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4 - FEDERAL RESERVE statistical release For Release at 4:15 p.m. EST H.9 (511) April 15, 1983 WEEKLY SUMMARY OF RESERVES AND INTEREST RATES Averages of daily figures Percent change Average of 4 weeks ended Levels 4 weeks ended Week ended Apr 13P Apr 6P Apr 13P Mar 16P 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 40,565 39,980 40,333 39,952 179,485 41,125 39,358 39,686 40,397 179,923 40,916 39,944 40,277 40,390 179,794 April 13, 1983P from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 40,530 39,855 40,168 40,112 178,529 4 weeks ended Week ended Apr 13 Apr 13 Mar 16 Not seasonally adjusted 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* 8.76 8.25 8.56 8.70 9.30 10. 66 1767 80 328 9.43 8.55 8.92 9.04 9.59 10.78 8.96 8.47 8.73 8.89 9.48 10.78 8.52 8.08 8.26 8.43 8.99 10.77 :::::::::::: :::::::::::::::::::::::::::::: si: :»s:::ss:t:as HssHs: :: 1 Reserve 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 banks and Edge Act Corporations and other depository 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 with t h e implementation o f t h e Monetary Control Act, the i n c l u s i o n of Edge Act Corporation 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 have been removed. Beginning with t h e week ended December 31, 1981, r e s e r v e s a g g r e g a t e s 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 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 Reserve b a l a n c e s with F e d e r a l Reserve Banks (which e x c l u d e required 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 cash a t i n s t i t u t i o n s with r e q u i r e d r e s e r v e b a l a n c e s p l u s v a u l t cash e q u a l t o r e q u i r e d r e s e r v e s a t other institutions. 3 Extended c r e d i t c o n s i s t s of borrowing a t t h e d i s c o u n t 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 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 . Because t h e r e i s n o t t h e same need t o repay such borrowing promptly a s t h e r e i s with t r a d i t i o n a l s h o r t 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 t o t h a t of nonborrowed 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 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 Federal Reserve Banks i n the 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 U.S. Treasury, Federal Reserve Banks, 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 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 A p r i l 6 , 1983 b a n k - r e l a t e d commercial paper o u t s t a n d i n g was $ 3 3 , 5 4 1 m i l l i o n . 6 Yield a t 2 0 - y e a r c o n s t a n t m a t u r i t y . Source: U.S. Treasury. Note: A l l p e r c e n t a g e changes are a t s e a s o n a l l y adjus te d annual r a t e s , not compounded. P—indicates preliminary data.
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