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FED E R M

. 4/72)

RESERVE

statistical

release

WEEKLY S M A Y OF BANKING AND CREDIT MEASURES
U MR
(Averages of d a i l y f i g u r e s )

For Immediate Release
J a n u a r y 24, 1974

Percent Change (Seasonally ArilnsrpH Annual
Reserve Aggregates 1/2/
Total reserves
Nonborrowed r e s e r v e s
Required r e s e r v e s
Reserves A v a i l a b l e to Support Pvt. Nonbank Deposits
Monetary Aggregates
M^ (Currency plus demand d e p o s i t s )
Mg (M^ plus time d e p o s i t s a t commercial banks
other than l a r g e time CD's)
Adjusted c r e d i t proxy 2 /
Time d e p o s i t s , a l l commercial banks
Government demand d e p o s i t s , member banks
Other Reserve Measures & I n t e r e s t Rates
Member bank borrowings ($ m i l . )
, Includes seasonal borrowings of:
Federal funds r a t e
3-month Treasury b i l l r a t e

Week
J a n . 23 I J a n . 1 6
Jan.23
($ B i l . , SA)

Average of 4 Weeks Ended J a n . 23, 1974 from 4 Week Averages
13 weeks previous | 26 weeks previous | 52 weeks previous

I Dec

36.74
35.73
34.98
35 58
34.4-9
33.13
36.29
35.65
34.69
33.23
32.63
32.68
Week ended
4 Wks. ended
I.Tfln ,9 I Tan 16 In*. 10
1 . , SA)
268.4
267.6
268.7
267.2
568.7
454.1

Jan,/23
1182.

567.7
453.8
364.4
7.8

Average of 4 Weeks Ended Tan
13 weeks previous | 26 weeks previ

from 4 Week Averages
52 weeks previous

568.5
564.1
435.5
447.1
358.7
363.9
1.2
4 Wks. ended
23 I Pec
1039.

9 0 - 1 1 9 day d e a l e r p l a c e d commercial paper r a t e V
3-month CD r a t e ( s e c o n d a r y market) J)/

3-month E u r o - d o l l a r r a t e
U.S. Government bond r a t e 6/
NSA A -Not S e a s o n a l l y A d j u s t e d

10.62

SA—Seasonally Adjusted

1 / I n c l u d e s r e q u i r e d r e s e r v e s a g a i n s t E u r o - d o l l a r b o r r o w i n g s and b a n k - r e l a t e d commercial p a p e r . R e s e r v e s A v a i l a b l e t o S u p p o r t P r i v a t e Nonbank D e p o s i t s
a r e r e q u i r e d r e s e r v e s f o r p r i v a t e demand d e p o s i t s , t o t a l t i m e and s a v i n g s d e p o s i t s , n o n d e p o s i t s o u r c e s s u b j e c t t o r e s e r v e r e q u i r e m e n t s and e x c e s s
r e s e r v e s . R e s e r v e a g g r e g a t e s r e f l e c t t h e change i n R e g u l a t i o n D e f f e c t i v e November 9, 1972, which r e d u c e d r e q u i r e d r e s e r v e s by a b o u t $ 3 . 2 b i l l i o n ;
W
Sfiq
:
r
^ c h 1 i n c r e a s e d r e t * u i r e d r e s e r v e s by a b o u t $760 m i l l i o n ; and e f f e c t i v e O c t o b e r 4 , 1973, which i n c r e a s e d r e q u i r e d r e s e r v e s
94oo m i l l i o n . E f f e c t i v e J u l y 12, 1973, m a r g i n a l r e s e r v e r e q u i r e m e n t s on i n e l i g i b l e a c c e p t a n c e s i n c r e a s e d r e q u i r e d r e s e r v e s by a b o u t $90 m i l l i o n
M a r g i n a l r e s e r v e r e q u i r e m e n t s d e c r e a s e d r e q u i r e d r e s e r v e s by a b o u t $360 m i l l i o n e f f e c t i v e December 27, 1973. P e r c e n t a n n u a l r a t e s of g r o w t h f o r
e
Jf?
? ^ s e r v e s and o t h e r r e s e r v e a g g r e g a t e s h a v e b e e n a d j u s t e d t o remove t h e e f f e c t of t h e s e s t r u c t u r a l c h a n g e s .

3 / I n c l u d e s member bank d e p o s i t s , b a n k - r e l a t e d commercial p a p e r , E u r o - d o l l a r b o r r o w i n g s of U . S . b a n k s , and c e r t a i n n o n d e p o s i t i t e m s .
4 / On J a n . 16.1974 b a n k - r e l a t e d commercial p a p e r amounted t o $5225 m i l l i o n ,
5 / Average of r a n g e of o f f e r i n g r a t e s of n e g o t i a b l e c e r t i f i c a t e s of d e p o s i t w i t h 3 month m a t u r i t y i n s e c o n d a r y m a r k e t
6 / D a i l y a v e r a g e y i e l d on 2 0 - y e a r b o n d s . S o u r c e : U . S . T r e a s u r y .
NOTE: A l l p e r c e n t a g e c h a n g e s a r e a t s e a s o n a l l y a d j u s t e d a n n u a l r a t e s , n o t compounded.
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