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FEDERAL RESERVE statistical release •f*ALK&?.-' H.9 (511) For Immediate Release August 14, 1981 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figure! Levels Week ended Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 Reserve aggregate* (edjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base August 12 August 5 August 12 July 15 Millions of dollars, seasonally adjusted 40,948 39,677 40,660 164,906 40,982 39,864 40,603 165,001 41,187 39,662 40,825 165,273 40,936 39,136 40,565 164,373 40,437 39,166 40,149 165,070 40,471 39,353 40,092 165,186 40,676 39,151 40,314 165,441 40,425 38,625 40,054 164,489 Week ended Monetary aggregates M i A (Currency plus demand deposits) Ml-B (Mi-A plus other checkable deposits) Other reserve measures and interest rates Member bank borrowings ($ mil.) Includes seasonal borrowings of: Federal fundi rate 3-month Treasury bill rate 90 day dealer placed commercial paper 6 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 4 weeks ended 4 weeks ended August 5p July 29p August 5p| July 8p Billions of dollars, seasonally adjusted 360.5 428.6 Week ended August 12 IAugust 5 1271 223 18.29 15.23 17.23 17.91 18.78 14.23 1118 228 18.25 15.21 17.22 17.94 18.84 14.46 Percent change 7 Average of 4 weeks ended August 12, 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally Adjusted annual rates a 2.6 5.9 0.3 5.2 4.2 8 . 3 (6.8) 3.6 5.8 ( 4 . 2 ) 4.0 8 . 1 (6.5) 6.7 7.8 (7.4) Average of 4 weeks ended August 5, 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous —p P1revious Seasonal y adjusted annual rates 361.1 429.9 362.2 429.9 4 weeks ended 1 2 | JylY 19 1524 238 18.53 15.21 17.21 17.94 18.80 14.22 1800 274 19.18 14.59 16.55 17.30 18.13 13.53 , _ Includes required reserves against d e p o s i t s at member banks and Edge Act corporations and beginning November 13, 1980, at other depository i n s t i t u t i o n s . E f f e c t i v e November 13, 1980 required reserves of member banks and Edge Act corporations mere reduced about $4.3 b i l l i o n and required reserves of other depository i n s t i t u t i o n s were increased about $1.4 b i l l i o n due to the implementation of the Monetary Control Act of 1980. Also in conjunction with the Monetary Control Act, required reserves of c e r t a i n nonmember banks and foreign related i n s t i t u t i o n s increased pursuant to the t r a n s i t i o n a l phase-in program by approximately $245 m i l l i o n e f f e c t i v e February 18, 1981 and by another $245 m i l l i o n e f f e c t i v e May 20, 1981. 2 Reserve balances with Federal Reserve Banks plus vault cash at i n s t i t u t i o n s with required reserve balances plus vault cash equal to required reserves at other i n s t i t u t i o n s . 3 Includes reserve balances at Federal Reserve Banks in the current week plus vault cash held two weeks e a r l i e r used to s a t i s f y reserve requirements at a l l depository i n s t i t u t i o n s plus currency o u t s i d e the U.S. Treasury, Federal Reserve Banks, the vault of depository i n s t i t u t i o n s , and surplus vault cash at depository i n s t i t u t i o n s . 4 Reserve aggregates s e r i e s have been adjusted to remove 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 the implementation of the Monetary Control Act, marginal reserve requirements, the Inclusions of Edge Act Corporation Reserves, and other changes i n Regulations D and K. Prior to the February 18, 1981, reserve aggregates e e r i e s have been adjusted h i s t o r i c a l l y to conform to the structure of reserve requirements currently i n e f f e c t . Beginning February 18, the s e r i e s have been adjusted to remove the e f f e c t s of scheduled t r a n s i t i o n a l changes in reserve requirements under the MCA. 5 On August 5 , 1981 bank-related commercial paper outstanding was$30,702 m i l l i o n . 6 Yield at 20-year constant maturity. Source: U.S. Treasury. 7 Reserve measures r e f l e c t i n c r e a s e s i n required r e s e r v e s , l a r g e l y in November 1980, a s s o c i a t e d with the reduction of weekend avoidance a c t i v i t i e s of a few large banks. The reduction of these a c t i v i t i e s leads to e s s e n t i a l l y a one-time increase—currently estimated at $550 t o $600 m i l l i o n — i n the average l e v e l of required r e s e r v e s that need to be held for a given l e v e l of d e p o s i t s entering the money supply. This increase in required reserves would r a i s e reserve aggregates for technical reasons unrelated to monetary p o l i c y . Growth rates shown in parentheses r e f l e c t adjustment for t h i s technical f a c t o r . No s i g n i f i c a n t i n f l u e n c e on money supply data has been i d e n t i f i e d as a r e s u l t of t h i s technical change. NOTE: All percentage changes are at s e a s o n a l l y adjusted annual r a t e s , not compounded. p—Indicates preliminary d a t a . Special c a u t i o n should be taken in i n t e r p r e t i n g week-to-week changes in money supply data, which are *Zten highly vole and subject t o r e v i s i o n in subsequent weeks and months.
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