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/dL>lL&A.Cjo ••Lv's^d,:-. FEDERAL RESERVE statistical release •%LRBSt; For Release at 4 15 p m Eastern Time H.9 (511) DECEMBER 16, WEEKLY SUMMARY OF RESERVES AND INTEREST RATES Levels Week ended 4 weeks ended Row 16P Dec 14P Dec 7P Dec 14P 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 37,361 36,731 36,732 36,842 186,402 37,607 37,165 37,167 37,097 185,804 Other reserve measures and Interest ratee 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 6 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 2 3 630 89 1 9.52 9.04 9.51 9.71 1 0 . 18 1 2 . 13 37,452 36,685 36,689 36,938 185,240 Percent change Average of 4 weeks ended December 1 4 , 1983P from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates -1.3 6.7 1.1 -1.2 7.2 4.3 4.0 3.5 4.1 9.2 1.3 4.1 0.6 1.2 7.0 4 weeks ended Week ended Dec 14 37,544 36,852 36,857 37,044 185,986 1983 Dec 14 Dec 7 Not seasonally adjusted Nov 16 691 106 5 9.39 8.91 9.23 9.46 9.91 11.95 767 127 4 9.39 8.68 9.07 9.31 9.70 11.93 442 89 2 9.49 8.92 9.22 9.42 9.83 11.94 :Nj|g i . R e s e r v e 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 o f member b a n k s and Edge l e t C o r p o r a t i o n s and o t h e r d e p o sitory 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 w i t h t h e i m p l e m e n t a t i o n o f t h e Monetary Control Act, t h e i n c l u s i o n o f 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 n l a t i o n D h a v e been removed. R e s e r v e b a l a n c e s w i t h 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 w i t h r e g u i r e d reserve balances p l u s vault cash equal t o required reserves at other i n s t i t u t i o n s . E x t e n d e d c r e d i t c o n s i s t s o f b o r r o w i n g a t t h e d i s c o u n t e i n d o e u n d e r t h e t e r m s and c o n d i t i o n s established 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 pressures. B e c a u s e t h e r e i s n o t t h e same n e e d t o r e p a y s u c h b o r r o w i n g p r o m p t l y a s t h e r e i s with t r a d i t i o n a l shortterm a d j u s t m e n t c r e d i t , t h e money market i m p a c t o f e x t e n d e d c r e d i t i s s i m i l a r to that of nonborroved c o n s i s t s o f 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 R e s e r v e Banks in 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 w e e k s e a r l i e r u s e d 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 at all 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 B a n k s , and t h e vaults of d e p o s i t o r y i n s t i t u t i o m s , p l u s 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 December 7 , 1983 b a n k - r e l a t e d c o m m e r c i a l p a p e r o u t s t a n d i n g was $ 3 7 , 0 3 1 m i l l i o n . 6 yield at 20-year constant maturity. Source: 0.S* Treasury. notes i 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 ammual r a t e s * n o t c o m p o u n d e d . P—indicates preliminary data. 4
@FedFRASER