variations in total loan growth at U.S. agencies of foreign banks due to their high proportion of loans to commercial and industrial firms. In addition, the inclusion of agencies in the bank credit series removes an upward bias in growth rates for 1977 that had resulted from including branch data that were inflated by the agency conversions. In 1978, the revised series again shows greater expansion in loans and investments than the old series, with most of this difference due to sharply higher loan growth at agencies.1/ Agencies expanded their loans to nonfinancial businesses about 60 percent during the year, nearly four times the relatively rapid rate of advance at domestically chartered banks, and they also sharply expanded their loans to unaffiliated banks in foreign countries. In the first half of 1979, the revised series indicates slightly slower bank credit expansion than the old series--a 12-3/4 percent seasonally adjusted annual rate of growth compared with 14-1/4 percent estimted on the old basis. The revised growth rate is just under the rapid pace of 1978, in contrast with the further acceleration that had been indicated by the old series. 1/ In the old series, growth in the first Revisions in previous estimates of loans at U.S. branches of foreign banks also raised the growth rate of the revised series. A-3 half of 1979 had exceeded the high rate of expansion in 1973, but according to the revised series it was 2 percentage points below the 1973 rate. The slower expansion of total bank credit in the first half of 1979 reflects a substantially revised pattern of growth in U.S. Treasury securities and slightly slower growth in loans. The change in the pattern of growth of Treasury security holdings is due largly to revised seasonal adjustments. As shown in Chart 2, the old end-of-month series tended to fall toward year end and then to rise above trend in the first half of the year. This pattern is most evident in the 1973-74 and 1977-79 when the residual seasonality was not obscured by rapid growth. Formerly the seasonally adjusted Treasury securities component was derived as a residual because of the extreme volatility of the end-of-month data. Conversion of the monthly series from end-of-month to averages of Wednesdays reduces the impact of single-date variability and makes it possible to identify and remove seasonal fluctuations directly from the U.S. Treasury securities series. Thus, the revised series reflects direct seasonal adjustment of Treasury securities, and total bank credit is the sum of the seasonally adjusted securities and loan component. The slower growth in bank holdings of Treasury securities in the first half of 1979 appears to be a more reasonable development at this stage of the cycle. The shift to monthly averages from month-end observations and differences in seasonal adjustments tended to smooth fluctuations in the total bank credit series. Over the last year and a half, annualized quarterly growth rates for the new series are within a relatively narrow range--12 to 13-1/4 percent compared with fluctuations in growth rates on the old basis in a range of 8 to 17 percent in the same period. It may be noted in the last two columns of Table 1 that loan growth measured by the new series was significantly larger than that of the old series in 1978, but a little slower in the first half of 1979. Quarterly growth rates for the revised series were in a relatively narrow range over the past year and a half, except for a spurt in the fourth quarter last year. The additional fourth quarter strength in the new series reflects in part the added weight of foreign-related institutions in the revised series during a period when both foreign-related and domestic chartered banks in the United States were increasing loans to banks abroad at close to a 100 percent annual rate. Loans to foreign banks declined in the first half of 1979. The slight downward revision of total loans in the first half of 1979 reflects mixed changes in the loan components. Business loan growth is about 2 percentage points weaker than previously, although the revised growth rates for 1979 are significantly greater than in 1978. Growth rates for real estate and security loans were also revised downward in the first half, while those for consumer loans and loans to nonbank financial institutions were a little higher than estimated previously. A-4 The revised bank credit series provides considerably more information on credit developments by type of institution and by type of loan than was available in the past. Table 2 shows the expanded loan detail that will be available for domestically chartered banks and foreignrelated institutions. For domestically chartered banks, additional data will be available by size of bank. Much of this information will be made available to the public for the first time in the September Federal Reserve Bulletin, and the monthly bank credit statistical release (G.7) will be expanded to show the additional detail at that time. Revised nondeposit funds series Chart 3 compares the old and new nondeposit funds series, showing slower growth on the revised basis in 1975-77 and considerably faster growth since early 1978. The new measure reflects the expanded coverage of foreignrelated institutions that was adopted for the bank credit series. It also reflects a change in content of the Eurodollar component. The new Eurodollar component reflects net balances of all commercial banks due to directly related foreign institutions, replacing the measure of gross liabilities of 46 large member banks due to own foreign branches used previously. Chart 4 illustrates the effect of this change on the member bank Eurodollar component of nondeposit funds. In contrast to the old gross measure, which showed a moderate increase in borrowings from foreign branches after 1974, the net series indicates reduced Eurodollar borrowings. Member banks advanced funds, net, to their foreign branches in the 1975-77 period. As may be seen in Table 3, the foreign-related institutions, that were previously excluded from the Eurodollar borrowings series, were considerably more dependent on funding from abroad in this period than were domestically chartered (mainly member) banks. More recently, both member banks and the foreign-related institutions in the United States have tapped the Eurodollar market for large amounts of funds. Table 3 and Chart 5 show the revised total nondeposit funds series broken down by type of borrowing. Federal funds, RPs, and other liabilities for borrowed money remain the most important component of nondeposit funds, accounting for 72 percent of the total estimated for August 1979. These borrowings increased $16.4 billion in the first eight months of 1979. However, net balances due to directly related foreign institutions have increased even more this year-$26.4 billion. The $42.8 billion increase this year is substantially greater than the in total nondeposit funds $29.9 billion of funds that all commercial banks have obtained through net deposit inflows. A-5 Revised nondeposit funds series will be published for the first time in the September Federal Reserve Bulletin, and a new monthly statistical release will be initiated to provide data on a regular basis. Until published in the Bulletin, both the revised nondeposit funds and bank credit series should be considered confidential. Chart 1 Total Loans and Investments at all Commercial Banks* Seasonally Adjusted - Billions of dollars 1200 New SEeries - - Old Serries - 1000 S- S- I I I I I New Setries - Old Ser ies - 900 - 800 - 700 - 600 500 Quarterly Changes at Annual Rates - 1100 Percent 25 20 r1 1 I St 15 r- 110 S1 1974 * Incrudes loans sold to affiliates - 10 5 0 1975 1976 1977 1978 1979 Chart 2 Commercial Bank Treasury Security Holdings Seasonally Adjusted Billions of dollars S120 - New Series -- Old Series 1100 / S- - 80 II60 I 40 1973 1974 1975 1976 1977 1978 1979 Chart 3 Commercial Bank Total Nondeposit Funds Billions of NEW SERIES I I 1 IY /\ I. I o-/ - OLD SERIES 1973 1974 1975 1977 1978 1979 Chart 4 Member Bank Balances Due To Own Foreign Branches Monthly Averages, Not Seasonally Adjusted I I I I / I I I OLD SERIES-46 BANKS (Gross due to) '\,.. \ I., I REVISED SERIES-ALL MEMBERS (Net balances due to) 1970 1972 1974 1976 1978 Chart 5 Commercial Bank Nondeposit Funds Billions of dollars TOTAL FEDERAL FUNDS, RPs, OTHER BORROWINGS FROM NONBANKS (SA) NET EURODOLLAR BORROWINGS (NSA) / 1973 1974 1975 1976 1978 1979 Table 1 MAJOR COMPOENTS OF BANK CREDIT OLD AND NEW SERIES (Seasonally adjusted annual rates in percent) Old New Securities Other U.S. Treasury New Old New Old 1973 13.8 14.7 -12.9 -8.4 11.5 11.2 18.8 19.5 1974 9.3 10.3 -6.2 -8.5 7.9 9.0 11.5 13.1 1975 4.3 4.3 56.8 52.9 3.6 4.1 -0.7 -0.6 1976 8.6 7.9 22.3 22.5 2.3 2.3 8.2 7.1 1977 11.0 10.9 -2.4 -1.1 6.6 7.1 14.6 14.0 1978 12.1 13.6 -7.1 -6.1 8.9 8.5 15.9 18.0 1979:1st half 14.3 12.8 15.5 3.0 9.0 8.5 15.5 14.9 10.6 12.8 2.1 -1.2 7.1 5.0 12.7 16.8 II 17.0 13.2 17.1 -3.6 8.5 9.2 19.1 16.7 III 11.1 13.3 -9.6 1.2 11.0 9.4 14.2 15.9 IV 7.9 12.7 -36.8 -21.1 7.8 9.5 14.1 18.2 1979-I 14.1 13.2 7.7 2.1 12.0 10.5 15.5 15.1 II 14.0 11.9 23.0 3.8 5.8 6.2 14.9 14.2 13,0 13.2 21,3 6.3 6.6 8.6 13.5 15.0 111 10,1 12.4 15.6 12.5 Total Loans Old New Annual Quarterly 1978-I Monthly July August e A 1 -35,7 -15,1 1165 16.5 Table 2 Asset Portfolios of Domestically-Chartered and Foreign-Related Institutions (Monthly averages, not seasonally adjusted June 1979) All Banks Domestically chartered Foreign-Related Share Amount of total (Billions of dollars) 1/ Total loans and investmentsU.S. Treasury securities Other securities 1/ Total loansBusiness, total Acceptances held Other - U.S. Foreign Real estate Individuals Agricultural Security loans Nonbank financial inst. Lease financing receivables All other Foreign banks Other (percent) 1,083.2 1,024.8 58.4 5.4 95.1 93.7 1.5 1.6 182.7 181.3 1.4 0.8 805.3 272.1 7.5 248.2 749.8 239.2 3.6 229.5 55.6 32.9 3.9 18.8 6.9 12.1 52.0 7.5 16.6 6.3 10.3 62.0 225.5 176.8 225.5 176.8 2/ 2/ 2/ 2/ 29.2 29.2 2/ 2/ 23.2 28.1 8.1 21.4 27.3 8.1 1.8 .8 2/ 7.8 2.8 2/ 42.3 22.2 20.1 47.5 21.6 20.7 6.8 15.4 14.8 5.3 68.5 25.6 Portfolio distributions (Percent) Total loans to total loans and investments Business loans to total loans 74.3 73.2 95.2 33.8 31.9 59.1 Foreign business loans to total business loans Acceptances held to total business loans Foreign bank loans to total loans 1/ 2/ 6.1 2.6 31.3 2.8 1.5 11.9 2.7 0.9 26.6 Excludes loans to commercial banks in the United States and loans sold to affiliates. Not available separately. Small amounts are included in "All other loans". Table 1 COMMERCIAL BANK NONDEPOSIT FUNDS1/ (Monthly averages, in billions of dollars) Total nondeposit funds Federal funds, RPs, and borrowings from nonbanks (SA)1/3/ Loans sold to affiliates (NSA)- Net balances due to directly related foreign institutions (NSA) Foreign-rela d Domestically / institutionschartered banksTotal December levels 1972 28.0 16.5 2.6 8.9 1.9 7.0 1973 45.5 34.0 4.4 7.2 1.3 5.9 1974 49.1 35.4 4.8 8.9 0.9 8.0 -2.1 7.5 1975 43.0 33.2 4.5 5.4 1976 55.4 47.1 3.8 4.5 -5.2 9.7 1977 62.7 58.4 4.8 -0.5 -11.6 11.1 -10.2 17.0 84.9 74.8 3.8 6.3 83.1 73.2 3.6 6.3 -10.1 16.4 Feb. 95.8 80.2 3.6 12.0 -6.3 18.3 Mar. 100.7 80.9 3.5 16.3 -4.5 20.8 Apr. 104.8 82.3 3.6 18.9 -1.9 20.8 May 111.2 84.3 3.7 23.2 2.5 20.6 June 115.8 84.5 3.8 27.5 5.8- 21.7 July e 119.4 86.5 3.7 29.1 6.3 22.8 August e 127.7 91.2 3.7 32.7 8,9 23.8 1978 Monthly 1979 - Jan. Includes national and state chartered banks plus foreign-related banking institutions in the U.S. (branches, agencies, and New York investment company subsidiaries of foreign banks) and Edge Act corporations. 2/ Monthly averages of Wednesday data for domestically chartered banks. 3/ Monthly averages of current and preceding month-end data for foreign-related institutions. 4/ Monthly averages of daily data. I/
@FedFRASER