Full text of H.9 Weekly Summary of Reserves and Interest Rates : January 12, 1978

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RESERVE

FEDERAL

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statistical

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release

For Immediate Release

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES
(Averages of daily figures)

H.9
(Rev. 9/77)

~

January 12, 197jB

Levels

Per cent Change (Seasonally Adjusted Annual Rates)

4 Weeks ended
Week ended
Jan. 1 1 I Jan. 4
Jan. 11
Dec. 14
($ Bil., SA)

Average of 4 weeks ended January 11, l978from 4 week averages
13 weeks previous
|26 weeks previous
| 52 weeks previous

Reserve Aggregates^
36.30
35.86
35.94

Total reserves
Nonborrowed reserves
Required reserves

Monetary Aggregates

Other Reserve Measures & Interest Rates
Member bank borrowings ($ mil.)
Includes seasonal borrowings of:
Federal funds rate
3-month Treasury bill rate
90-119 day dealer placed commercial paper 2/
3-month CD rate (secondary market) 3/
90-day CD rate (primary offering) 4V
3-month Euro-dollar rate
U.S. Government bond rate _5/

JL/

36.43
35.89
36.15

35.98
35.22
35.79

Week ended
4 Weeks ended
Jan. 4 J Dec.
Jan. 4 I Dec. 28
($ Bil., SA)

M. (Currency plus demand deposits)
MT (M plus time deposits at commercial banks
other than large time CD's)
Time deposits, all commercial banks
U.S. Government demand deposits, member banks

NSA—not seasonally adjusted

36.93
36.42
36.61

9.4
13.1
8.5

6.9
5.4
6.8

5.2
3.8
5.4

Average of 4 weeks endedJanuary 4, 1978 from 4 waeks averages
13 weeks previous
| 26 weeks previous I52 weeks previous

339.8

335.7

336.2

333.4

5.7

8.2

7.3

812.6
549.5
3.7

807.0
547.3
3.1

807.6
547.0
3.7

803.7
542.3
3.6

6.4
15.3

8.4
11.9

11.0

Week ended
4 Weeks ended
Jan. 11 TJan. 4
Jan. 11
Dec. 14
(NSA)
440
26
6.58
6.48
6.69
6.88
6.85
7.26

8.11

507
30
6.69
6.16
6.68
6.77
6.70
7.25

8.00

540
41
6.62
6.19
6.67
6.79
6.85
7.26
8.11

762
71
6.52
6.05
6.55
6.66
6.59
7.02
7.77

SA—seasonally adjusted

Includes required reserves against Eurodollar borrowings and bank-related commercial paper. Reserve aggregates reflect changes in Regulation D. Per
cent annual rates of growth for required reserves and other reserve aggregates have been adjusted to remove the effect of these structural changes.
2/ On January 4, 1978
bank-related commercial paper amounted to 905 3 million.
3/ Average of range of offering rates of negotiable certificates of deposit with 3-month maturity in secondary market.
4/ Posted ranges - the annual interest rates most often quoted or. new offerings of negotiable certificates of deposit in denominations of $100,000 or more.
5/ Yield at 20-year constant maturity. Source: U.S. Treasury
NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded.