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FEDERAL RESERVE statistical release •''•I H.9 (511) For inmiedlate release January 23, 1981 MONEY STOCK MEASURES AND LIQUID ASSETS The weekly monetary data must be Interpreted with particular caution during the current period, when NOW accounts are being introduced on a nationwide basis at depository institutions, accompanied by heavy• promotional efforts. Very large shifts of funds into interest-bearing checking accounts have been evident in early January and have distorted monetary statistics. The significance of these flows will be in substantial part dependent on the ultimate sources of the funds. Because of the irregularity of deposit and other flows, it will take some time to assess the impact of these movements. Weekly data around year end are, in any event, subject to erratic fluctuations. As these extraordinary flows subside over the course of coming weeks, more reliable judgments will be possible about the trend of deposit growth. FEDERAL RESERVE statistical release FOR IMMEDIATE RELEASE H.9 (511) J a n u a r y 23, 1981 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Levels Week ended 4 weeks ended J a n . 21 J a n . 21 J a n . 14 Dec. 24 Millions of dollars, seasonally adjusted Reserve aggregates 1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base3 40,814 39,395 40,162 160,200 40,558 39,226 39,817 159,913 40,389 39,015 39,751 159,903 40,206 38,436 39,593 159,212 Reserve aggregates (adjusted)* Total reserves Nonborrowed reserves Required reserves Monetary base 3 40,793 39,374 40,141 160.179 40,537 39,205 39,796 159.892 40,368 38,994 39,730 159,882. 40,185 38,414 39,571 159.190 Week ended 4 weeks ended J a n . 14p J a n . 7p J a n . 14p Dec. 17p Billions of dollars, seasonally adjusted Monetary aggregates (REVISED SERIES) M-1A (Currency plus demand deposits) M-1B (M-1A plus other checkable deposits) Other reserve measures and interest rates Member bank borrowings ($ mil.; Includes seasonal borrowings of: Federal funds rate 3-month Treasury bill rate 90 day dealer placed commercial paperS 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate# Percent change) Average of 4 weeks ended J a n u a r y 21, 1981 from 4 weeks averages 13 weeks ?6 weeks 52 weeks previous previous previous Seasonally adjusted annual rates iiiiilfiOifll a m 15.8 (9.7) 15.3(12.3) 7,6(6.1) 16.2(10.1) 9.8 (6.7) 7.3(5.7) 11.9 ( 6 . 0 ) 13.5(10.6) 6.8(5.2) 7.6 ( 6 . 1 ) 9 . 9 ( 9 . 2 ) 8 . 2 ( 7 . 8 ) Average of 4 weeks ended J a n u a r y 14, 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 380.2 382.8 374.1 387.1 416.9 419.2 413.4 414.1 Week ended 4 weeks ended J a n . 21 J a n . 14 J a n . 21 Not seasonally adjusted 123 19.35 15.44 17.17 17.74 18.60 12.37 105 19.64 15.10 16.69 17.19 18.06 12.20 114 19.38 14.72 16.52 17.12 17.88 12.13 1771 116 18.95 15.65 18.22 18.80 19.57 12.58 iiiiiiiiili MjjHBjl IliiliiiH :::::: I:::::::::::::::: 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 d e p o s i t s a t member banks and Edge Act c o r p o r a t i o n s and b e g i n n i n g November 13, 1980, ar o t h e r d e p o s i t o r y i n s t i t u t i o n s . E f f e c t i v e November 13, 1980 r e q u i r e d r e s e r v e s of member banks and Edge Act c o r p o r a t i o n s w e r e reduced about $ 4 . 3 b i l l i o n and r e q u i r e d r e s e r v e s of o t h e r d e p o s i t o r y i n s t i t u t i o n s were i n c r e a s e d about $1.4 b i l l i o n due t o t h e i m p l e m e n t a t i o n of t h e Monetary C o n t r o l Act of 1980. Reserve b a l a n c e s w i t h F e d e r a l R e s e r v e Banks p l u s v a u l t cash a t i n s t i t u t i o n s w i t h r e q u i r e d r e s e r v e b a l a n c e s p l u s v a u l t cash equal to r e q u i r e d r e s e r v e s a t o t h e r i n s t i t u t i o n s . I n c l u d e s r e s e r v e b a l a n c e s a t F e d e r a l R e s e r v e Banks i n t h e c u r r e n t week p l u s v a u l t c a s h h e l d two weeks e a r l i e r used t o s a t i s f y r e s e r v e r e q u i r e m e n t s a t a l l d e p o s i t o r y i n s t i t u t i o n s p l u s c u r r e n c y o u t s i d e t h e U.S. T r e a s u r y , F e d e r a l Reserve Banks, t h e v a u l t s of d e p o s i t o r y i n s t i t u t i o n s , and s u r p l u s v a u l t c a s h a t d e p o s i t o r y i n s t i t u t i o n s . 4 R e s e r v e a g g r e g a t e s s e r i e s have been a d j u s t e d t o remove d i s c o n t i n u i t i e s a s s o c i a t e d w i t h t h e i m p l e m e n t a t i o n of t h e Monetary C o n t r o l A c t , m a r g i n a l r e s e r v e r e q u i r e m e n t s , t h e i n c l u s i o n s of Edge Act c o r p o r a t i o n r e s e r v e s , and o t h e r changes i n R e g u l a t i o n s D, K, and M. 5 On J a n u a r y 14, 1981 b a n k - r e l a t e d commercial p a p e r o u t s t a n d i n g was $26,235 m i l l i o n . 6 Y i e l d a t 2 0 - y e a r c o n s t a n t m a t u r i t y . S o u r c e : U.S. T r e a s u r y . 7 Reserve measures f o r r e c e n t weeks r e f l e c t i n c r e a s e s i n r e q u i r e d r e s e r v e s , l a r g e l y i n November, a s s o c i a t e d w i t h t h e r e d u c t i o n of weekend a v o i d a n c e a c t i v i t i e s of a few l a r g e b a n k s . The r e d u c t i o n i n t h e s e a c t i v i t i e s l e a d s t o e s s e n t i a l l y a o n e - t i m e i n c r e a s e — c u r r e n t l y e s t i m a t e d a t $550 t o $600 m i l l i o n — i n t h e a v e r a g e l e v e l of r e q u i r e d r e s e r v e s t h a t need t o b e h e l d f o r a g i v e n l e v e l of d e p o s i t s e n t e r i n g t h e money s u p p l y . This i n c r e a s e i n r e q u i r e d r e s e r v e s would r a i s e r e s e r v e a g g r e g a t e s f o r t e c h n i c a l r e a s o n s u n r e l a t e d t o monetary p o l i c y . Growth r a t e s shown i n p a r e n t h e s e s r e f l e c t a d j u s t m e n t f o r t h i s t e c h n i c a l f a c t o r . No s i g n i f i c a n t i n f l u e n c e on money s u p p l y d a t a h a s been i d e n t i f i e d a s a r e s u l t of t h i s t e c h n i c a l c h a n g e . 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. p—Indicates preliminary data. S p e c i a l c a u t i o n s h o u l d be t a k e n i n i n t e r p r e t i n g week-to-week changes I n money supply d a t a , which a r e o f t e n h i g h l y v o l a t i l e and s u b j e c t t o r e v i s i o n i n s u b s e q u e n t weeks and months.
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