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FEDERAL RESERVE statistical release ••S3S8P-' H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures For Immediate Release August 7, 1981 Levels Week ended AVR- 4 weeks ended July 8 July 29 AVR- 5 5 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves2 Nonborrowed reserves Required reserves Monetary base 3 40,981 39,865 40,603 165,182 41,392 39,464 40,943 165,718 41,117 39,600 40,796 165,199 40,963 39,013 40,553 164,211 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 40,470 39,354 40,092 165,367 40,881 38,953 40,432 165,906 40,606 39,089 40,285 165,353 40,452 38,502 40,042 164,324 Week ended 4 weeks ended July 29p July 22p July 29p July lp Billions of dollars, seasonally adjusted Monetary aggregates Ml^A (Currency plus demand deposits) Ml-B (Ml-A plus other checkable deposits) 360.3 428.4 359.8 428.6 361.3 430.1 Percent change 7 of 44weeks weeksended ( Average5of August 5,«1981 from 4 weeks averages^ weeks 26 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates 2. 5 7.8 (6.3) 2.6 5.3 (3.8) 2.,2 4.5 7.9 (6.3) 3.,3 1.3 7.9 6,.4 5.7 Average of 4 weeks ended m9, 1981 s averages from 52 weeks 26 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates -5.4 -3.3 361.3 428.5 —8.0 5.0 -4.0 7.8 4 weeks ended Week ended Aug. 5 | July 8 Aug. 5 | July 29 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 90 day dealer placed commercial paper 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 2 3 4 1118 227 18.25 15.21 17.22 17.94 18.84 14.46 1978 257 18.54 15.23 17.21 18.01 18.91 14.14 1530 242 18.65 15.09 17.12 17.87 18.68 14.08 1950 283 19.27 14.45 16.30 16.98 17.89 13.34 1 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 as: sr-s? isnz^rs's: Also In conjunction with the Monetary Control Act, required reserves of certain nonmember 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. 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. . Includes reserve balances at Federal Reserve Banks in the current week plus vault cash held two weeks earlie 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. 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 transitional changes in reserve requirements under the MCA. On July 29, 1981 bank-related commercial paper outstanding was $31,524 million. Yield at 20-year constant maturity. Source: U.S. Treasury. 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. 5 6 7
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