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g " C -cj Of GOW- FEDERAL RESERVE statistical release H.9 (511) For Release at 4:10 p.m. EST WEEKLY SUMMARY O F BANKING AND CREDIT MEASURES Averages of daily figures March 19, 1982 Levels Week ended Reserve aggregates (adjusted) 1 Total reserves 2 Nonborrowed reserves Nonborrowed reserves plus extended credit3 Required reserves Monetary base 4 • Mar. 17p Mar. lQp Mar. 17p Feb. 17p Millions of dollars, seasonally adjusted 41,110 39,646 40,767 39,320 40,815 39,220 41,268 39,303 39,947 40,895 168.534 3a,626 40,442 167,588 39,500 40,545 167,801 39,519 40,927 168,099 Week ended M1 . Sum of currency, travelers checks, demand deposits, and 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 rate6 1 4 weeks ended 4 weeks ended Mar. lQp Mar. 3p Mar. lQp [Feb. lQp Billions of dollars, seasonally adjusted 448.4 448.8 447.6 448.1 Week end 3d 4 weeks ended Mar. 17 I Feb. 17 iMar. in Mar. 17 Not seasonally adjusted 1464 187 301 14. 89 12. 77 13. 90 14. 31 14. 99 13. 80 1447 151 306 14. 35 12. 25 13. 43 13. 77 14. 41 13. 64 1595 158 279 14 .29 12 .54 13 .75 14,.17 14 .89 13,.84 Percent change Average of 4 weeks ended March 17, 1982p from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 4.1 -7.7 3.7 3.5 4.4 3.3 3.8 4.0 4.3 4.3 6.8 5.3 5.4 Average of 4 weeks ended March 10, lBS2p x from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates -6.1 4.4 9.0 7.7 6.2 1965 114 216 14, .89 13.,62 14.,55 14, ,99 15..68 14.,63 Reserve a g g r e g a t e s i n c l u d e required r e s e r v e s of member banks and Edge Act c o r p o r a t i o n s and other d e p o s i t o r y i n s t i t u t i o n s . 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 with the implementation of the Monetary Control A c t , the i n c l u s i o n of Edge Act Corporation r e s e r v e s , and other changes i n Regulation D have been removed. Beginning with the week ended December 2 3, 1981, r e s e r v e s aggregates have been reduced 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 to 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 ) . 2 Reserve balances with Federal Reserve Banks (which exclude required c l e a r i n g b a l a n c e s ) plus v a u l t cash at i n s t i t u t i o n s with required r e s e r v e balances p l u s v a u l t cash equal to required r e s e r v e s 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 borrowing at the discount window under the terms 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 the extended c r e d i t program to 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 deal with 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 there i s not the same need to repay such borrowing promptly as there i s w i t h t r a d i t i o n a l short-term adjustment c r e d i t , t h e money market impact of extended c r e d i t i s s i m i l a r to that of nonborrowed r e s e r v e s . 4 Includes r e s e r v e b a l a n c e s and required c l e a r i n g balances at Federal Reserve Banks i n the current week plus v a u l t cash held two weeks e a r l i e r used to s a t i s f y r e s e r v e requirements at 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 plus currency o u t s i d e the U.S. Treasury, Federal Reserve Banks, the 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 surplus vault cash a t d e p o s i t o r y i n s t i t u t i o n s . 5 On March 10, 1982 b a n k - r e l a t e d commercial paper outstanding was $33,759 m i l l i o n . 6 Yield a t 20-year c o n s t a n t m a t u r i t y . Source: U.S. Treasury. NOTE: A l l percentage changes are at s e a s o n a l l y adjusted annual r a t e s , not compounded. P—Indicates preliminary d a t a . S p e c i a l c a u t i o n should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply d a t a , which are 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 to r e v i s i o n in subsequent weeks and months.
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