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FEDERAL RESERVE statistical release H.9 (511) For Immediate Release WEEKLY S U M M A R Y OF B A N K I N G A N D CREDIT MEASURES Averages of daily figures January 30, 1981 Percent change7 Average of 4 weeks ended Levels Week ended Jan• 28 Jan. 21 4 weeks ended Jan. 28 Dec. 31 Millions of dollars, seasonally adjusted January 28, 1981 from 4 weeks averages 5 2 weeks 13 weeks 2 6 weeks previous previous previous Seasonally adjusted annual ates Reserve aggregates 1 Total reserves^ Nonborrowed reserves Required reserves Monetary base 3 40,192 38,399 39,635 159,699 40,677 39,258 40,170 160,124 40,382 38,966 39,764 159,838 40,085 38,443 39,568 159,324 ill Reserve aggregates (adjusted)4 Total reserves Nonborrowed reserves Required reserves Monetary base 3 40,171 38,378 39,614 159,678 40,656 39,2 37 40,149 160,103 40,361 38,945 39,743 40,063 38,422 39,546 159.303 15.8(9.9) 14.6(8.5) 11.3(5.4) 6.9(5.5) I::;::::::::::::::::::::::::::::::::::::::::::::::::::::::: 15.0(11.9) 9.6 (6.5) 13.3(10.2) 9.4 (8.6) 7.7(6.2) 7.5(5.9) 6.7(5.2) 8.0(7.6) Average of 4 weeks ended Week ended Jan. 21p Jan. 14p 4 weeks ended Jan. 21p Dec. 24p Billions of dollars, seasonally adjusted Monetary aggregates M - 1 A (Currency plus demand deposits) M-1B (M-1A plus other checkable deposits) 370.8 416.4 374.0 416.9 Week ended J an• 28 Jan. 21 376.9 414.9 1 1793 137 18.12 15.41 16.84 17.47 18.56 12.52 1419 123 19.35 15.44 17.17 17.74 18.60 12.37 385.9 413.0 4 weeks ended Jan. 28 I Dec. 31 1415 119 19.29 15.00 16.58 17.19 18.07 1642 117 19.14 15.55 18.17 18.76 19.48 12.46 Not seasonally adjusted Other reserve measures and interest rates Member bank borrowings ($ mil.) Includes seasonal borrowings of: Federal funds rate 3-month Treasury bill rate 9 0 day dealer placed commercial p a p e r 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 January 21, 1981 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates 12.26 Includes required reserves against deposits at member banks and Edge Act corporations and beginning November 13, 1981, at other depository institutions. Effective November 13, 1980 required reserves of member banks and Edge Act corporations were reduced about $4.3 billion and required reserves of other depository institutions were increased about $1.4 billion due to the implementation of the Monetary Control Act of 1980. 2 Reserve balances with Federal Reserve Banks plus vault cash at institutions with required reserve balances plus vault cash equal to required reserves at other institutions. 3 Includes reserve balances at Federal Reserve Banks in the current week plus vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, the vault of depository institutions, and surplus vault cash at depository institutions. 4 Reserve aggregates series have been adjusted to remove discontinuities associated with the implementation of the Monetary Control Act, marginal reserve requirements, the inclusions of Edge Act corporation reserves, and other changes in Regulations D, K, and M. 5 On January 21, 1981 bank-related commercial paper outstanding was $26,418 million. 6 Yield at 20-year constant maturity. Source: U.S. Treasury. 7 Reserve measures of recent weeks reflect increases in required reserves, largely in November, associated with the reduction of weekend avoidance activities of a few large banks. The reduction of these activities leads to essentially a one-time increase—currently estimated at $550 to $600 million—in the average level of required reserves that need to be held for a given level of deposits entering the money supply. This increase in required reserves would raise reserve aggregates for technical reasons unrelated to monetary policy. Growth rates shown in parentheses reflect adjustment for this technical factor. No significant influence on money supply data has been identified as a result of this technical change. NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded. p—Indicates preliminary data. Special caution should be taken in interpreting week-to-week changes in money supply data, which are often highly volatile and subject to revision in subsequent weeks and months.
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