Full text of H.9 Weekly Summary of Reserves and Interest Rates : February 19, 1982

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FEDERAL RESERVE statistical release
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For Release at 4:10 p.m. EST

H.9 (511)
WEEKLY SUMMARY O F BANKING AND CREDIT MEASURES
Averages of daily figures
Week ended

F e b r u a r y 1 9 , 1982
Levels
4 weeks ended

Febu, 17p
Jq,n. 20p
Feb. lOp
F e b . 17p
Millions of dollars, seasonally adjusted

Reserve aggregates (adjusted)1

Total reserves 2
Nonborrowed reserves
Nonborrowed reserves plus
extended credit 3
Required reserves
Monetary base 4

41,419
39,511

40,532
38,868

41,222
39,250

41,037
39,965

39., 738
40,742

39,093
40,355
167,178

39-, 466
40,864

40,154
40,571
167.015

168,628

Week ended

M1
Sum of currency, travelers checks, demand deposits, and other checkable
deposits.

4 weeks ended

F e b . lOp I J a n . 13p
F e b . lOp
F e b . 3p
Billions of dollars, seasonally adjusted
448.0
445.1
449.-4
446.3
4 weeks ended
Week ended
J a n . 20
F e b . 10
F e b . 17
F e b . 17
Not seasonally adjusted

Percent change
Average of 4 weeks ended
F e b r u a r y 1 7 , 1982p
from 4 weeks averages
26 weeks 52 weeks
13 weeks
previous
previous
previous
Seasonally adjusted annual rates

12.8
3.1

7.7
5.3

5.1
3.5

6.4
4.0
7.5
5.4
5.7
6.5
10.0
Average of 4 weeks ended
February 1 0 , 19S2p
from 4 weeks averages
26 weeks 52 weeks
13 weeks
previous
previous
previous
Seasonally adjusted annual rates
2.3
12.4

12.7

8.4

7.1

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 paper 5
3-month CD rate (secondary market)
3-month Eurodollar rate
U.S. Government bond rate6

1

1908
134
227
15. 61
14. 41
15. 39
15. 84
16. 53
14. 65

1664
114
225
15. 19
13. 92
14. 83
15. 32
1 5 . 86
14. 91

1973
114
216
14 .89
13,.62
14 .55
14 .9915 .68
14 .63

1072
65
189
12. 73
11. 76
12. 73
13. 15
13. 69
1 4 . 47

R e s e r v e 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 arti 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 c h a n g e s i n R e g u l a t i o n D have been removed. Beginning w i t h t h e
week ended December 2 3 , 1981, r e s e r v e s a g g r e g a t e s have been r e d u c e d by s h i f t s of r e s e r v a b l e l i a b i l i t i e s to
I n t e r n a t i o n a l Banking F a c i l i t i e s ( I B F s ) .
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 (which e x c l u d e 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 b o r r o w i n g a t t h e d i s c o u n t window u n d e r t h e t e r m s 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 n o t t h e same need t o r e p a y such borrowing p r o m p t l y 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 , t h e money market impact of e x t e n d e d c r e d i t i s s i m i l a r to 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 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 u s e d 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 R e s e r v e 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 d e p o s i t o r y i n s t i t u t i o n s .
5 On F e b r u a r y 10, 1982 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 $ 3 3 , 4 4 1 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. Treasury.
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 be 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 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 s u b s e q u e n t weeks and m o n t h s .