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a g g & t FEDERAL RESERVE statistical release ••%lrbsv: H.9(511) For Release at 4:10 p.m. EOT July WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES 16, 1982 Averages of daily figures Levels Week ended JULY Reserve aggregates (adjusted)1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base4 14P JOLT 7P JULY 14P JUNE 16P Millions of dollars, seasonally adjusted 40,770 40,212 40,282 40,605 171,607 41,518 40,446 40,533 40,578 172,574 M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits. 7P JONE 30P JOLY 7P JUNB Billions of dollars, seasonally adjusted 451.3 JULY 14 1 41,304 40,222 40,351 41,017 171,832 4 weeks ended 445.4 Week ended 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 paper5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate6 41,401 40,336 40,422 41,019 172,225 558 231 70 13.18 11.88 13.69 14.13 15.00 13.81 JULY 1 4 , 1982P from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 4.2 9.1 7.0 3.8 8.0 J.3 3.1 2.6 3.6 6.9 4.3 6.4 6.6 4.2 6.2 Average of 4 weeks ended Week ended JULY Percent change Average of 4 weeks ended 4 weeks ended 449.6 9P 452.8 JULY 7 , 1982P from 4 weeks averages 26 weeks 52 weeks previous previous Seasonally adjusted annual rates 13 weeks previous 0.5 3.3 4.8 4 weeks ended JULY 7 JULY 14 Not seasonally adjusted JUHE 16 1065 251 87 14.16 12.55 14.34 14.88 15.79 14.23 1082 239 128 13.74 11.91 13.31 13.73 14.67 13.80 1072 251 87 14.47 12.59 14.56 15.13 15.78 14.24 RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AND EDGE ACX CORPORATIONS AND OTHER DEPOSITORY 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 ASSOCIATED WITH THE IMPLEMENTATION OP THE MONETARY CONTROL ACT, THE INCLUSION OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES I N REGULATION D HAVE 3EEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 3 1 , 1981 RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE L I A B I L I T I E S TO INTERNATIONAL BANKING F A C I L I T I E S ( I B F S ) . 2 RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT I N S T I T U T I O N S 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 I N S T I T U T I O N S DEAL WITH SUSTAINED L I Q U I D I T Y PRESSURES. BECAUSE THERE I S NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE I S WITH T R A D I T I O N A L SHORTTERM ADJUSTMENT C R E D I T , THE MONEY MARKET IMPACT OF EXTENDED CREDIT I S S I M I L A R TO THAT OF NONBORROWED RESERVES. 4 INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS I N THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY I N S T I T U TIONS PLUS CURRENCY OUTSIDE THE U . S . TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY I N S T I T U T I O N S , AND SURPLUS VAULT CASH AT DEPOSITORY I N S T I T U T I O N S . 5 ON JULY 7 , 1 9 8 2 BANK-RELATED COMMERCIAL PAPER OUTSTANDING WAS $ 37,886 MILLION. 6 Y I E L D AT 20-YEAR CONSTANT MATURITY. SOURCE: U . S . TREASURY. NOTE: ALL PERCENTAGE CHANGES ARB AT SEASONABLY ADJUSTED ANNUAL RATES, NOT COMPOUNDED. P — I N D I C A T E S PRELIMINARY D A T A . SPECIAL CAUTION SHOULD BE TAKEN I N INTERPRETING WEEK-TOWEEK CHANGES I N MONEY SUPPLY DATA, WHICH ARE OFTEN HIGHLY V O L A T I L E AND SUBJECT TO R E V I S I O N I N SUBSEQUENT WEEKS AND MONTHS.