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V^o^cow: FEDERAL RESERVE statistical release For Immediate Release H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures January 8, 1982 Levels Week ended 4 weeks ended Dec. 9p Jan. 6p Jan. 6p Dec. 30p Millions of dollars, seasonally adjusted Reserve aggregates (adjusted)1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit3 Required reserves Monetary base4 41,077 39.,6 23 41,089 40,206 41,046 40,207 40,292 39,834 39,816 40,423 167,265 40,379 40,617 167,352 40,373 40,641 166,764 39,958 40,090 164,754 Week ended 4 weeks ended Dec. 23p Dec. 30p 1 Dec. 2p Dec. 3Up 30 Billions of dollars, seasonally adjusted Monetary aggregates M1-A (Currency plus demand deposits) M1-B (M1-A plus other checkable deposits) Other reserve measures and Interest rates Discount window borrowing ($ mil.) Includes: seasonal borrowings of extended credit 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* 1 362.7 363.8 364.6 363.7 438.3 441.3 441.8 440.4 4 weeks ended Week ended Dec. 30 Jan. 6 I Dec. 9 Jan. 6 Not seasonally adjusted 1454 60 193 12.98 11.46 12.60 12.94 13.55 14.37 883 75 173 12.54 11.36 12.70r 13.11 13.14 14.10 839 63 166 12.55 11.19 12.50 12.89 13.43 14.00 458 60 125 12.53 10.35 11.49 11.78 12.52 13.32 Percent change Average of 4 weeks ended January 6, 1982 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 4.3 9.6 7,9 14.3 4.7 6.6 7.0 15.1 4.8 7.5 5.2 5.8 6.8 Average of 4 weeks ended December 30, 1981 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 7.6 3.0 4.6 8.8 1.4 6.0 -6.0 6.4 5 1 = II I Reserve aggregates Include required reserves of member banks and Edge Act corporations and other depository institutions. Discontinuities associated with the implementation of the Monetary Control Act, the inclusion of Edge Act Corporation reserves, and other changes in Regulation D have been removed. Beginning with the week ended December 23, 1981, reserves aggregates have been reduced by shifts of reservable liabilities to International Banking Facilities (IBFs). An estimate of the size of this impact will be published when available on the basis of reports of liabilities transferred to IBFs by U.S. commercial banks and U.S. agencies and branches of foreign banks. 2 Reserve balances with Federal Reserve Banks (which exclude required clearing balances) plus vault cash at institutions with required reserve balances plus vault cash equal to required reserves at other institutions. 3 Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. 4 Includes reserve balances and required clearing 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 vaults of depository institutions, and surplus vault cash at depository institutions. 5 On December 30, 1981 bank-related commercial paper outstanding was $32,916 million. 6 Yield at 20-year constant maturity. Source: U.S. Treasury. 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. r—revised.
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