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F E D E R A L

R E S E R V E

statistical

release

•:*4lrsS»*.

Levels
April 20
Reserve Aggregates^
34.73
34.70
34.74

Total reserves
Nonborrowed reserves
Required reserves

34 .24
34 .20
33 .99

34 .58
34 .53
34 .36

Monetary Aggregates

A p r i l 13—1 March, 16

($ Bil., SA)

M (Currency plus demand deposits) (REVISED SERIES)
m} (M plus time deposits at commercial banks
1
*
other than large time CD's) (REVISED SERIES)
Adjusted credit proxy 2/
Time deposits, all commercial banks (REVISED SERIES)
U.S. Government demand deposits, member banks

-1.5
-1.3
-0.4

3.6
3.8
3.6

3.1
3.0
3.0

Average of 4 Weeks Ended April 13. 1977 from 4 Week Average
13 weeks previous
| 26 weeks previous
| 52 weeks previous

318.1

315.3

4.3

6.2

6.2

762.7
547.1
503.1
2.8

761.3
546.7
503.5
2.6

758.2
544.6
502.2
2.6

751.7
541.0
498.9
3.0

8.2

10.4
7.0
11.4

10.5
5.4
9.3

2.7

8.2

4 Wks. ended

April 2d March 23

(NSA)

Member bank borrowings ($ mil.)
Includes seasonal borrowings of:
Federal funds rate

i/

Rates)-

320.3

April 20 I April 13

Other Reserve Measures & Interest Rates

(Seasonally Adjusted Annual

Average of 4 Weeks Ended April 20. 1977 from 4 Week Average;
13 weeks previous
( 26 weeks previous
1 52 weeks previous

321.2

Week ended

ttsr -Not Seasonally Adjusted

34,19
34.09
34.03

4 Wks . ended

W e e k ended

April 1 3 — I April 6

A p r i l 21, 1977

Percent C h a n g e

4 Wks . ended
1 April 13l April 20 I March 23
($ Bil., SA)

W e e k ended

3-month Treasury bill rate
90-119 day dealer placed commercial paper rate
3-month CD rate (secondary market) 4/
90-day CD rate (primary offering) 5/
3-month Euro-dollar rate
U.S. Government bond rate 6/

For Immediate Release

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES
(Averages of daily figures)

H.9
(Rev. 1/76)

3/

29
14
4.71
4.51
4.75
4.74
4.68
5.09
7.59

39
13
4.65
4.58
4.75
4.84
4.75
5.27
7.70

48
14
4.67
4.56
4.75
4.81
4.72
5.20
7.69

105
12
4.67
4.62
4.75
4.85
4.74
5.11
7.74

SA--Seas ona1ly Xdjus ted .

Includes required reserves against Euro-dollar borrowings and bank-related commercial paper. Reserve aggregates reflect changes in Regulation D. Per
cent annual rates of growth for required reserves and other reserve aggregates have been adjusted to remove the effect of these structural changes.
Includes member bank deposits, loans sold to bank-related institutions, Euro-dollar borrowings of U.S. banks, and certain nondeposit items.
On April 13, 1977
bank-related commercial paper amounted to$7770 million.
Average of range of offering rates of negotiable certificates of deposit with three month maturity in secondary market.
Posted rates » the annual interest rates most often quoted on new offerings of negotiable certificates of deposit in denominations of $100 000 or more.
Yield at 20-year constant maturity. Source: U.S. Treasury.
NOTE:
All percentage changes are at seasonally adjusted annual rates, not compounded.

i