Full text of H.9 Weekly Summary of Reserves and Interest Rates : February 4, 1983

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FEDERAL RESERVE statistical release
For Release at 4:15 p.m. EST
F e b r u a r y 4 , 1983

H.9(511)

WEEKLY SUMMARY OF RESERVES AND INTEREST RATES

Averages of daily figures

Levels
4 weeks ended

Feb

J a n 26P

2P

Feb

Jan

2P

5P

Millions of dollars, seasonally adjusted
Reserve aggregates (adjusted)1
Total reserves 2
Nonborrowed reserves
Nonborrowed reserves plus extended credit*
Required reserves
Monetary base 4

40,956
40,571
40,782
40,510
177,295

40,719
40,391
40,588
40,381
176,763

40,838
40,436
40,600
40,401
176,782

4 weeks ended

Week ended
Feb

2

41,129
40,345
40,523
40,494
175,860

J a n 26

Feb

2

Jan

Percent change
Average of 4 weeks ended
February
2 , 1983P
from 4 weeks averages
52 weeks
26 weeks
13 weeks
previous
previous
previous
Seasonally adjusted annual rates
9.2
9.8
9.9
8.9

8.8

12.0
13.2
13.8

11.2
8.9

5.2
8.5
8.4
5.1
7.4
—

5

1

Not seasonally adjusted
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*
3-month CO rate (secondary market)
3-month Eurodollar rate
U.S. Government bond rate 6

385
37
211
8.53
8.09
8.36

8.62

9.35
11.08

328
34
197
8.44

8.01

8.18

8.38
9.19
10.94

401
33
164
8.47
7.87
8.17
8.36
9.01
10.84

784
36
178
9 . 14
7.93
8.49

8.62

9.39
10.63

1 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 o f a e a b e r b a n k s and E d g e A c t C o r p o r a t i o n s a n d o t h e r d e p o sitory institutions.
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 t h e i m p l e m e n t a t i o n o f 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 o f E d g e A c t 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 h a v e b e e n r e a o v e d .
B e g i n n i n g w i t h t h e week e n d e d D e c e m b e r 3 1 , 1 9 8 1 , r e s e r v e s a g g r e g a t e s h a v e b e e n r e d u c e d by s h i f t s o f
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 (iflFs).
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
2
a t i n s t i t u t i o n s with 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 other
3

E x t e n d e d c r e d i t c o n s i s t s o f 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 a n d 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 e x t e n d e d 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 s u c h borrowing p r o a p t l y a s t h e r e i s with 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 m a r k e t i m p a c t o f e x t e n d e d c r e d i t i s s i m i l a r t o t h a t o f n o n b o r r o w e d

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 B a n k s i n t h e c u r r e n t week
plus v a u l t c a s h h e l d two weeks e a r l i e r used 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 at 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 o f 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 c a s h 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 J a n . 2 6 , 1 9 8 3 b a n k - r e l a t e d c o m m e r c i a l p a p e r o u t s t a n d i n g was $ 33,348 m i l l i o n .
6
Yield at 20-year constant maturity.
Source:
O.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 , mot c o m p o u n d e d .
p—indicates preliminary data.