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FEDERAL RESERVE statistical release For Immediate Release July 24, 1981 H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Percent change^ Average of 4 weeks ended Levels Week ended 4 weeks ended June 24 July 22 July 15 July 22 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 Reserve aggregates (adjusted) Total reserves Nonborrowed reserves Required reserves Monetary base 41,331 39,601 40,671 39,376 41,040 39,383 40,770 38,680 165,583 164,377 164,796 163,478 40,820 39,090 40,583 165.719 40,160 38,865 40,031 164,484 40,529 38,872 40,190 164,870 40,259 38,169 39,972 163,570 4 Week ended 4 weeks ended July 15p June Juri 17p 5p July 8p July 15p Billions of dollars, seasonally adjusted Monetary aggregates 5 Ml-A (Currency plus demand deposits) Ml-B (Ml-Aplus other checkable deposits) Other reserve measures and interest rates Member bank borrowings ($ mil.) Includes seasonal borrowings of: Federal funds rate 3-month Treasury bill rate 90 day dealer placed commercial paper* 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 7 1 .nJuly July 22, 22, 1981 1981 from 4 weeks averages 52 weeks ~ ' 26 weeks 13 weeks , previous previous previous Seasonally adjusted annual rates 6..5 0.,9 5,.7 7.,0 8.,1 4.,6 8,,0 8.,1 1.9 0.6 3.3 5.8 (6.6) (3.0) (6.4) (7.8) July 15, 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonal y adjusted annual rates 362.4 362.0 429.4 430.0 4 weeks ended Week ended June 24 July,22 JvlY 22 J u l y 15 Not seasonally adjusted 360.4 428.9 19.05 15.17 17.16 17.90 18.66 14.03 365.1 434.8 1295 241 18.76 14.74 16.89 17.64 18.30 13.70 1657 258 19.15 14.71 16.78 17.52 18.29 13.73 2090 287 19.01 14.90 16.35 16.94 17.84 13.16 ! I Includes required reserves against deposits at member banks and Edge Act corporations and beginning November 13, 1980, 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. Also in conjunction with the Monetary Control Act, required reserves of certain nomaeraber banks and foreign related institutions increased pursuant to the transitional phase-in program by approximately $245 million effective February 18, 1981 and by another $245 million effective May 20, 1981. 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 and K. Prior to the February 18, 1981, reserve aggregates series have been adjusted historically to conform to the structure of reserve requirements currently in effect. Beginning February 18, the series have been adjusted to remove the effects of scheduled transitions! changes in reserve requirements under the MCA. 5 Money stock data reflect benchmark revisions made on June 26, 1981, for more information, see June 26, 1981 H.6 Statistical Release. 6 On July 15, 1981 bank-related commercial paper outstanding was $29,167 million. 7 Yield at 20-year constant maturity. Source: U.S. Treasury. 8 Reserve measures reflect increases in required reserves, largely in November 1980, 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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