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O 0f00l£ ? FEDERAL RESERVE statistical release H.9 (511) For release at 4:10 p.m. EST WEEKLY SUMMARY O F BANKING A N D CREDIT MEASURES Averages of daily figures January 15, 1982 Levels Week ended 4 weeks ended Jan. 13p Jan. 6p Jan. 13p Dec. 16p M i l l i o n s of dollars, seasonally adjusted Reserve aggregates (adjusted) 1 Total reserves 2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base 4 40,695 39,698 41,167 39,713 40,981 39,992 40,522 40,105 4 .9 ai.l 7. 7 12. 4 4.8 6.1 39,892 40,462 167,158 39,906 40,423 167,486 40,172 40,525 167,097 40,232 40,308 165,149 6i.O 3i.O 7 .8 13. 4 6. 8 6. 1 6.6 4.6 5.4 Week ended M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits Other reserve measures and Interest rates Discount w i n d o w borrowing ($ mil.) Includes: seasonal borrowings of extended credit of Federal funds rate 3-month Treasury bill rate 90 day dealer placed c o m m e r c i a l p a p e r 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 Percent change Average of 4 weeks ended January 13, 1982p from 4 weeks averages 1 3 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 4 weeks ended Jan. 6p Dec. 30p Jan. 6p | Dec. 9p Billions of dollars, seasonally adjusted 450.2 440.4 443.3 439.8 Week ended 4 weeks ended Jan. 13p |Jan. 6p Jan. 13p | Dec. 16p Not seasonally adjusted 997 53 194 12.42 11.85 12.59 13.03 13.85 14.70 1454 60 193 12.98 11.46 12.60 12.94 13.55 14.37 989 65 180 12.59 11.44 12.60 13.01 13.55 14.25 Average of 4 weeks ended January' 6, 1982p f r o m 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 10 .1 6. 2 6.6 418 47 127 12.30 10.43 11.53 11.84 12.59 13.39 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 been reduced by shifts of reservable liabilities to International Banking Facilities (IBFs). An estimate of the size of this impact will be published when available on the basis of reports of liabilities transferred to IBFs by U.S. commercial banks and U.S. agencies and branches of foreign banks. 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. 3 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. 4 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 January 6, 1982 bank-related commercial paper outstanding was $32,938 million. 6 Yield at 20-year constant maturity. Source: U.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. 2
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