Full text of H.9 Weekly Summary of Reserves and Interest Rates : December 22, 1980

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FEDERAL RESERVE statistical release
For immediate r e l e a s e
December 2 2 , 1980

H.9 (511)

CORRECTED COPY

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES
Averages of daily figures

Levels
4 weeks ended

Week ended
D e c . 17

D e c . 10

D e c . 17

Nov. 19

Millions of dollars, seasonally adjusted
Reserve aggregates 1
Total reserves 2
Nonborrowed reserves
Required reserves
Monetary base3
Reserve aggregates (adjusted)
Total reserves
Nonborrowed reserves
Required reserves
Monetary base 3

160,200

39,530c
37,744c
39,268c
158,693

40,210c
38,298c
39,736c
159,584

41,796c
39,955c
41,418c
161,393

40,312
38,807
39,877
160,179

39,509
37,723
39,247
158,672

40,188
38,276
39,714
159,562

39,629
37,788
39,251
158.550

40,333c
38,828c
39*898c

Percent change U ~
Average of 4 weeks ended
December 17, 1980
from 4 weeks averages
52 weeks
26 weeks
13 weeks
previous
previous
previous
Seasonal y adjusted annual rates

l~

4

4 weeks ended

Week ended
D e c . lOp

D e c . 3p

D e c . lOp

N o v . 12p

Billions of dollars, seasonally adjusted
Monetary aggregates
M-1A (Currency plus demand deposits)
M-1B (M-1 A plus other checkable deposits)

386.6
412.4

388.5
414.0

Week ended

388.2
413.5

18.0
8.4
16.1
10.9

(12.0) 15.0 (11.9) 7.8 (6.2)
( 2.2)
8 . 1 ( 4.9) 7.5 (5.9)
(10.1) 13.4 (10.3) 7.5 (6.0)
( 9.4) 11.1 (10.4) 9.1 (8.7)
Average of 4 weeks ended
December 1 0 , 1980
from 4 weeks averages
52 weeks
2 6 weeks
13 weeks
previous
previous
previous
Seasonal y adjusted annual rates

388.2
412.6

4 weeks ended
SHHiiEi:

Not seasonally adjusted
Other reserve measures and interest rates
Member bank borrowings ($ mil.)
Includes seasonal borrowings of:
Federal funds rate
3-month Treasury bill rate
9 0 day dealer placed commercial paper 5
3-month CD rate (secondary market)
3-month Eurodollar rate
U.S. Government bond rate 6
1

J : !il

19.83
16.73
19.74
20.58
21.36
13.05

18.82
18.02
18.73
19.46
12.58

1912
115
18.45
15.45
17.65
18.30
18.99
12.62

14.26
13.01
14.10
14.62
15.49
12.38

iHiHilHihlhhHUH
mSSSSSm

82HS8B

UssHiiuiH

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 d e p o s i t s a t member b a n k s a n d Edge Act c o r p o r a t i o n s a n d b e g i n n i n g
November 1 3 , 1 9 8 0 , a t 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 .
E f f e c t i v e November 1 3 , 1980 r e q u i r e d r e s e r v e s of
member b a n k s a n d Edge A c t c o r p o r a t i o n s w e r e r e d u c e d a b o u t $ 4 . 3 b i l l i o n a n d r e q u i r e d r e s e r v e s of 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 w e r e i n c r e a s e d a b o u t $ 1 . 4 b i l l i o n due t o t h e i m p l e m e n t a t i o n o f t h e M o n e t a r y
C o n t r o l Act of 1980.
2 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 q u i r e d r e s e r v e b a l a n c e s
plus v a u l t cash equal to r e q u i r e d reserves a t other i n s t i t u t i o n s .
3 i n c l u d e s r e s e r v e b a l a n c e s a t F e d e r a l R e s e r v e 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. Treasury,
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 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
4 R e s e r v e a g g r e g a t e s s e r i e s h a v e b e e n a d j u s t e d t o remove 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 M o n e t a r y C o n t r o l A c t , m a r g i n a l r e s e r v e r e q u i r e m e n t s , t h e i n c l u s i o n s of Edge A c t 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 s D, K, and M.
5 on December 1 0 , 1980 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 $ 2 5 , 4 2 2 m i l l i o n .
6 Yield a t 20-year constant m a t u r i t y .
Source: U.S. T r e a s u r y .
R e s e r v e m e a s u r e s f o r r e c e n t w e e k s r e f l e c t i n c r e a s e s i n r e q u i r e d r e s e r v e s , l a r g e l y i n November, a s s o c i a t e d
7
w i t h t h e r e d u c t i o n of w e e k e n d a v o i d a n c e a c t i v i t i e s of a few l a r g e b a n k s .
The r e d u c t i o n i n t h e s e a c t i v i t i e s
l e a d s t o e s s e n t i a l l y a o n e - t i m e i n c r e a s e — c u r r e n t l y e s t i m a t e d a t $550 t o $600 m i l l i o n — i n t h e a v e r a g e l e v e l
of r e q u i r e d r e s e r v e s t h a t n e e d t o b e h e l d f o r a g i v e n l e v e l o f d e p o s i t s e n t e r i n g t h e money s u p p l y . T h i s
i n c r e a s e i n r e q u i r e d r e s e r v e s would r a i s e r e s e r v e a g g r e g a t e s f o r t e c h n i c a l r e a s o n s u n r e l a t e d to mouetary p o l i c y
Growth r a t e s shown i n p a r e n t h e s e s r e f l e c t a d j u s t m e n t f o r t h i s t e c h n i c a l f a c t o r . No s i g n i f i c a n t i n f l u e n c e on
money s u p p l y d a t a h a s b e e n i d e n t i f i e d a s a r e s u l t o f t h i s t e c h n i c a l c h a n g e .
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— 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 s h o u l d b e t a k e n i n i n t e r p r e t i n g w e e k - t o - w e e k c h a n g e s i n money
supply 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 s u b s e q u e n t weeks and n i n t h s .

C—Correction