Full text of H.9 Weekly Summary of Reserves and Interest Rates : December 3, 1982

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FEDERAL RESERVE statistical release
H.9(511)

For Release at 4:15 p.m. EST

WEEKLY SUMMARY OF RESERVES AND INTEREST RATES

December 3, 1982

Levels
Week ended
Dec
Reserve aggregates (adjusted)1

Total reserves2
Nonborrowed reserves
Nonborrowed reserves plus extended credit3
Required reserves
Monetary base4

40,624
40,157
40,343
40,312
174,021

Week ended

.
'

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*
3-month CD rate (secondary market)
3-month Eurodollar rate
U.S. Government bond rate®

Dec

4 weeks ended

1P
Nov 24P
Dec IP
Nov
Millions of dollars, seasonally adjusted

41,106
40,483
40,668
40,545
175,046

1

623
35
185
8.69
8 . 19
8.55
8.75
9# 76
10.70

Percent change
Average of 4 weeks ended
December 1, 1982P
from 4 weeks averages
26 weeks
52 weeks
13 weeks
previous
previous
previous
Seasonally adjusted annual rates

40,527
39,888
40,076
40,118
173,979

3P

39,916
39,468
39,619
39,520
173,003

17.6
16.3
17. 1
16.8
8.6

10.8
13.3
13.4
10.7
7.3

7.6
7.5
7.6
7.5
7.8

4 weeks ended

Nov 24
Dec 1
Not seasonally adjusted

Nov

467
46
186
8.91
8.04
8.58
8.87
9.70
10.49

448
81
151
9.50
7.69
8.92
9.21
10.09
10.79

639
45
187
9 . 17
8 . 13
8.69
8.95
9.78
10.59

3

h

1 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 o f member b a n k s and Edge A c t C o r p o r a t i o n s and o t h e r d e p o sitory 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 witJi 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 o f Edge A c t 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 c h a n g e s i n R e g u l a t i o n D h a v e been r e m o v e d .
B e g i n n i n g w i t h t h e week e n d e d D e c e m b e r 3 1 , 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 (IBFs),
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 ( w h i c h 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
at i n s t i t u t i o n s with required r e s e r v e b a l a n c e s plus vault cash equal t o required reserves at other
institutions#
3
E x t e n d e d c r e d i t c o n s i s t s o f b o r r o w i n g a t t h e d i s c o u n t window u n d e r 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 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 .
B e c a u s e t h e r e i s n o t t h e same n e e d 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 terra 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 o f 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 o f n o n b o r r o w e d
reserves.
4 i n c l u d e s r e s e r v e b a l a n c e s a n d 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 B a n k s 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 held 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 O.S. T r e a s u r y , F e d e r a l 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 s u r p l u s v a a l t c a s h 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 Nov. 24, 1982 b a n k - r e l a t e d c o m m e r c i a l p a p e r o u t s t a n d i n g was $34,001 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 .
S o u r c e : O.S. T r e a s u r y .
N o t e : 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 a 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 week-to-week c h a n g e s
i n j o n e y 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 .