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FEDERAL RESERVE statistical release H.9 (511) For Release at 4:15 p.m. Eastern Time August 26, 1983 WEEKLY SUMMARY OF RESERVES AND INTEREST RATES Averages of daily figures Levels Week ended Aug 24P Aug 17P 4 weeks ended Aug 24P J u l y 27P Millions of dollars, seasonally adjusted Reserve aggregates (adjusted)1 Total reserves 2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base 4 41,714 40,134 40,658 41,283 185,960 41,831 40,353 40,855 41,355 185,916 41,921 40,420 41,036 41,409 184,976 August 24, 1983P from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 5.7 0.3 0. 1 5.7 7.3 8, 1 3.4 4.5 7,9 9.4 6.7 4.4 5.4 6.3 8.9 4 weeks ended Week ended Aug 24 41,794 40,322 40,804 41,323 185,871 Percent change Average of 4 weeks ended Aug 17 Aug 24 J u l y 27 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 paper 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 1580 207 524 9.41 9.22 9.39 9. 59 10.04 11.74 1478 194 502 9.67 9.43 9.66 9.89 10.30 11.91 1472 193 482 9.58 9.36 9.56 9.78 10.29 11.97 1501 167 615 9. 37 9.05 9.23 9.47 9.98 11.52 Reserve a g g r e g a t e s i n c l u d e r e q u i r e d r e s e r v e s of member b a n k s and Edge Act C o r p o r a t i o n s and o t h e r depository institutions. 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 t h e i m p l e m e n t a t i o n of t h e Monetary C o n t r o l Act, t h e i n c l u s i o n of Edge Act C o r p o r a t i o n r e s e r v e s , and o t h e r c h a n g e s i n R e g u l a t i o n D have been removed. 2 Reserve b a l a n c e s with F e d e r a l R e s e r v e Banks p l u s v a u l t c a s h a t i n s t i t u t i o n s with r e q u i r e d r e s e r v e balances plus vault cash equal to required reserves a t other i n s t i t u t i o n s . 3 Extended c r e d i t c o n s i s t s of b o r r o w i n g a t t h e d i s c o u n t window under t h e t e r m s and c o n d i t i o n s e s t a b l i s h e d f o r t h e e x t e n d e d c r e d i t program t o h e l p d e p o s i t o r y i n s t i t u t i o n s d e a l w i t h s u s t a i n e d l i q u i d i t y p r e s s u r e s . Because t h e r e i s n o t t h e same need t o r e p a y such borrowing promptly a s t h e r e i s with t r a d i t i o n a l s h o r t term a d j u s t m e n t c r e d i t , t h e money market impact of e x t e n d e d c r e d i t i s s i m i l a r t o t h a t of nonborrowed reserves. 4 C o n s i s t s of r e s e r v e b a l a n c e s and s e r v i c e - r e l a t e d b a l a n c e s and a d j u s t m e n t s a t F e d e r a l Reserve Banks i n t h e c u r r e n t week p l u s v a u l t c a s h h e l d two weeks e a r l i e r used t o s a t i s f y r e s e r v e r e q u i r e m e n t s a t a l l d e p o s i t o r y i n s t i t u t i o n s p l u s c u r r e n c y o u t s i d e t h e U.S. T r e a s u r y , F e d e r a l R e s e r v e Banks, t h e v a u l t s of d e p o s i t o r y i n s t i t u t i o n s , and s u r p l u s v a u l t c a s h a t d e p o s i t o r y i n s t i t u t i o n s . 5 On August 17, 1983 b a n k - r e l a t e d commercial p a p e r o u t s t a n d i n g was $36,612 m i l l i o n . 6 Yield a t 2 0 - y e a r c o n s t a n t m a t u r i t y . S o u r c e : O.S. T r e a s u r y . Note: A l l p e r c e n t a g e c h a n g e s a r e a t s e a s o n a l l y a d j u s t e d a n n u a l r a t e s , n o t compounded. P—indicates preliminary data.
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