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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.