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FEDERAL RESERVE statistical 2el- release V ,WEEKLY SUMMARY OF BA IKING AND CREDIT 1EASURES (Averages of d a i l y f i g u r e s ) For I n m e d i a t e Release J a n u a r y 11, 1973 P e r c e n t Change ( S e a s o n a l l y Reserve A g g r e g a t e s 1/ " Total reserves Nonborrowed r e s e r v e s Required r e s e r v e s R e s e r v e s A v a i l a b l e t o Support P v t . Nonbank D e p o s i t s Monetary Aggregates (Currency p l u s demand d e p o s i t s ) M_ (Mj p l u s time d e p o s i t s a t commercial banks) o t h e r than l a r g e time CD's) A d j u s t e d c r e d i t proxy 2 / " Time d e p o s i t s , a l l commercial.banks U.S. Government demand d e p o s i t s , member banks Other Reserve Measures & I n t e r e s t Rates Member bank borrowings ($ m i l . ) Free or n e t borrowed ( - ) r e s e r v e s ($ m i l . ) F e d e r a l funds r a t e 3-month T r e a s u r y b i l l r a t e -1 90-119 day d e a l e r placed commercial paper r a t e 3 / 3-month CD r a t e (secondary market) 4 / 3-month E u r o - d o l l a r r a t e , U.S. Government bond r a t e J>/ Tan, in 1 J a n . 3 J a n . 10 ($ B i l . , SA) 31.31 30.44 31. 31 29.04 31.60 29.57 31.37 29.07 | Dec. 13 30. 96 30.30 30. 67 28.61 31.44 30.08 31.27 29.00 Week ended 4 Wks. ended Jan. 3 I Dec. 27 j J a n . 3 I Dec. 6 SA) 5 246.8 248.5 246.7 516.9 408.3 313.3 8.3 517. 2 404.5 313.4 4.4 514.9 509.6 404.8 400.2 312.1 306. 9 6.3 7.3 Wks. ended J a n . 10 691 -631 5.66 5.15 5.63 5.68 5.89 6.82 I Jan. 3 (NSA) 1751 -1265 5. 61 5.16 5.63 5.61 5.86 6.04 Average of 4 Weeks Ended J a n 1973 from 4 Week Averages 13 weeks p r e v i o u s 26 weeks p r e v i o u s 52 weeks p r e v i o u s 11.0 Average of Weeks Ended 13 weeks p r e v i o u s | 26 weeks p r e v i o u s from 4 Week Averages 52 weeks p r e v i o u s 244.4 12.8 HZ 1196 -944 5.50 5.14 5.55 5.55 5.95 6.22 596 -319 5. 12 ; 4.91 5. 26 5.25 5.90 5.83 SA--Seasonally a d j u s t e d . NSA--Not s e a s o n s i iy a d j us ted . I n c l u d e s r e q u i r e d r e s e r v e s a g a i n s t E u r o - d o l l a r borrowings and b a n k - r e l a t e d c o n m e r c i a l paper. Reserves A v a i l a b l e t o Support P r i v a t e Nonban^ D e p o s i t s a r e r e q u i r e d r e s e r v e s f o r p r i v a t e demand d e p o s i t s , t o t a l time and s a v i n g s d e p o s i t s , n o n d e p o s i t s o u r c e s s u b j e c t t o r e s e r v e r e q u i r e m e n t s and e x c e s s r e s e r v e s . Reserve a g g r e g a t e s r e f l e c t the change In R e g u l a t i o n D e f f e c t i v e November 9, which reduced r e q u i r e d r e s e r v e s by about $3.2 b i l l i o p . Per c e n t a n n u a l r a t e s of growth f o r r e q u i r e d r e s e r v e s and o t h e r r e s e r v e a g g r e g a t e s have been a d j u s t e d t o remove t h e e f f e c t of t h i s s t r u c t u r a l change. A d j u s t e d t o i n c l u d e c e r t a i n r e s e r v e d e f i c i e n c i e s on which p e n a l t i e s can be waived f o r a t r a n s i t i o n p e r i o d in c o n n e c t i o n w i t h bank a d a p t a t i o n t o R e g u l a t i o n J as amended e f f e c t i v e November 9 , 1972. The a d j u s t m e i t amounted t o $450 m i l l i o n from November 9 t o December 27 , and $279 m i l l i o n t h e r e a f t e r . I m p l e m e n t a t i o n of r e v i s e d R e g u l a t i o n J on November 9, because of i t s e f f e c t s on c l e a r i n g a c c o u n t s on bank b a l a n c e s h e e t s x had t h e e f f e c t of r a i s i n g demand d e p o s i t s a s c a l c u l a t e d f o r i n c l u s i o n in money s u p p l y . However, the r e s u l t i n g i n c r e a s e has been e l i m i n a t e d from c u r r e n t money supply d a t a ( b e g i n n i n g w i t h t h e week ended November 15) in o r d e r t o avoid a d i s c o n t i n u i t y in t h e s e r i e s . The upward a d j u s t m e n t of money supply a s a r e s u l t of r e v i s e d R e g u l a t i o n J w i l l be I n c o r p o r a t e d in t h e s t a t i s t i c s a t t h e time of t h e r e g u l a r annual benchmark and s e a s o n a l a d j u s t m e n t r e v i e w . At the same t i m e , h i s t o r i c a l f i g u r e s w i l l a l s o be r e v i s e d on a c o n s i s t e n t b a s i s . The forthcoming a d j u s t m e n t s t o the f i g u r e s stemming from t h e change in R e g u l a t i o n J w i l l p r i m a r i l y a f f e c t t h e l e v e l of t h e s e r i e s and w i l l themselves have minimal e f f e c t s on r a t e s of c h a n g e . , I n c l u d e s member bank d e p o s i t s , b a n k - r e l a t e d commercial p a p e r , E u r o - d o l l a r borrowings of U.S. b a n k s , and c e r t a i n n o n d e p o s i t i t e m s . On J a n . 3 , 1973 b a n k - r e l a t e d commercial paper amounted t o $2, 711 m i l l i o n . Average of rangti of o f f e r i n g r a t e s of n e g o t i a b l e c e r t i f i c a t e s of d e p o s i t w i t h 3-month m a t u r i t y in secondary m a r k e t . D a i l y a v e r a g e y i e l d on 2 0 - y e a r bonds. Source: , U . 3 . T r e a s u r y http://fraser.stlouisfed.org/ NOTE: A l l p e r c e n t a g e changes 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 , not compounded. Federal Reserve Bank of St. Louis
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