The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
•0FCOyf'-. FEDERAL RESERVE statistical release M H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures For Immediate Release August 21, 1981 Levels 4 weeks ended Week ended August 19 August 12 August 19 July 22 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 41,781 40,324 41,564 166,127 40,983 39,712 40,661 165,002 41,285 39,829 40,943 165,454 41,063 39,406 40,701 164,731 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 41,030 39,573 40,813 166,029 40,472 39,201 40,150 165,166 40,714 39,258 40,372 165,564 40,552 38,895 40,190 164,856 4 weeks ended Week ended iirsssu; August 12p Monetary aggregates Mi-A (Currency plus demand deposits) Ml-Q (Ml-A plus other checkable deposits) 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 rate 6 1 AVMSt. 12 seasonally July I2v 364.0 364.3 362.1 361.9 434.7 433.9 429.9 431.5 Week ended 4 weeks ended August 191 August 12 August 191 July 22 Not seasonally adjusted 1457 231 18.19 15.61 17.36 18.01 18.73 14.24 1271 223 18.29 15.23 17.23 17.91 18.78 14.23 1456 235 18.32 15.32 17.26 17.97 18.82 14.27 1657 258 19.15 14.71 16.78 17.52 18.29 13.73 Percent change 7 Average of 4 weeks ended August 19, 1981 from 4 weeks averages 13 weeks 26 weeks | 52 weeks previous | previous | previous Seasonally adjusted annual rates 2..5 9..5 0,,9 5.,2 5.,0 4.,5 4.,7 6.,7 7.,5 5.,1 7,,5 7,,5 (5.9) (3.6) (6.0) (7.1) Average of 4 weeks ended August 12, 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates -5.0 -2.6 -4.2 5.9 -4.6 7.1 iiiSSSBHHSS: 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 pursuant to the transitional phase-in program by approximately $245 million effective on each of the following dates: February 18, 1981, May 20, 1981, and August 19, 1981. 2 Reserve balances with Federal Reserve Ranks plus vault cash at institutions with required reserve balances plus vault cash equal to required reserves at other institutions. 3 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. 4 Reserve aggregates series have been adjusted to remove discontinuities associated with the implementation of the Monetary Control Act, marginal reserve requirements, the inclusion of Edge Act Corporation reserves, and other changes in Regulations D and K. Prior to February 18, 1981, reserve aggregates series have been adjusted historically to conform to the structure- of reserve requirements currently 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 August 12, 1981 bank-related commercial paper outstanding was $31,036 million. f) Yield at 20-year constant maturity. Source: U.S. Treasury. 7 Growth of reserve measures reflect increases in required reserves, mostly in November 1980, associated with the reduction of weekend avoidance activities of a few large banks. 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 be 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. MOTE: 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 sunply data, which are often highly volatile and subject to revision in subsequent weeks and months.
@FedFRASER