Quarter in order to obtain funds for exchange Of nonmarketable Treasury securities during the Foreign monetary authorities redeemed a significant volume of official holdings Order to moderate the depreciation of their ownĬurrencies. Official institutions liquidated dollar assets in
PANOPLY 14762 PLUS
Mi is currency plus private demand deposits adjusted.Īf 2 is M t plus bank time and savings deposits adjusted other thanįunds provided by Euro-dollar borrowings and bank-related commercial paper.įrom the average amounts outstanding in the last month of each quarter,Įxcept the quarterly-average calculations of concepts of money, whichĪdjusted for changes in reserve requirements. Total reserves less required reserves for U. In per cent, seasonally adjusted annual rates To appreciate in foreign exchange markets during most of the third quarter, and many foreign Interest rate differentials and because of recent In part by the easing actions of the Federalĭomestic interest rates rose relative to ratesĪbroad during most of the third quarter, asĮconomic recovery lagged in other major industrial nations. Of the uptrend in interest rates occurred, fostered Then, as the fourth quarter began, a reversal Quarter progressed and short-term credit demands of business remained relatively weak. However, the rise in most rates slowed as the Pected Treasury financing operations, and Federal Reserve actions taken in late June to moderate the rapid growth of the money stock.
Wholesale and consumer prices, larger-than-ex. In economic activity, the sharp increases in Yields rose appreciably, reflecting the recovery Most short-term market rates of interest increased by 75 to 100 basis points during the Of 5 to IV2 per cent specified by the FederalĪnnual rates of about IOV2 per cent and 13 perĬent, respectively, on a quarterly-average basis. Upper end of the longer-run target growth range Rate of the preceding quarter-and close to the Only moderately below the rapid 8V2 per cent Rate of about 7 per cent in the third quarter. Measured onĪ quarterly-average basis, Mx grew at an annual Treasury State and local govt, bonds (20įrom the second quarter to the third quarter were Q u o t a t i o n s for o n e day e a c hĬonstant maturity by U. Month of the third quarter, the rates of growth
Money stock, were markedly slower during each While the growth rates of the monetary aggregates, particularly the narrowly defined Needs and to facilitate moderate growth in the Liabilities, but it was also expected to releaseĪbout $350 million in reserves to meet seasonal ThisĪction was designed primarily to encourageīanks to lengthen the maturity structure of their Reduced from 3 per cent to 1 per cent, effective Original maturity of 4 years or more would be In addition, the Board of GovernorsĪnnounced on October 15 that reserve requirements on member bank time deposits with an Money market conditions began to ease in early Operations became more accommodative, and
With the weakness in the aggregates persisting, Federal Reserve open market Were completed and as recipients proceeded toĪdjust their temporarily large cash balances toĭesired levels. To the previous rapid growth in the aggregates Special Federal payments that had contributed The moderation began early in July, as the Unusually rapid growth during May and June,Įxpanded at lower rates during the third quarter. The monetary aggregates, following a period of Congress on November 17, 1975, highlights the important developments in financial markets during the This report, which was sent to the Joint Economic Committee of the U.S. Editorial support is furnished by the Economic Editing Unit headed ThisĬommittee is responsible for opinions expressed except in official statements and signed articles. The Federal Reserve BULLETIN is issued monthly under the direction of the staff publications committee. Of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S.
20551, and remittance should be made payable to the order The BULLETIN may be obtained from the Division of Administrative Services, Board of Governors of theįederal Reserve System, Washington, D.C. One address, $1.75 per copy per month, or $18.00 for 12 months. Group subscriptions in the United States for 10 or more copies to United States, its possessions, Canada, and Mexico is $20.00 per annum or $2.00 per copy elsewhere,
PANOPLY 14762 FULL
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