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F E D E R A L

R E S E R V E

statistical

release
For Immediate Release

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES
(Averages of daily figures)

April 6, 1978

H.9
(Rev. 9/77)

Per cent Change (Seasonally Adjusted Annual Rates)

Levels
4 Weeks ended
Week ended
April 5" March 29 April 5 | March
($ Bil., SA)
Reserve Aggregates^
36.89
36.59
36.55

Total reserves
Nonborrowed reserves
Required reserves

Monetary Aggregates

Other Reserve Measures & Interest Rates
Member bank borrowings ($ mil.)
Includes seasonal borrowings of:
Federal funds rate
3-month Treasury bill rate
90-119 day dealer placed commercial paper 2/
3-month CD rate (secondary market) 3/
90-day CD rate (primary offering) 4J
3-month Euro-dollar rate
U.S. Government bond rate 5/

\J

36.73
36.43
36.51

36.78
36.40
36.57

4 Weeks ended
Week ended
March 29 March 22 March 29| March 1
($ Bil., SA)

M 1 (Currency plus demand deposits)
Ml (M plus time deposits at commercial banks
other than large time CD's)
Time deposits, all commercial banks
U.S. Government demand deposits, member banks

N S A — n o t seasonally adjusted

36.69
36.30
36.45

341.3

340.7

821.9
562.8
2.9

821.5
562.9
3.8

340.0
820.1
562.2
3.4

Average of 4 weeks ended April 5, 1978
13 weeks previous
|26 weeks previous

4.4
7.3
4.8

6.3
8.5
6.4

from 4 week averages
| 52 weeks previous

6.3
5.8
6.4

Average of 4 weeks ended March 29, 1978 from 4 waeks averages
13 weeks previous
| 26 weeks previous |52 weeks previous

339.3

4.2

4.9

6.9

816.9
557.1
3.0

6.4
13.0

6.6
13.8

12.0

8.2

4 Weeks ended
Week ended
April 5 1 March 29 April 5 I March 8
(NSA)
304
45
6.86
6.39
6.76
6.95
6.80
7.40
8.31

386
51
6.82
6.27
6.75
6.86
6.74
7.34
8.24

305
46
6.81
6.29
6.75
6.87
6.76
7.30
8.22

377
52
6.78
6.42
6.76
6.89
6.75
x
7.30
8.23

SA—seasonally adjusted

Includes required reserves against Eurodollar borrowings and bank-related commercial paper. Reserve aggregates reflect changes in Regulation D. Per
cent annual rates of growth for required reserves and other reserve aggregates have been adjusted to remove the effect of these structural changes.
2/ On March 29, 1978
bank-related commercial paper amounted to 10,024 million.
3/ Average of range of offering rates of negotiable certificates of deposit with 3-month maturity in secondary market.
4/ Posted ranges - the annual interest rates most often quoted on new offerings of negotiable certificates of deposit in denominations of $100,000 or more.
5/ Yield at 20-year constant maturity. Source: U.S. Treasury
NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded.