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FEDERAL RESERVE statistical release RBS . • For Immediate Release H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures December 18, 19L81 Percent change Average of 4 weeks ended Levels Week ended 4 weeks ended Dec. I6p I Nov. 18p Dec. 9p Dec. 16p Millions of dollars, seasonally adjusted Reserve aggregates (adjusted)1 Total reserves 2 N on borrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base 4 40,891 40,493 40,110 39,492 40,501 40,084 40.247 39.248 40,623 40,940 166,122 39,617 39,939 164,688 40,210 40,321 165,183 39,537 40,018 164,344 Week ended 4 weeks ended Dec. 9p Dec. 2p Dec. 9p | Nov. H p Billions of dollars, seasonally adjusted Monetary aggregates M1-A (Currency plus demand deposits) M1-B (M1-A plus other checkable deposits) 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 p a p e r 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 362.2 360.2 364.5 362.4 438.4 433.6 439.8 440.6 4 weeks ended Week ended Dec. 16 | Dec. 9 T Dec. 16 | Nov. 18 Not seasonally adjusted 39.8 70 130 12.26 10.84 12.20 12.54 13.38 13.67 618 30 125 12.04 10.26 11.39 11.67 12.48 13.45 418 53 126 12.30 10.43 11.53 11.84 12.59 13.39 999 128 288 14.21 12.02 13.51 13.92 14.80 14.39 , December 16, 1981 from 4 w e e k s averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 2.1 3.1 7.3 6.2 16.5 13.7 12.6 17.1 7.6 3.2 6.4 3.9 3.5 4.7 4.5 Average of 4 weeks ended December 9 , 1981 from 4 weeks averages 26 weeks 52 weeks "13 woeks previous previous previous Seasonally adjusted annual rates 1.6 -7.3 4.7 5.9 iPllplIBIiSiSSiffi ! KB iiiiiiiilliliillii - 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 banks and Edge Act c o r p o r a t i o n s and o t h e r d e p o s i t o r y 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 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 of t h e Monetary C o n t r o l A c t , 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 changes 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 w i t h F e d e r a l Reserve Banks (which exclude r e q u i r e d c l e a r i n g b a l a n c e s ) 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 q u i r e d r e s e r v e b a l a n c e s p l u s v a u l t cash e q u a l t o r e q u i r e d r e s e r v e s a t o t h e r 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 borrowing a t t h e d i s c o u n t window under t h e terms 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 extended 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 not t h e same need t o r e p a y such borrowing promptly a s t h e r e i s w i t h t r a d i t i o n a l s h o r t - t e r m a d j u s t m e n t c r e d i t , the money market impact of extended c r e d i t i s s i m i l a r t o t h a t of nonborrowed r e s e r v e s . 4 i n c l u d e s r e s e r v e b a l a n c e s and r e q u i r e d c l e a r i n g b a l a n c e 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 cash held 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 Reserve 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 cash a t depository i n s t i t u t i o n s . 5 On December 9 , 1981 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 $31,579 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 . Source: U.S. T r e a s u r y . NOTE: A l l p e r c e n t a g e changes a r e a t s e a s o n a l l y a d j u s t e d annual r a t e s , n o t compounded. p — I n d i c a t e s p r e l i m i n a r y d a t a . S p e c i a l c a u t i o n should be t a k e n i n i n t e r p r e t i n g week-to-week changes i n money s u p p l y d a t a , which a r e o f t e n h i g h l y v o l a t i l e and s u b j e c t t o r e v i s i o n i n subsequent weeks and months.
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