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F E D E R A L H.9 (Re^TA/72) R E S E R V E s t a t i s t i c a l r e l e a s e WEEKLY SUMMARY OF BANKING AND CREDIT 1CASURES ( A v e r a g e s of d a i l y f i g u r e s ) For Immediate R e l e a s e December 2 1 , 1972 ( S e a s o n a l l v AdlnfihpH Anfinnl Reserve Aggregates Dec. 1/2/ Total reserves Noriborrowed r e s e r v e s Required r e s e r v e s R e s e r v e s A v a i l a b l e t o S u p p o r t P v t . Nonbank D e p o s i t s Dec. 3/ ( C u r r e n c y p l u s demand d e p o s i t s ) M_ (M. p l u s t i m e d e p o s i t s a t c o m m e r c i a l b a n k s ) o t h e r than l a r g e time CD's) A d j u s t e d c r e d i t p r o x y Ay Time d e p o s i t s , a l l c o m m e r c i a l b a n k s U . S . G o v e r n m e n t demand d e p o s i t s , member b a n k s 13 245.6 31.20 30.29 30. 98 28.6 8 31.15 30.26 3 0 . 88 28.79 32.53 31.88 32.21 29.82 4 Wks. e n d e d 1 Dec. 61 D e c . 13 1 Nov. 15 ($ B i l . , SA) 246.1 244. 7 242. 9 512/6 512.1 510.5 506. 3 402.8 403.4 401. 9 397. 0 310. 1 308.4 308. 1 3 0 4 . ,4 7.8 7.5 , 7.8 6. 7 Week e n d e d 4 Wks. e n d e d D e c . 20 1 D e c . 13 D e c . 201 Nov. 22 (NSA) Other Reserve Measures & I n t e r e s t Rates Member b a n k b o r r o w i n g s ($ m i l . ) F r e e o r n e t b o r r o w e d ( - ) r e s e r v e s ($ m i l . ) 2 / Federal funds r a t e 3-month T r e a s u r y b i l l r a t e 90-119 day d e a l e r placed commercial paper r a t e 3 - m o n t h CD r a t e ( s e c o n d a r y m a r k e t ) 6 / 3-month E u r o - d o l l a r r a t e U . S . G o v e r n m e n t bond r a t e 7 / 31.41 29.96 31. 18 38.85 4 Wks. e n d e d 1 D e c . 13 D e c . 20 | Nov. 22 ($ B i l . , SA) 5/ 1223 / 1070 5,38 5 . 12 5.45 5.40 5.96 6.00 807 -564 5.29 5.05 5.28 5.3 i 6.06 5.91 797 -536 ' 5.22 5.00 5.32 5.29 5. 96 5.89 607 -281 5.04 .4.75 5.16 5.22 5.83 5.81 A v e r a g e of 4 Weeks Ended D e c . 2 0 . 1972 13 w e e k s p r e v i o u s 1 26 w e e k s p r e v i o u s 1 12.0 8. 2 11.8 9.3 7.6 2. 8 7. 3 9. 9 A v e r a g e of 4 Weeks Ended 13 w e e k s p r e v i o u s 52 w e e ks p r e v i o u s . 10.3 8.4 10.2 9. 6 • • Dec. \ 5.3 8. 1 1L8 . 12.2 13, 1972 1 I Monetary Aggregates 20 | f r o m 4 Week A v e r a g e s 52 w e e k s p r e v i o u s 7.3 7.4 9.0 ' 10.4 13. 1 10.3 11.7 15. 1 * NSA—Not S e a s o n a l l y A d j u s t e d . SA--Seasonally Adjusted 1/ I n c l u d e s r e q u i r e d r e s e r v e s a g a i n s t E u r o - d o l l a r b o r r o w i n g s and 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 . R e s e r v e s A v a i l a b l e t o S u p p o r t P r i v a t e Nonbank D e p o s i t s a r e r e q u i r e d r e s e r v e s f o r p r i v a t e demand d e p o s i t s , t o t a l t i m e and s a v i n g s d e p o s i t s , n o n d e p o s i t s o u r c e s s u b j e c t t o r e s e r v e r e q u i r e m e n t s , and e x c e s s r e s e r v e s . R e s e r v e a g g r e g a t e s r e f l e c t t h e c h a n g e i n R e g u l a t i o n D e f f e c t i v e November 9 , w h i c h r e d u c e d r e q u i r e d r e s e r v e s b y a b o u t $ 3 . 2 b i l l i o n . Per cent annual r a t e s o f g r o w t h f o r r e q u i r e d r e s e r v e s and o t h e r r e s e r v e a g g r e g a t e s h a v e b e e n a d j u s t e d t o r e m o v e t h e e f f e c t of t h i s s t r u c t u r a l c h a n g e . 2 / A d j u s t e d t o i n c l u d e $ 4 5 0 m i l l i o n of c e r t a i n r e s e r v e d e f i c i e n c i e s on w h i c h p e n a l t i e s c a n b e w a i v e d f o r a t r a n s i t i o n p e r i o d i n c o n n e c t i o n w i t h b a n k a d a p t a t i o n t o R e g u l a t i o n J a s amended e f f e c t i v e November 9 , 1 9 7 2 . 3/ I m p l e m e n t a t i o n o f r e v i s e d R e g u l a t i o n J on November 9 , b e c a u s e of i t s e f f e c t s on c l e a r i n g a c c o u n t s on b a n k b a l a n c e s h e e t s , had t h e e f f e c t of r a i s i n g demand d e p o s i t s a s c a l c u l a t e d f o r i n c l u s i o n i n money s u p p l y . H o w e v e r , t h e r e s u l t i n g i n c r e a s e h a s b e e n e l i m i n a t e d f r o m c u r r e n t money s u p p l y d a t a ( b e g i n n i n g w i t h t h e week ended November 15) i n o r d e r t o a v o i d a d i s c o n t i n u i t y i n t h e s e r i e s . The upward a d j u s t m e n t of money s u p p l y a s a r e s u l t of r e v i s e d R e g u l a t i o n J w i l l b e i n c o r p o r a t e d i n t h e s t a t i s t i c s a t t h e t i m e of t h e r e g u l a r a n n u a l b e n c h m a r k and s e a s o n a l a d j u s t m e n t r e v i e w . At t h e same t i m e , h i s t o r i c a l f i g u r e s w i l l a l s o b e r e v i s e d on a c o n s i s t e n t b a s i s . The f o r t h c o m i n g a d j u s t m e n t s t o t h e f i g u r e s s t e m m i n g f r o m t h e c h a n g e i n R e g u l a t i o n J w i l l p r i m a r i l y a f f e c t t h e l e v e l of t h e s e r i e s and w i l l t h e m s e l v e s h a v e m i n i m a l e f f e c t s on r a t e s o f c h a n g e . 4/ I n c l u d e s member b a n k d e p o s i t s , 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 , E u r o - d o l l a r b o r r o w i n g s of U . S . b a n k s , and c e r t a i n n o n d e p o s i t i t e m s . 5_/. On D e c e m b e r 13, 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 a m o u n t e d t o $ 2 , 6 7 5 m i l l i o n . J5/ A v e r a g e o f r a n g e of o f f e r i n g r g t e s on n e g o t i a b l e c e r t i f i c a t e s o f d e p o s i t w i t h 3 - m o n t h m a t u r i t y I n s e c o n d a r y m a r k e t . 2/ D a i l y a v e r a g e y i e l d on 2 0 - y e a r b o n d s . 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 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 c o m p o u n d e d .
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