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.-•ofCOV-/ b:\-0 - C -a<fy FEDERAL RESERVE statistical release H.9 (511) WEEKLY S U M M A R Y OF B A N K I N G A N D CREDIT MEASURES Averages of daily figures For Immediate Release July 17, 1981 Levels Week ended 4 weeks ended June 17 July 8 July 15 July 15 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 40,548 39,253 40,542 164,724 40,995 39,129 40,494 164,453 40,905 39,105 40,565 164,455 40,753 38,509 40,449 163,514 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 40,037 38,742 40,031 164,831 40,484 38,618 39,983 164,574 40,394 38,594 40,054 164,570 40,242 37,998 39,938 163,605 Week ended 4 weeks ended July lp July 8p June lOp July 8p Billions of dollars, seasonally adjusted Monetary aggregates Ml—A (Currency plus demand deposits) Ml—b (M i-Aplus other checkable deposits) 364.8 434.2 [[[[! 361.0 427.3 362.2 429-. 7 363.1 429.7 Percent change" Average of 4 weeks ended July 15, 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 6.3 -0.8 5.9 7.4 7.5 1.4 3.5 -0.5 7.4 3.1 8.0 5.7 Average of 4 weeks ended (5.9) (2.0) (5.9) (7.7) July 8, 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates -3.9 1.9 -12.3 6.7 -3.3 8.5 4 weeks ended Week ended July 15 I June 17 July 15 I July 8 Not seasonally adjusted 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 paper 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 1 1295 247 18.76 14.74 16.89 17.64 18.30 13.70 1866 242 19.93 14.68 16.80 17.52 18.19. 13.65 1800 275 19.18 14.59, 16.55 17.30 18.13 13.53 2245 288 18.89 15.33 16.67 17.25 18.13 13.24 Includes required reserves against deposits at member banks and Edge Act corporations and beginning November 13, 1980, at other depository institutions. Effective November 13, 1980 required reserves of member banks and Edge Act corporations were reduced about $4.3 billion and required reserves of other depository institutions were increased about $1.4 billion due to the implementation of the Monetary Control Act of 1980. Also in conjunction with the Monetary Control Act, required reserves of certain nonmember banks and foreign related institutions increased pursuant to the transitional phase-in progran, by approximately $245 million effective February 18, 1981 and by another $245 million effective May 20, 1981. 2 Reserve balances with Federal Reserve Banks plus vault cash at institutions with required reserve balances plus vault cash equal to required reserves at other institutions. 3 Includes reserve balances at Federal Reserve Banks in the current week plus vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, the vault of depository institutions, and surplus vault cash at depository institutions. 4 Reserve aggregates series have been adjusted to remove discontinuities associated with the implementation of the Monetary Control Act, marginal reserve requirements, the inclusions of Edge Act Corporation Reserves, and other changes in Regulations D and K. Prior to the February 18, 1981, reserve aggregates series have been adjusted historically to conform to the structure of reserve requirements currently in effect. Beginning February 18, the series have been adjusted to remove the effects of scheduled transitional changes in reserve requirements under the MCA. 5 Money stock data reflect benchmark revisions made on June 26, 1981, for more information, see June 26, 1981 H.6 Statistical Release. 6 On July 8, 1981 bank-related commercial paper outstanding was 28,612 million. 7 Yield at 20-year constant maturity. Source: U.S. Treasury. ti Reserve measures reflect increases in required reserves, largely in November 1980, associated with the reduction of weekend avoidance activities of a few large banks. The reduction of these activities leads to essentially a one-time increase—currently estimated at $550 to $600 million—in the average level of required reserves that need to be held for a given level of deposits entering the money supply. This increase in required reserves would raise reserve aggregates for technical reasons unrelated to monetary policy. Growth rates shown in parentheses reflect adjustment for this technical factor. No significant influence on money supply data has been identified as a result of this technical change. NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded. p—Indicates preliminary data. Special caution should be taken in interpreting week-to-week changes in money supply data, which are often highly volatile and subject to revision in subsequent weeks and months.
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