View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
r f ^ n ^ V
For Release at 4:10 p.m. EST
H.9 (511)

February 5, 1982

WEEKLY SUMMARY O F B A N K I N G A N D CREDIT MEASURES
Averages of daily figures

Levels

Week ended

4 weeks ended

Jan. 6p
Feb. 3p
Jan. 27p
F e b . 3p
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

41,551
39,704

41,184
38,713

41,296
39,729

41,069
40,230

39,916
41,145
168,271

38,912
41,068
167,523

39,929
40,997
167,446

40,395
40,646
166.671

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 p a p e r 5
3-month CD rate (secondary market)
3-month Eurodollar rate
U.S. Government bond rate 6

1

2
3

4

4 weeks ended

Dec. 30p
Jan. 27p
Jan. 20p
Jan. 27p
Billions of dollars, seasonally adjusted

440.5
448.7
449.0
447.6
4 weeks ended
Week ended
Jan. 6
Feb. 3
Jan. 27
Feb. 3
Not seasonally adjusted
1847
110
212
14.77
13.17
14.23
14.60
15.24
14.45

2471
96
199
13.98
12.99
13.73
14.18
15.10
14.50

1567
82
200
13.53
12.59
13.40
13.83
14.61
. 14.59

Percent change
"Average of 4 weeks ended
February 3, 1982p
from 4 weeks averages
52 weeks
26 weeks
13 weeks
previous
previous
previous
Seasonally adjusted annual rates
9.3
5.8

8.6
8.7

5.2
5.0

5.3
5.3
5.5
8.2
6.1
Average of 4 weeks ended
January 27, 1982p
from 4 weeks averages
52 weeks
26 weeks
13 weeks
previous
previous
previous
Seasonally adjusted annual rates
3.3

9.7

8.6

8.2

14.3

9.0

7.3

839
63
166
12.55
11.19
12.50
12.89
13.43
14.00

Reserve aggregates Include required reserves of member banks and Edge Act corporations and other depository
institutions. Discontinuities associated with the implementation of the Monetary Control Act, the inclusion of
Edge Act Corporation reserves, and other changes in Regulation D have been removed. Beginning with the week
ended December 23, 1981, reserves aggregates have heen reduced by shifts of reservable liabilities to International
Ranking Facilities (IBFs). On the basis of reports of liabilities transferred to IBFs by U.S. commercial ban s
and U.S. agencies and branches of foreign banks, it is estimated that the cumulative effect through the week of
February 3 was to lower required reserves by $40 to 70 million.
Reserve balances with Federal Reserve Banks (which exclude required clearing balances) plus vault cash at institutions with required reserve balances plus vault cash equal to required reserves at other institutions
Extended credit consists of borrowing at the discount window under the terms and conditions established for the
extended credit program to help depository institutions deal with sustained liquidity pressures. Because there
is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit,
the money market impact of extended credit is similar to that of nonborrowed reserves.
•
Includes reserve balances and required clearing 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.
5 On February 3, 1982 bank-related commercial paper outstanding was $35,082 million.
6 Yield at 20-year constant maturity. Source: IT.S. Treasury.
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.
n.b.—Measures of the money stock have been revised to incorporate benchmark, seasonal and minor compositional changes.
For more information, see Money Stock Measures and Liquid Assets (H.6) February 5, 1982.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102