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FEDERAL RESERVE statistical release H.9 (511) For immediate release February 27, 1981 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Levels Week ended 4 weeks ended Feb. 25 Feb. 18 Feb. 25 Jan. 28 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base3 39,317 37,604 39,595 161,178 40,127 38,982 39,832 161,154 39,647 38,354 39,544 160,563 40,112 38,697 39,534 160,132 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 39,296 37,583 39,574 161,157 40,106 38,961 39,811 161,133 39,626 38,333 39,523 160,542 40,091 38,676 39,513 160,111 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 8 4 weeks ended Feb. 18p Feb. l i p Feb. 18p_ [ Jan. 21p Billions of dollars, seasonally adjusted 367.0 418.5 366.0 416.5 366.8 415.8 376.9 414.9 Week ended 4 weeks ended Feb. 25 Feb. 18 Not seasonally adjusted 1713 160 14.96 14.23 14.75 15.52 16.59 12.95 1145 154 15.81 15.22 16.07 16.82 18.11 13.21 1293 143 16.12 14.89 15.67 16.35 17.27 12.93 1415 119 19.29 15.00 16.58 17.19 18.07 Percent change 7 Average of 4 weeks ended February 25, 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates EihHH : -3.4(-9.2) 8.8(5.8) 6.0(4.5) 4.2(f1.8) 5.1(2.0) 7.0(5.4) 0.0(-5.8) 9.9(6.8) 6.3(4.8) 3.8( 2.4) 8.1(7.4) 8.0(7.6) Average of 4 weeks ended February 18, 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonal y adjusted annual rates -22.1 llll! ! , I 12.26 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 18, 1981 bank-related commercial paper outstanding was $26,265million. 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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