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p o V , F E D E R A L (Rev. 4V72) R E S E R V E s t a t i s t i c a l r e l e a s e WEEKLY SUMMARY OF BAIKING AND CREDIT MEASURES (Averages of d a i l y f i g u r e s ) For Immediate Release January 18, 1973 Percent Change (Seasonally Week ended 4 Wks. ended Jan. 17 1 Jan.10 Jan. 17 1 Dec. 20 Reserve Aggregates 1/ ($ Bil«, SA) 32.40 31.31 31.66 31.16 Total reserves Nonborrowed r e s e r v e s 30.97 30.44 30.31 30.26 Required r e s e r v e s \ 31.92 31.31 31.45 30.87 Reserves A v a i l a b l e to Support Pvt. Nonbank Deposits 29.50 29.21 29.18 28.86 1 Week ended 1 4 Wks. ended \Jan. 10 | Jan. 3| Jan. 10 | Dec. 13 Monetary Aggregates ($ B i l . , SA) M. (Currency plus demand d e p o s i t s ) 245.9 . 247.3 247.0 244.7 M- (M^ plus time d e p o s i t s a t commercial banks) 516.0 517. 6 516.1 510.5 other than l a r g e time CD's) Adjusted c r e d i t proxy 2/ 406.9 408.4 405.7 401.9 Time d e p o s i t s , a l l commercial banks 314.2 313.4 313.2 308.1 8.0 8. 5 6.5 7.8 U.S. Government demand d e p o s i t s , member banks Week ended 1 4 Wks. ended Jan. 1/ | j a n . 10 1 Jan. 17 1 Dec. 20 Member bank borrowings ($ m i l . ) Free or net borrowed ( - ) r e s e r v e s ($ m i l . ) Federal funds r a t e 3-month Treasury b i l l r a t e 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 5/ 1301 1009 5.86 5.29 5.70 5.72 6.06 6.85 691 -605 5.66 5.15 5.63 5.68 5.89 6.82 1215 -952 5.62 5.18 5.62 5.63 5.98 6.44 Ann„ n i Average of 4 Weeks Ended Jan. 17. 1973 from 4 Week Averages 13 weeks previous 1 26 weeks previous I 52 weeks previous 13.7 3.6 13.6 14.7 11.1 4.1 11.0 12.1 9.8 6.0 9.8 10.4 Average of 4 Weeks "Ended Jan. 10. 1973 from 4 Week Averages 13 weeks previous | 26 weeks previous | 52 weeks previous 10.4 12.2 15.2 9.4 11.6 14.3 10.5 11.6 15.0 797 -515 5.22 5.00 5.32 5.29 5.96 5.89 SA--Seasonally a d j u s t e d . NSA--Not s e a s o n a l l y a d j u s t e d 1 / Includes required r e s e r v e s a g a i n s t Euro-dollar borrowings and b a n k - r e l a t e d commercial paper. Reserves Available to Support P r i v a t e Nonbank Deposits are required 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 savings d e p o s i t s , nondeposit sources s u b j e c t t o r e s e r v e requirements and excess r e s e r v e s . Reserve aggregates r e f l e c t t h e change i n Regulation D e f f e c t i v e November 9, which reduced required r e s e r v e s by about $3.2 b i l l i o n . Per cent annual r a t e s of growth f o r required res erv es and o t h e r r e s e r v e aggregates have been a d j u s t e d t o remove the e f f e c t of t h i s s t r u c t u r a l change. Adjusted t o include 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 period in connection with bank adaptation to Regulation J as amended e f f e c t i v e November 9, 1972. The adjustment amounted t o $450 m i l l i o n from November 9 t o December 27, and $279-million t h e r e a f t e r . Implementation of revised Regulation 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 accounts on bank balance s h e e t s , had the e f f e c t of r a i s i n g demand d e p o s i t s as c a l c u l a t e d f o r i n c l u s i o n in" money supply. However, t h e r e s u l t i n g increase has been eliminated from c u r r e n t money supply data (beginning with t h e week ended November 15) in order to 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 adjustment of money supply as a r e s u l t of revised Regulation J w i l l be incorporated in the s t a t i s t i c s a t the time of the r e g u l a r annual benchmark and seasonal adjustment review. At the same time, 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 revised on a c o n s i s t e n t b a s i s . The forthcoming adjustments t o the f i g u r e s stemming from the change in Regulation J w i l l p r i m a r i l y a f f e c t the 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 change. Includes member bank d e p o s i t s , b a n k - r e l a t e d commercial paper, Euro-dollar borrowings of U.S. banks, and c e r t a i n nondeposit items. On Jan. 10 b a n k - r e l a t e d commercial paper amounted t o 2,726 million. of range-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 with 3-month m a t u r i t y in secondary market. Average Daily average y i e l d on 20-year bonds. Source: U.S. Treasury NOTE; All percentage changes are a t s e a s o n a l l y a d j u s t e d annual r a t e s , not compounded. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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