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,0t C-OVf F E D E R A L R E S E R V E Reserve Aggregates^ For Immediate Release Per cent Change (Seasonally Adjusted Annual Rates) 4 Weeks ended Week ended Dec. 21 | Dec. 21 ' Dec. 21 | Nov. 23 ($ Bil., SA) Average of 4 weeks ended December 21, 1977from 4 Week averages 13 weeks previous |26 weeks previous | 52 weeks previous 36.31 35.78 36.12 36.23 35.72 35.92 36.09 35.41 35.84 36.05 35.19 35.84 Week ended 4 Weeks ended Dec. 14 ~ T Dec. 7 | Dec. 14 1 Nov. 16 C$ Bil., SA) Monetary Aggregates 333.8 M1 (Currency plus demand deposits) Mr (M plus time deposits at commercial banks other than large time CD's) Time deposits, all commercial banks U.S. Government demand deposits, member banks Other Reserve Measures & Interest Rates Member bank borrowings ($ mil.) Includes seasonal borrowings of: Federal funds rate 3-month Treasury bill rate 90-119 day dealer placed commercial paper 2/ 3-month CD rate (secondary market) 3/ 90-day CD rate (primary offering) kj 3-month Euro-dollar rate U.S. Government bond rate 5/ December 22, 1977 Levels Total reserves Nonborrowed reserves Required reserves 1/ release WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES (Averages of daily figures) H.9 (Rev. 9/77) NSA—not seasonally adjusted statistical 805.1 545.3 2.9 334.9 806.1 544.1 3.1 333.4 804.2 543.7 3.3 5.1 6.4 5.0 7.8 5.3 7.5 4.8 3.0 4.9 Average of 4 weeks ended December 14, 1977from 4 waeks averages" 13 weeks previous | 26 weeks previous [ 52 weeks previous 333.4 4.4 7.6 7.4 800.9 536.3 3.3 6.7 8.8 9.3 14.9 12.3 11.3 Week ended 4 Weeks ended Dec. 21 | Dec. 14 Dec. 21 | Nov. 23 (NSA) 528 675 854 509 53 89 56 63 6.54 6.50 6.52 6.49 6.12 5.99 6.06 6.04 6.55 6.64 6.60 6.58 6.69 6.72 6.72 6.67 6.70 6.70 6.56 6.62 7.12 7.13 7.11 7.05 7.77 7.89 7.82 7.81 SA—seasonally adjusted Includes required reserves against Eurodollar borrowings and bank-related commercial paper. Reserve aggregates reflect changes in Regulation D. Per cent annual rates of growth for required reserves and other reserve aggregates have been adjusted to remove the effect of these structural changes. 2J On. December 14, 1977 bank-related commercial paper amounted to 8,795 million. 3/ Average of range of offering rates of negotiable certificates of deposit with 3-month maturity in secondary market. 4/ Posted ranges - the annual interest rates most often quoted on new offerings of negotiable certificates of deposit in denominations of $100,000 or more. 5/ Yield at 20-year constant maturity. Source: U.S. Treasury NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded.