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FEDERAL RESERVE statistical release For Release at 4:10 p.m. EOT H.9(511) August WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures 4 weeks ended JULY 21P AUG 18P AUG 11P AUG 18P Millions of dollars, seasonally adjusted 42,073 41,590 41,713 41,792 173,949 41,700 41,331 41,395 41,307 173,247 20, 1982 Percent change Average of 4 weeks ended Levels Week ended Reserve aggregates (adjusted) 1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base4 [[[[ 41,779 41,259 41,317 41,464 173,358 41,402 40,442 40,513 41,032 172,345 AUGUST 1 8 , 1982P from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 3.7 12.2 10.7 4.2 6.5 2.5 10.0 9.1 2.6 6.3 5.3 7.9 8.0 5. 3 6. 5 Average of 4 weeks ended 4 weeks ended Week ended JULY AUG 11P AUG 4P AUG 11P Billions of dollars, seasonally adjusted M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits. 453.5 453.4 449.7 Seasonally adjusted annual rates 0.4 il.8 5.2 4 weeks ended Week ended AUG 18 452.2 14P AUGUST 1 1 , 1 9 8 2 P from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous AUG 11 AUG 18 JULY 21 Not seasonally adjusted Other reserve measures 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 paper6 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate® 1 483 131 123 1 0 . 11 8 . 68 1 0 . 15 1 0 ., 5 1 1 1 . 58 1 2 ., 8 7 369 133 64 1 0 . ,90 9 . ,99 1 1 ., 2 8 11. , 6 5 1 2 ., 6 9 13. , 5 1 520 155 58 1 0 ., 8 0 9 ., 7 8 1 1 ., 0 9 11., 4 7 12. , 5 1 13. . 3 7 960 247 71 1 3 . 65 1 2 . 14 1 3 . ,90 1 4 . ,46 1 5 . 29 1 4 . ,00 RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACT CORPORATIONS AND OTHER DEPOSITORY I N S T I T U T I O N S . D I S C O N T I N U I T I E S ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER: CHANGES I N REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 3 1 , 1981 RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESEEVABLE L I A B I L I T I E S TO INTERNATIONAL BANKING F A C I L I T I E S ( I B F S ) . 2 RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) 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 INSTITUTIONS. 3 EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOB THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY I N S T I T U T I O N S DEAL WITH SUSTAINED L I Q U I D I T Y PRESSURES. BECAUSE THERE I S NOT THE SAME NEED TO SEPAY SUCH BORROWING PROMPTLY AS THERE I S WITH T R A D I T I O N A L SHORTTERM ADJUSTMENT C R E D I T , THE MONEY MARKET IMPACT OF EXTENDED CREDIT I S S I M I L A R TO THAT OF NONBORROWED RESERVES. 4 INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS I N THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY I N S T I T U TIONS PLUS CURRENCY OUTSIDE THE U . S . TREASURY, FEDERAL RESERVE BANKS, THE VAULTS 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 . 5 ON AUG. 1 1 , 1 9 8 2 BANK-RELATED COMMERCIAL PAPER OUTSTANDING WAS * 3 5 , 5 8 1 M I L L I O N . 6 Y I E L D AT 2 0 - Y E A R CONSTANT MATURITY. SOURCE: U . S . TREASURY. NOTE: ALL PERCENTAGE CHANGES ARE AT SEASONALLY ADJUSTED ANNUAL RATES, NOT COMPOUNDED. P — I N D I C A T E S PRELIMINARY DATA. S P E C I A L CAUTION SHOULD BE TAKEN I N INTERPRETING WEEK-TOWEEK CHANGES I N MONEY SUPPLY DATA, WHICH ARE OFTEN HIGHLY V O L A T I L E AND SUBJECT TO R E V I S I O N I N SUBSEQUENT WEEKS AND MONTHS. v
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