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— (L - Y / FEDERAL RESERVE statistical release H.9 (511) For Release at 4:10 p.m. EST WEEKLY SUMMARY O F BANKING AND CREDIT MEASURES Averages of daily figures February 26, 1982 Levels Week ended Reserve aggregates (adjusted) 1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit3 Required reserves Monetary base 4 Feb. 24p Feb. 17p Feb. 24p Jan. 27p Millions of dollars, seasonally adjusted 40,359 38,459 41,380 39,472 41,044 39,215 41,187 39,718 38,681 40,360 167,322 39,699 40,803 168,665 39,436 40,736 167,983 39,913 40,770 167,304 Week ended M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits. 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) O m A C turoooiiar i i fAH Allofraie rA d-rnunin U.S. Government bond rate6 1 4 weeks ended 4 weeks ended Feb. 17p Feb. 10d Feb. 17p Jan. 20p Billions of dollars, seasonally adjusted 447.7 446.5 447.7 447.1 Week ended 4 weeks ended . 0L 1 17 FPH. ou 1 .Tan, 97 Not seasonally adjusted 1900 146 222 13.86 12.82 14.05 14.57 15.30 14.07 1908 134 227 15.61 14.41 15.39 15.84 16.53 14.65 1830 126 222 14.86 13.58 14.63 15.08 15.73 14.52 Percent change Average of 4 weeks ended February 24, 1982p from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 9.9 -0.6 6.3 4.3 5.0 3.7 -0.4 5.1 4.2 10.3 6.2 5.1 9.4 6.3 5.6 Average of 4 weeks ended February 17, 1982p from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 11.7 AJ 7 .n 1469 70 195 13.09 12.17 12.99 13.41 14.18 14.57 Reserve aggregates i n c l u d e required r e s e r v e s of member banks and Edge Act corporations and other depository 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 with the implementation of the Monetary Control Act, the i n c l u s i o n of Edge Act Corporation r e s e r v e s , and other changes i n Regulation D have been removed. Beginning with the week ended December 23, 1981, r e s e r v e s aggregates have been reduced 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 (IBFs). 2 Reserve balances with Federal Reserve Banks (which exclude required c l e a r i n g b a l a n c e s ) plus v a u l t cash at i n s t i t u t i o n s with required r e s e r v e balances p l u s v a u l t cash equal to required r e s e r v e s at other 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 borrowing at the discount window under the terms 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 the extended c r e d i t program to 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 deal with 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 there i s not the same need to repay such borrowing promptly a s there i s w i t h t r a d i t i o n a l short-term adjustment c r e d i t , t h e money market impact of extended c r e d i t i s s i m i l a r to that of nonborrowed r e s e r v e s . 4 Includes r e s e r v e balances and required c l e a r i n g balances at Federal Reserve Banks i n the current week plus vault cash held two weeks e a r l i e r used to s a t i s f y r e s e r v e requirements 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 plus currency o u t s i d e the U.S. Treasury, Federal Reserve Banks, the 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 surplus 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 February 17, 1982 b a n k - r e l a t e d commercial paper outstanding was $34,719 m i l l i o n . 6 Yield at 20-year c o n s t a n t m a t u r i t y . Source: U.S. Treasury. NOTE: A l l percentage changes are at s e a s o n a l l y adjusted annual r a t e s , not compounded. P—Indicates preliminary d a t a . S p e c i a l caution should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply d a t a , which are 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 to r e v i s i o n i n subsequent weeks and months.
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