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FEDERAL RESERVE statistical release f*AL For Immediate Release H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Week ended J a n u a r y 4 , 1982 Levels 4 weeks ended Dec. 2p Dec. 30p Dec. 23p Dec. 30p llions of dollars, seasonally adjusted MHiT Reserve aggregates (adjusted)1 Total reserves 2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base 4 41,235 40,352 40,972 40,351 40,825 40,195 40,271 39,715 40 ,525 40,617 167,418 40,512 40,597 166,399 40,343 40,510 166,124 39,837 40,013 164,613 Week ended 4 weeks ended Dec. 23e Nov. 25p Dec. 23p 16p Dec. 16r Billions of dollars, seasonally ad usted Monetary aggregates M1-A (Currency plus demand deposits) M1-B (M1-A plus other checkable deposits) Other reserve measures and Interest rates Discount window borrowing ($ mil.) Includes: seasonal borrowings of extended credit of Federal funds rate 3-month Treasury bill rate 90 day dealer placed commercial p a p e r 5 3-month CD rate (secondary market) 3-mpnth Eurodollar rate U.S. Government bond rate 6 1 • Percent change Average of 4 weeks ended December 30, 1981 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 1.6 10.1 7.5 15.4 4.3 7.2 7.6 16.2 8.4 4.6 7.2 1.8 5.0 5.5 4.9 Average of 4 weeks ended December 23, 1981 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 364.4 361.4 363.1 364.8 441.5 436.4 440.6 442.0 4 weeks ended Week ended Dec. 30 Dec. 23 Dec. 30 Not seasonally adjusted 12.54 11.36 12.61 13.11 13.14 14.10 12.43 11.09 12.50 12.97 13.65 12.32 10.89 12.18 12.57 13.16 13.77 556 85 121 13.02 10.43 11.90 12.22 12.96 13.46 iiWMtiti: k Mum# 111 ! Reserve a g g r e g a t e s i n c l u d e 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 and 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 . 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 with the implementation of the Monetary C o n t r o l A c t , the i n c l u s i o n 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 in R e g u l a t i o n D have been removed. Beginning w i t h the week ended December 23, 1981, r e s e r v e s a g g r e g a t e s have been reduced by s h i f t s of r e s e r v a b l e l i a b i l i t i e s t o I n t e r n a t i o n a l Banking F a c i l i t i e s ( i B F s ) . An e s t i m a t e of the s i z e of t h i s impact w i l l be p u b l i s h e d when a v a i l a b l e on the b a s i s of r e p o r t s of l i a b i l i t i e s t r a n s f e r r e d t o IBFs by U.S. commercial banks and U.S. a g e n c i e s and branches of f o r e i g n banks. 2 Reserve b a l a n c e s w i t h F e d e r a l Reserve Banks (which exclude r e q u i r e d c l e a r i n g b a l a n c e s ) p l u s v a u l t cash at i n s t i t u t i o n s with 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 t o 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 . 3 Extended c r e d i t c o n s i s t s of borrowing a t the d i s c o u n t window under t h e terms and c o n d i t i o n s e s t a b l i s h e d f o r the extended c r e d i t program t o h e l p d e p o s i t o r y i n s t i t u t i o n s d e a l with s u s t a i n e d l i q u i d i t y p r e s s u r e s . Because t h e r e i s not the same need t o repay such borrowing promptly as t h e r e i s with t r a d i t i o n a l s h o r t - t e r m a d j u s t m e n t c r e d i t , t h e money market impact of extended c r e d i t i s s i m i l a r t o t h a t of nonborrowed r e s e r v e s . 4 I n c l u d e s r e s e r v e b a l a n c e s and r e q u i r e d c l e a r i n g b a l a n c e s at F e d e r a l Reserve Banks in the c u r r e n t week plus v a u l t cash 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 currency o u t s i d e the 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 cash at depository i n s t i t u t i o n s . 5 On December 23, 1981 b a n k - r e l a t e d commercial paper o u t s t a n d i n g was $36,621 m i l l i o n . 6 Yield a t 2 0 - y e a r c o n s t a n t m a t u r i t y . Source: U.S. T r e a s u r y . 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 annual r a t e s , not compounded. p — I n d i c a t e s p r e l i m i n a r y d a t a . S p e c i a l c a u t i o n should be t a k e n in i n t e r p r e t i n g week-to-week changes in 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 to r e v i s i o n i n subsequent weeks and months.
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