The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE statistical release For immediate release April 3, 1981 H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Levels Week ended Apr. 1 Mar. 25 4 weeks ended Apr. 1 Mar. 4 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 40,541 39,077 39,871 162,295 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 40,275 38,811 39,605 162,444 40,077 39,189 39,917 161,242 39,811 38,923 39,651 161,372 Week ended 40,189 39,216 39,841 161,295 39,867 38,549 39,617 160,749 39,923 38,950 39,575 39,662 38,344 39,412 160.630 4 weeks ended Mar. 25p Mar. 18p Mar. 25p Feb. 25p Billions of dollars, seasonally adjusted Monetary aggregates M-1A (Currency plus demand deposits) M-1B (M-1 A plus other checkable deposits) 363.3 420.6 363.8 420.5 Week ended 366.1 364.6 420.7 4 weeks ended Percent change 7 Average of 4 weeks ended April 1 , 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates -1.4 6.1 (3.2) 6.5 ( 5.0) 5.5 8.2 (5.2) 12.4 (10.8) 0.3 5.6 (2.6) 6.0 ( 4.4) 4.1 7.0 (6.2) 7.9 ( 7.6) Average of 4 weeks ended March 2 5 , 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates —22.1 •EHHSiE 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 1464 220 14.93 12.70 13.38 13.75 14.78 13.08 888 200 13.48 12.64 12.87 13.47 14.31 12.84 974 200 14.52 13.14 13.70 14.18 15.09 12.89 1318 155 15.75 14.78 15.45 16.11 17.15 13.09 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. > 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. J 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. I Reserve aggregates series have been adjusted to 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 March 2 5 , 1981 bank-related commercial paper outstanding was $ 2 5 , 7 6 7 million. 6 Yield at 20-year constant maturity. Source: U.S. Treasury. 7 Reserve measures reflect increases in required reserves, largely in November 1 9 8 0 , associated with the reduction of weekend avoidance activities of a few large hanks. 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 he 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 voeks and months.
@FedFRASER