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FEDERAL RESERVE statistical release ' • (*AL Rtstl • For Release at 4:10 p.m. EST H.9 (511) WEEKLY SUMMARY O F BANKING AND CREDIT MEASURES Averages of daily figures A p r i l 2 , 1982 Levels Week ended 4 weeks ended Mar. 31p Mar. 24p Mar. 31p Mar. 3p Millions of dollars, seasonally adjusted Reserve aggregates (adjusted) 1 Total reserves 2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves M onetary base 4 41,224 39,571 41,175 39,521 41,092 39,538 40,834 39,075 39,895 40,769 169,067 39,832 40,912 168,641 39,849 40,753 168,454 39,315 40,527 167,759 Week ended M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits. Other reserve m e a s u r e s 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 6 1 4 weeks ended Mar. 24p IFeb. 24p Mar. 17p Mar. 24p Billions of dollars, seasonally adjusted 447.3 448.1 445.9 448.9 4 weeks ended Week ended Mar. 3 Mar. 31 |Mar. 24 Mar. 31 Not seasonally adjusted 1653 200 324 14.99 13.17 14.12 14.58 15.31 13.91 1654 173 311 14.48 12.75 13.79 14.23 14.95 13.67 1554 178 311 14.68 12.74 13.81 14.22 14.92 13.76 Percent change Average of 4 weeks ended March 31, 1982p from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 5.8 -3.4 3.7 3.3 4.8 3.4 4.2 3.3 4.6 4.1 5.4 5.6 5.7 6.4 Average of 4 weeks ended March 24, 1982p from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates -1.8 7.4 7.7 5.7 1759 135 241 14.68 13.37 14.48 14.94 15.63 14.37 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 c o r p o r a t i o n s and o t h e r d e p o s i t o r y 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 w i t h t h e implementation of t h e Monetary Control A c t , t h e i n c l u s i o n of Edge Act 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 changes i n R e g u l a t i o n D have been removed. Beginning w i t h the week ended December 3 1 , 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 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 ) . , . x 1. 2 Reserve b a l a n c e s w i t h 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 w i t h 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 equal to r e q u i r e d 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 a t the 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 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 d e a l w i t h 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 not the same need t o repay such borrowing promptly 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 - t e r m 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 t h a t of nonborrowed r e s e r v e s . 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 required 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 cash h e l d 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 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 plus currency o u t s i d e the U . S . T r e a s u r y , 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 ca sh 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 2 4 , 1982 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 5 , 6 2 2 m i l l i o n . 6 Yield at 20-year constant maturity. Source: U . S . Treasury. NOTE: A l l p e r c e n t a g e changes a r e a t s e a s o n a l l y a d j u s t e d annual r a t e s , not compounded. p—Indicates preliminary data. 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 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 to r e v i s i o n i n subsequent weeks and months.
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