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.•WiL92ye» FEDERAL RESERVE statistical release (l! H.9 (511) For Release at 4:10 p.m. EST July WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES 2, 1982 Averages of daily figures Levels Week ended Percent change Average of 4 weeks ended 4 weeks ended w JUNE 3 0 P JUNE JUNE 23P JUNE 3 0 P Millions of dollars, seasonally adjusted q Reserve aggregates (adjusted)1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base 4 41,896 40,280 40,373 41,189 172,818 41,540 40,525 40,621 41,292 172,145 Seasonally adjusted annual rates 41,284 40,240 40,406 40,919 171,205 4 weeks ended JUNE 16P JUNE 2 3 P MAY 26P Billions of dollars, seasonally adjusted M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits. 449.9 452.1 4.8 1.9 1.6 4.7 7.7 4.6 7.0 7.3 4.7 6.4 452.6 JUNE 2 3 , 1 9 8 2 P from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 451.5 4.0 5.7 5. 6 4 weeks ended Week ended JUNE 3 0 3.6 7.2 5.0 3.8 9.0 Average of 4 weeks ended Week ended JUNE 23P 41,473 40,256 40,358 41,142 172,188 2P JUNE 3 0 , 1 9 8 2 P from 4 weeks averages 13 weeks j 26 weeks 52 weeks previous j previous previous JUNE 23 JUNE 3 0 JUNE 2 Not seasonally adjusted 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 paper 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 1616 268 93 14.81 13.01 14.72 15.25 16.28 14.40 1015 253 96 14.17 12.70 14.40 15.00 16.09 14.45 1217 240 102 14.21 12.51 14.04 14.54 15.54 14.22 1044 242 166 14.19 11.98 13.30 13.69 14.47 13.50 RESERVE AGGREGATES I N C L U D E REQUIRED RESERVES OP MEMBER BANKS AND EDGE ACT 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 A C T , THE I N C L U S I O N OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES I N REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 3 1 , 1 9 8 1 RESERVES AGGREGATES HAVE BEEN REDUCED BY S H I F T S OF RESERVABLE L I A B I L I T I E S TO 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 ) . 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 C R E D I T CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED C R E D I T 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 C R E D I T 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 S A T I S F Y RESERVE REQUIREMENTS AT A L L 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 J u n e 2 3 , 1 9 8 2 B A N K - R E L A T E D COMMERCIAL PAPER OUTSTANDING WAS $ 3 8 , 6 5 8 M I L L I O N . 6 Y I E L D AT 2 0 - Y E A R CONSTANT MATURITY. SOURCE: U . S . TREASURY. NOTE: ALL PERCENTAGE CHANGES ARE AT SEASONALLY ADJUSTED ANNUAL RATES, NOT COMPOUNDED. P — I N D I C A T E S P R E L I M I N A R Y DATA. S P E C I A L CAUTION SHOULD BE TAKEN I N I N T E R P R E T I N G WEEK-TOWEEK CHANGES I N MONEY SUPPLY DATA, WHICH ARB 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.
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