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FEDERAL RESERVE statistical release •3S H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures For Immediate Release February 13, 1981 Levels Week ended 4 weeks ended Feb. 11 Feb. 4 Feb. 11 Jan. 14 Millions of dollars, seasonally adjusted Reserve aggregates 1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 39,228 38,115 38,998 159,143 39 , 9 77 38,776 39 , 749 160,321 39,876 38,495 39 , 535 159,999 40,139 38,708 39,462 160,134 Reserve aggregates (adjusted) * Total reserves Nonborrowed reserves Required reserves Monetary base 39,207 38,094 38,977 159.122 39,956 38,755 39 , 728 160.300 39,855 38,474 39,514 159.978 40,118 38,687 39,441 1*0,113 Week ended Monetary aggregates M-1A (Currency plus demand deposits) M-1B (M-1 A plus other checkable deposits) Other reserve measures and interest rates Member bank borrowings ($ mil.) Includes seasonal borrowings of: Federal funds rate 3-month Treasury bill rate 90 day dealer placed commercial paper 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 4 weeks ended Feb. 4p Jan. 28p Feb. 4p Ji Jan. 7P Billions of dollars, seasonally adjusted 366.9 367.4 415.1 413.3 Week ended 369.7 383.1 415.4 412.5 4 weeks ended Percent change 7 ~ " Average of 4 weeks ended February 11, 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous revious Seasonal y adjusted annual rates 5 . 1 ( - 0 . 7 ) 12.2(9.1) 7.2(5.7) 8.2( 2.1) 7.9(4.8) 7.1(5.5) 4 . 5 ( - 1 . 4 ) 11.8(8.7) 6.9(5.4) 4,G( 3.2) 8,5(7,8) 8,1(7.7) weeks ended Average off 44 weeks February 4, 1981 from 4 weeks averages 52 weeks 13 weeks 26 weeks previous previous previous Seasonal y adjusted annual rates -18.1 2.2 -3.2 8.7 -0 * 3 6.9 ot seasonally 1113 131 16.51 15.32 15.89 16.50 17.16 12.96 1201 125 17.19 14.78 15.98 16.55 17.23 12.60 1382 129 17.79 15.24 16.47 17.07 17.89 12.61 1431 113 19.40 14.61 16.81 17.32 18.05 12.09 Includes required reserves a g a i n s t d e p o s i t s a t member banks and Edge Act corporations and beginning November 13, 1980, a t other depoeitory i n s t i t u t i o n s . E f f e c t i v e November 13, 1980 required reserves of member banks and Edge Act corporations were reduced about $4.3 b i l l i o n and required reservee of other depository i n s t i t u t i o n s were increased about $1.4 b i l l i o n due to the implementation of the Monetary Control Act of 1980. 2 Reserve balances with Federal Reeerve Banks plus vault cash a t i n s t i t u t i o n s with required reserve balances plus vault cash equal to required reeerves a t other i n s t i t u t i o n s . 3 Includes reserve balancee a t Federal Reserve Banks in the current week plus v a u l t cash held two weeks e a r l i e r ueed to s a t i s f y reserve requirements a t a l l depository i n s t i t u t i o n s plus currency out s i de the U.S. Treasury, Federal Reserve Banks, the vault of depository i n s t i t u t i o n s , and surplus v a u l t cash a t depository i n s t i t u t i o n s . 4 Reserve aggregates s e r i e s have been adjusted to remove d i s c o n t i n u i t y associated with the implementation of the Monetary Control Act, marginal reserve requirements, the inclusions of Edge Act corporation reserves, and other changes in Regulations D, K, and M. 5 On February 4, 1981 bank-related commercial paper outstanding was $25,880 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. Treasury. 7 Reserve measures of recent weeks r e f l e c t increases in required reserves, l a r g e l y i n November, associated with the reduction of weekend avoidance a c t i v i t i e s of a few large banks. The reduction of these a c t i v i t i e s leads to e s s e n t i a l l y a one-time increase—currently estimated a t $550 to $600 million—in the average level of required reserves t h a t need to be held f o r a given l e v e l of deposits entering the money supply. This increase in required reserves would r a i s e reserve aggregates f o r technical reasons unrelated to monetary policy. Growth r a t e s shown in parentheses r e f l e c t adjustment f o r t h i s technical f a c t o r . No s i g n i f i c a n t influence on money supply data has been i d e n t i f i e d as a r e s u l t of t h i s technical change. NOTE: All percentage changes are a t seasonally adjusted annual r a t e s , not compounded. p—Indicates preliminary data* Special caution should be taken in i n t e r p r e t i n g week-to-week changes in money supply data, which are o f t e n i l g h l y v o l a t i l e and subject to revision In subsequent weeks and months.
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