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The Money Market in April 1963

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The Money Market in April 1963 FEDERAL RESERVE DANK OF NEW YORK 77 w The Money Market In April The money market remained generally firm in April, tificates maturing May 15, 1964 or for additional amounts although easing briefly at thc close of the weeksthat ended of the 331 per cent notes maturing February 15, 1966. on April 3 and April 17. On these occasions the flow of Subscription books for the exchange were to be open funds to the money market banks coincided with an over- from April 29 through May 1. Cash subscriptions were preparation by banks for periods of anticipated stress not to be accepted. around the end-of-quarter statement publishing date, the Prices of outstanding Treasury notes and bonds moved April 1 Cook County tax date, and the April 15 payment irregularly downward through about the middle of April date for $2.5 billion of one-year Treasury bills. In addi- against a background of gains in business indicators, selec- tion, funds tended to flow to New York as the two-week tive advances in steel prices, and a large volume of cur- reserve settlement periods for "countzy" banks ended on rent and prospective bond offerings by corporations and April 3 and 17. Thus Federal funds, which traded at an state and local governments. In addition, the Government effective rate of 3 per cent during most of the month, securities market still showed the effects of the large dipped to 1½ per cent on April 3 and again to 2¼ per advance refunding operations in March. The unenthusias- cent on April 17. Rates posted by the major New York tic reception accorded the Treasury's new 4½ per cent City bankson call loans to Government securities dealers bondof 1989-94 reflected this atmosphere and contributed were generally within a 3½ to 3½ per cent range, although to the sluggish tone in the markets for Government, cor- they moved down to a 2¾ to 3 per cent range on April 3. porate, and tax-exempt bonds. Prices of Treasury bonds On April 9 the Treasury sold $300 million of new steadied in the latter part of the month and improved Treasury bonds of 1989-94, the second sale of Treasury somewhat after the Treasury announcement of terms for bonds through competitive bidding by underwriters for its May refunding in which relatively short issues were reoffering to the public. The successful bid—one of three offered. Treasury bill rates changed little over the month, submitted—was at a price of 100.55119 for a 4½ per as increased supplies offered both in the regular weekly cent coupon, resulting in a net interest cost to the Treas- auctions and in the quarterly auction of one-year bills uiy of about 4.093 per cent. The winning underwriting were readily absorbed by a continuing demand, par- group reoflcrcd the bonds to investors at 100.75 to yield ticularly from public funds. 4.082 per cent. Investors showed only limited interest in Prices for corporate and tax-exempt bonds declined the bonds at this rate, and reportedly half of the issue gradually during most of April in response to many of the remained unsold when the syndicate terminated price re- same factors influencingthe market for Government bonds. 25. the first such in number of new in the j strictions late on April (At sale, held A offerings, especially corporate January of this year, the winning bid carried a price of sector, tended to move slowly. In the latter part of the 99.85111 for a 4 per cent coupon, making the cost to the month, a steadier tone emerged in these markets and Treasury about 4.008 per cent, while the bonds were greater progress was made in distributing new issues. subsequently reoffered at par and sold out immediately.) On April 10, the Treasury auctioned $2.5 billion of one- BANK RIESCRVEB year bills, replacing $2.0 billion of outstanding bills and raising $500 million of new money. The bills, issued at an Market factors providedreserves on balance from the average rate of 3.062 per cent, were delivered on April 15. last statement period in March through the final statement On April 24, after the close of the market, the Treas- week in April. Gains stemming primarily from increases ury announced the terms of its refinancing of the three in float and in vault cash were only partly offset by expan- securities maturing May 15, 1963. Holders of the $9.5 sions in currency in circulation and in required reserves. billion of maturing issues were given the opportunity to Net reserve gains due to market factors were partially effects of •xchange them, par for par, for new 3¼ per cent cer- counterbalanced, however, by the System open 78 MONTHLY REVIEW. MAY 1963 (BANGES IN FACTORS TENDING TO INCREASE OR DECREASE decline and well increase. The advance o MEMBER BANK RESERVES. APRIL 1963 might vigorous stock prices seemed to reinforce this view. In millionsof dollars; (4-) denotea incrcase, (—) dccrcasa in excess rescrves Against this background, underwriter bidding at the April 9 Treasury bond auction was less aggressive than Daily asrriiis.—wl en6ed at the first such auction in January. Moreover, the new Facts bonds encountered considerable investor resistance when April April AOriI 3 10 17 24 reoffered by the winning syndicate, and the slow distribu- Oeratin tz,nsactlars tion of the new issue contributed to the mildly bearish tone Trea.iurT opeiaSiui.' +133 + 81 — 174 JreJ ftr.Wnll flOat -225 .4- 59 + 705 + 2011 121 already evidcnt in the market. Additional market caution CUrT,W.T Lii lrcu1atIcm — 110 -223 — 1?.) + Onil &id fnIgn aCcount +6 = was induced by further favorable business news and by littler dcoaslta. 010. — 13 —5 83 38 + + + the announcements of selected steel price increases begin- Tu — 144 — 147 SrI 371. + + + ning April 10 which suggested to some observers the pos- Direct Fedal Sesexet credit tranatthar3 Uonnm.nL eurItlus: sibility of inflationary repercussions. At the same time, the litruetie,t L,uzCbauru ox ealeS + 336 .4-. 251 — 133 —267 + 70 Government bond market was influenced the held hider ri-lurches,.enn.inenta + 211 — 60 —40 —42 11l1 by heavier IA,eco. dtoeoulsla. end aitiuncos: tone the for Meaubor bent, t0)fluuCcO — 67 — + 70 — — 04 in market corporate issues—in part as a result Orbi,, — -- — lMZIkcr,' ec.ptenoeS: +1 4.1 of the announcement that a $250 million corporate refund- Ilosiatil. uILtfICbt — 1 — — I — 2 — 4 issue would offered also still UQIIOY rOiiUxtheno agn,eIils ing be in early May. It re- flected the extension of debt in the March Total ÷ 104 + 1113 — 131 —333 — 133 heavy Treasury Membft bank reltrece advance refunding. As a result of these various intluences WItS Federal flenar,, iIaiaM — 44 Ito 20 —+ — + +20 prices fell rather sharply from April 8 through April 17, Cet,ii aHocd U zos,rrc,t 40 1111 + 2711 ÷ 61 + 1119 with largest reductions centered in long-term issues. Totalreroest — 233 ÷ 315 Effect ci thana In .-eair,d rtwwes? .... — 1, + 166 — 133 A moderate investment demand developed as prices — 79 4. 154 _1t[5t) moved down, however, and market sentiment strengthened flail; eruras, level ue i,i,czibif beIIk in the latter of the month. While favorable Ihorroetogufrolu ltilWtTIl Ilaal.o 174 ST 157 1411 part continuing Ezeosa roaervcot 484 37:1 525 613 460: business news still exerted a rio, rewrvet,t alit) 264 372 356 1211 restraining influence, the market was bolstered by expectations—subsequentlycon- Nob: Heosnueor rowidhnj. flzui do not neceasaiuy add 10 total.. firmed—that the would confine its re- • hnciudre oliauues In T sear; cuneecj end cesb. Treasury May O TIes. ilgures are oxt2osatd. to the short-term area and by I L,ze..o(or tour weeba ended ArU U. financing offering relatively press comments to the effect that monetary policy was likely to remain relatively easy. marketoperations. Systcm holdings of Government securi- The refunding announcement of April 24, described ties under repurchase agreements declined on average by above, was well received in the market, causing minimal $116 million from the last statement period in March price impact on outstanding issues. Trading activity in through the last statemcnt week in April, while outright "rights" and "whcn-issued" securities was rcportcd to be holdings cxpandcd by $70 million. Net System holdings of rclalively light, and most observers expectcd "attrition" to bankers' acceptances fell by $4 million. From Wednesday, be low. At the close on April 30, dealers quoted the issues March27, through Wednesday,April 24, System holdings offered in the exchange at 10O (bid) on a when-issued of Government securities maturing in less than one ycar basis. declined by $242 million while holdings maturing in more After the close of the market on April 25, the syndi- than one year rose by $142 million. cate marketing the $300 million of new 4¼ per cent bonds of 1989-94 was terminated. The next day the THE GOVERNMENT SECURITIES MARKET bonds began to trade at about 100¾, compared with the syndicate's offering price of 1004, and it was reported Prices of Treasury notes and bonds moved irregularly that good progress was being made in distributing the lower in early April, continuing the declines that had been issue to investors. By the end of the month, the new bonds in progress since about the middle of March, as the were quoted at 100% (bid). Over the month as a whole, market weighed the implications for interest rates of prices of outstanding intermediate and longer term issues advanccs in business indicators, the expanding calendar were from %2 higher to 29 lower.
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