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(Uatfr\QjL F E D E R A L R E S E R V E Reserve Aggregates^ For Immediate Release Per cent Change (Seasonally Adjusted Annual Rates) 4 Weeks ended Week ended Jan. 25 | Jan. 18 Jan. 25 |Dec.28 ($ Bil., SA) Average of 4 weeks ended January 25, 1978from 4 week averages 13 weeks previous 126 weeks previous | 52 weeks previous 37.03 36.44 36.63 Monetary Aggregates Week ended 4 Weeks ended Jan. 18 T Jan. 11 Jan. 11 I Dec. 21 ($ 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 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) 4/ 3-month Euro-dollar rate U.S. Government bond rate 5/ January 26, 1978 Levels Total reserves Nonborrowed reserves Required reserves _!/ release WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES (Averages of daily figures) H. 9 (Rev. 9/77) NSA—not seasonally adjusted statistical 37.71 37.29 37.28 37.05 36.49 36.62 36.13 35.56 35.95 13.0 22.2 10.6 10.2 8.7 9.3 6.4 5.0 6.1 Average of 4 weeks ended January 18. 1978from 4 waeks averages" 13 weeks previous | 26 weeks previous |52 weeks previous 337.4 336.6 337.5 334.4 5.5 7.4 7.3 812.0 550.3 3.8 810.6 550.1 3.5 810.7 549.3 3.5 805.2 544.6 3.5 6.5 14.6 7.8 11.9 8.7 11.1 Week ended 4 Weeks ended Jan. I Tan. 1ft Jan. 25 I Dec. 28 (NSA) 591 34 6.72 6.46 6.79 6.92 6.88 7.30 8.17 418 25 6.78 6.50 6.80 7.06 6.89 7.43 8.17 489 29 6.69 6.40 6.74 6.91 6.83 7.31 8.11 577 58 6.55 6.06 6.61 6.71 6.66 7.14 7.87 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. On January 18. 1978 bank-related commercial paper amounted to 9162 million. Average of range of offering rates of negotiable certificates of deposit with 3-month maturity in secondary market. Posted ranges - the annual interest rates most often quoted on new offerings of negotiable certificates of deposit in denominations of $100,000 or more. At 2Q—rnmet-Atit" maf-iirf f-v. Sniivne • TT <! treasury NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded.