Full text of H.9 Weekly Summary of Reserves and Interest Rates : December 28, 1981

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FEDERAL RESERVE statistical release
• f*41 R t ^
For Immediate Release

H.9 (511)

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES

December 28, 1981

Averages of daily figures
Levels
Week ended

Percent change
Average of 4 weeks ended
December 2 3 , 1981
from 4 weeks averages
13 weeks
26 weeks
52 weeks
previous
previous
previous
Seasonally adjusted annual rates

4 weeks ended

Dec. 23p Dec. 16p
Dec. 23p
Nov. 25p
Millions of dollars, seasonally adjusted
Reserve aggregates (adjusted)1
Total reserves 2
Nonborrowed reserves
Nonborrowed reserves plus
extended credit 3
Required reserves
Monetary base 4

40,974
40,353

41,001
40,603

40,723
40,235

40,188
39,402

40,514
40,597
166,182

40,733
40,939
165.990

40,370
40,456
165.545

39,605
39,953
164.423

Week ended

3.6
13.7

4 weeks ended

Other reserve measures and Interest rates
Discount window borrowing ($ mil.)
Includes: seasonal borrowings of
extended credit of
Federal f u n d s rate
3-month Treasury bill rate
90 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

1

363.0
363.8
363.4
360.8
440.4
442.3
440.3
434.9
4 weeks ended
Week ended
Dec. 23
Dec. 16
Dec. 23
Nov. 25
Not seasonally adjusted
621
74
161
12.43
11.11
12.50
12.97
13.65
13,84

398
70
130
12.26
10.84
12.20
12.54
13.38
13.67

489
54
135
12.30
10.66
11.84
12.17
12.92
13.55

786
109
203
13.60
11.25
12.64
13.01
13.80
13.84

3.8
7.4

16.9
12.3
7.7
3.7
7.1
4.5
5.2
4.3
4*7
Average of 4 weeks ended
December 1 6 , 1981
from 4 weeks averages
13 weeks
26 weeks
52 weeks
previous
previous
previous
Seasonally adjusted annual rates

Dec. I 6 p I Dec. 9P
Dec. 16p
Wqv. 18p
Billions of dollars, seasonally adj usted
Monetary aggregates
M1-A (Currency plus demand deposits)
M1-B (M1-A plus other checkable deposits)

7.2
16.3

2.8
i

—6.8

M

ill

R e s e r v e a g g r e g a t e s i n c l u d e r e q u i r e d r e s e r v e s of member b a n k s and Edge Act c o r p o r a t i o n s and o t h e r d e p o s i t o r y
institutions.
D i s c o n t i n u i t i e s a s s o c i a t e d w i t h t h e i m p l e m e n t a t i o n of t h e M o n e t a r y C o n t r o l A c t , t h e i n c l u s i o n
of Edge Act C o r p o r a t i o n r e s e r v e s , and o t h e r changes i n R e g u l a t i o n D h a v e b e e n r e m o v e d . B e g i n n i n g w i t h t h e
week ended December 2 3 , 1 9 8 1 , r e s e r v e s a g g r e g a t e s h a v e b e e n r e d u c e d by s h i f t s of r e s e r v a b l e l i a b i l i t i e s t o
I n t e r n a t i o n a l Banking F a c i l i t i e s ( I B F s ) . An e s t i m a t e of t h e s i z e of t h i s i m p a c t w i l l be p u b l i s h e d when
a v a i l a b l e on t h e b a s i s of r e p o r t s of l i a b i l i t i e s t r a n s f e r r e d t o IBFs by U . S . c o m m e r c i a l b a n k s and U . S . a g e n c i e s
and b r a n c h e s of f o r e i g n b a n k s .
2 R e s e r v e b a l a n c e s w i t h F e d e r a l R e s e r v e Banks (which e x c l u d e r e q u i r e d c l e a r i n g b a l a n c e s ) p l u s v a u l t c a s h a t i n s t i t u tions with required reserve balances plus vault cash equal to required reserves a t other i n s t i t u t i o n s .
3 Extended c r e d i t c o n s i s t s of b o r r o w i n g a t t h e d i s c o u n t window under t h e t e r m s and c o n d i t i o n s e s t a b l i s h e d f o r t h e
e x t e n d e d c r e d i t program t o h e l p d e p o s i t o r y i n s t i t u t i o n s d e a l w i t h s u s t a i n e d l i q u i d i t y p r e s s u r e s . Because t h e r e
i s n o t t h e same need t o r e p a y s u c h b o r r o w i n g p r o m p t l y a s t h e r e i s w i t h t r a d i t i o n a l s h o r t - t e r m a d j u s t m e n t c r e d i t ,
t h e money m a r k e t i m p a c t of e x t e n d e d c r e d i t i s s i m i l a r t o t h a t of nonborrowed r e s e r v e s .
4 I n c l u d e s r e s e r v e b a l a n c e s and r e q u i r e d c l e a r i n g b a l a n c e s a t F e d e r a l R e s e r v e Banks i n t h e c u r r e n t week p l u s v a u l t
c a s h h e l d two weeks e a r l i e r used t o s a t i s f y r e s e r v e r e q u i r e m e n t s a t a l l d e p o s i t o r y i n s t i t u t i o n s p l u s c u r r e n c y o u t s i d e t h e U . S . T r e a s u r y , F e d e r a l R e s e r v e B a n k s , t h e v a u l t s of d e p o s i t o r y i n s t i t u t i o n s , and s u r p l u s v a u l t c a s h a t
depository i n s t i t u t i o n s .
5 On December 1 6 , 1981 b a n k - r e l a t e d commercial p a p e r o u t s t a n d i n g was $ 3 1 , 7 1 7 m i l l i o n .
6 Yield at 20-year c o n s t a n t m a t u r i t y .
Source: 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.
p—Indicates preliminary data.
S p e c i a l c a u t i o n s h o u l d be t a k e n i n i n t e r p r e t i n g w e e k - t o - w e e k c h a n g e s i n money s u p p l y
d a t a , which a r e o f t e n h i g h l y v o l a t i l e and s u b j e c t t o r e v i s i o n i n s u b s e q u e n t weeks and m o n t h s .