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FEDERAL RESERVE statistical release H.9 (511) For Immediate Release April 17, 1981 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Levels Week ended Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 4 weeks ended April 15 April 8 April 15 March 18 Millions of dollars, seasonally adjusted 40,053 38,911 39,778 161,648 39,447 38,560 39,396 160,375 40,016 38,921 39,741 161,337 40,080 38,941 39,803 160,988 39,787 38,645 39,512 151,824 39,181 38,294 39,130 160,534 39,750 38,655 39,475 161,490 39,814 38,675 39,537 160,988 Week ended 4 weeks ended April 8p April lp April 8p March lip Billions of dollars, seasonally adjusted Monetary aggregates M-1A (Currency plus demand deposits) M-1B (M-1A plus other checkable deposits) 365 .3 428.7 365.1 423.9 364.4 423.4 365.7 419.2 Percent change 7 Average of 4 weeks ended April 15, 1981 from 4 weeks averages 13 weeks I 26 weeks 52 weeks previous | previous previous Seasonally adjusted annual rates -3.7 4.8 (1.9) 6.3 (4.8) -0.3 7.0 (3.9) 10.4 (8.8) 0.4 4.7 (1.8) 6.0 (4.5) (s JLA 6.1 jS.Sl ft 1 (7.7) Average of 4 weeks ended April 8, 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates -19.5 -10.1 10.6 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 r a t e 6 1 1142 149 15.33 13.58 14.66 15.24 16.16 13.44 887 162 15.43 13.37 13.93 14.35 14.96 13.29 1095 183 14.79 13.07 13.71 14.20 15.05 13.16 1139 179 15.09 13.95 14.59 15.15 16.15 12.96 ~! 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 td remove discontinuities associated with the implementation of the Monetary Control Act, marginal reserve requirements, the inclusions of Edge Act Corporation Reserves, and other changes in Regulations D and K. Prior to the February 18, 1981, reserve aggregates series have been adjusted historically to conform to the structure of reserve requirements current 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 8, 1981 bank-related commercial paper outstanding was $25,911 million. 6 Yield at 20-year constant maturity. Source: U.S. Treasury. 7 Reserve measures reflect increases in required reserves, largely 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 estimated 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,tfiichare often highly volatile and subject to revision in subsequent weeks and months.
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