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FEDERAL RESERVE statistical release For immediate release A p r i l 10, 1981 H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Levels Week ended April 8 April 1 4 weeks ended April 8 March 11 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base3 39,451 38,564 39,396 160,327 40,486 39,022 39,871 162,072 40,067 39,064 39,774 161,243 40,049 38,817 39,784 160,945 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 39,185 38,298 39,130 160,486 40,220 38,756 39,605 162,221 39,801 38,798 39,508 161,375 39,783 38,551 39,518 160,856 Week ended April lp March 25p 4 weeks ended A p r i l 3p March 4p Billions of dollars, seasonally adjusted Monetary aggregates M-1A (Currency plus demand deposits). M-1B (M-1A plus other checkable deposits) 365.1 423.8 363.3 420.6 364.4 421.7 365.8 417.9 Percent change 7 Average of 4 weeks ended A p r i l 8, 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous | previous previous Seasonally adjusted annual rates -3.6 5 . 0 ( 2 . 0 ) 6 . 1 (4.6) 1.2 7 . 8 ( 4 . 7 ) 1 1 . 1 (9.5) -0.4 5.0 ( 2 . 0 ) 5 . 8 ( 4 . 2 ) 3.2 6.4 (5.7) 7.9 ( 7 . 5 ) Average of 4 weeks ended A p r i l 1 , 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates -20.4 10.3 prll 1 I April 8 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 1 887 162 15.43 13.37 13.93 14.35 14.96 13.29 1464 220 14.93 12.70 13.38 13.75 14.78 13.08 1003 194 14.49 12.94 13.46 13.92 14.75 12.96 1231 169 15.51 14.49 15.20 15.83 16.94 13.10 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 banks and Edge Act corporations were reduced about $4.3 billion and required reserves of other depository institutions were increased about $1.4 billion due to the implementation of the Monetary Control Act of 1980. Also in conjunction with the Monetary Control Act, required reserves of certain nonmember banks and foreign related institutions increased by approximately $245 million effective February 18, 1981 pursuant to the transitional phase-in program. 2 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. 3 Includes reserve 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 vault of depository institutions, and surplus vault cash at depository institutions. 4 Reserve aggregates series have been adjusted to remove discontinuities associated with the implementation of the Monetary Control Act, maiginal reserve requirements, the inclusions of Edge Act Corporation Reserves, and other changes in Regulations D and K. Prior to February 18, 1581, 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. 5 On April 1, 1981 bank-related commercial paper outstanding was $ 25,544 million. 6 Yield at 20-year constant maturity. Source: U.S. Treasury. 7 Reserve measures reflect increases in required reserves, lsrgely 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 estimsted 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.
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