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FEDERAL RESERVE statistical release f*AL RE** For Immediate Release H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures February 20, 1981 Levels Week ended 4 weeks ended Feb. 18 Jan. 21 Feb. 18 Feb. 11 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 40,197 39,052 39,832 160,867 39,168 38,055 38,998 159,527 39,811 38,498 39,520 160,186 40,158 38,784 39,556 160,224 Reserve aggregates (adjusted)4 Total reserves Nonborrowed reserves Required reserves Monetary base 40,176 39,031 39,811 160,846 39,147 38,034 38,977 159,506 39,790 38,477 39,499 160,165 40,137 38,763 39,535 160.203 Week ended 4 weeks ended Feb. l l n Jan. 14n Feb. l i p Feb. 4p Billions of dollars, seasonally adjusted Monetary aggregates M-1A (Currency plus demand deposits) M-1B (M-1 A plus other checkable deposits) 365.7 416.1 367.0 415.1 367.6 415.2 Percent change 7 Average of 4 weeks ended February 18, 1981 from 4 weeks averages 13 weeks 26 weeks I 52 weeks previous previous previous Seasonal y adjusted annual rates • I 6.4(4.9) 1.6(-4.2) 10.0(7,0) 7.2(5.6) 7.3( 1.2) 6.1(3.0) 6.5(5.0) 2.5(-3.3) 10.4(7.3) 4.0( 2.6) 8.0(7.3) 7.9(7,5) Average of 4 weeks ended February 11, 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonal adjusted annual rates 380.1 413.4 m Feb. 11 I Feb 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 90 day dealer placed commercial paper 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1145 154 15.81 15.22 16.07 16.82 18.11 13.21 1113 131 16.51 15.32 15.89 16.50 17.16 12.96 1313 137 16.91 15.18 16.20 16.84 17.77 12.82 1374 114 19.38 14.72 16.52 17.12 17.88 12.13 •liillil H i ill i E: i : i Hi :::::::::::::: •Uiiiih: :::::::::::: 1 Includes required reserves against deposits at member banks and Edge Act corporations and beginning November 13, 1980, at other depository institutions. Effective November 13, 1980 required reserves of member banks and Edge Act corporations were reduced about $4.3 billion and required reserves of other depository institutions were increased about $1.4 billion due to the implementation of the Monetary Control Act of 1980. 2 Reserve balances with Federal Reserve Banks plus vault cash at institutions with required reserve balances plus vault cash equal to required reserves at other institutions. 3 Includes reserve balances at Federal Reserve Banks in the current week plus vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, the vaults of depository institutions, . and surplus vault cash at depository institutions. 4 Reserve aggregates series have been adjusted to remove discontinuities 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 31, 1981 bank-related commercial paper outstanding was $26,546 million. 6 Yield at 20-year constant maturity. Source: U.S. Treasury. 7 Reserve measures reflect increases in required reserves, largely in November 1980, associated with the reduction of weekend avoidance activities of a few large banks. The reduction in these activities leads to essentially a one-time increase—currently estimated at $550 to $600 million—in the average level of required reserves that need to be held for a given level of deposits entering the money supply. This increase in required reserves would raise reserve aggregates for technical reasons unrelated to monetary policy. Growth rates shown in parentheses reflect adjustment for this technical factor. No significant influence on money supply data has been identified as a result of this technical change. NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded. p-Indicates preliminary data. Special caution should be taken in interpreting week-to-week changes in money supply data, which are often highly volatile and subject to revision in subsequent weeks and months.
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