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T FEDERAL RESERVE statistical release ' • f*AL RB^. For Release at 4:15 p.m. Eastern Time H.9 (511) July WEEKLY SUMMARY OF RESERVES AND INTEREST RATES Averages of daily figures July 20P July 4 weeks ended 13P July 20P June 22P 13 weeks previous from 4 weeks averages 52 weeks 26 weeks previous previous Seasonally adjusted annual rates Millions of dollars, seasonally adjusted 1 Reserve aggregates (adjusted) Total reserves 2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base 4 42,517 41,284 41,744 42,175 185,447 41,051 39,904 40,338 40,579 183,855 41,932 40,252 41,067 41,387 184,809 20 41,616 40,229 41,014 41,151 184,079 6.2 -0. 6 4.0 5.6 8.4 6.8 2.0 5.4 7.6 9.6 7.5 5. A 7.7 7. 1 8.9 4 weeks ended Week ended July 1983 Percent change Average of 4 weeks ended J u l y 2 0 , 1983P Levels Week ended 22, July 13 July 20 June 22 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 2 3 1233 179 460 9.43 9 . 11 9.30 9 . 55 10.04 11.56 1147 144 434 9.21 9.10 9.24 9.50 10.05 11.56 1679 152 815 9.23 9.02 9.20 9.43 9.92 1 1.43 1387 113 785 8.90 8.70 8.88 9.09 9.57 11.05 R e s e r v e 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 o f member b a n k s a n d E d g e A c t C o r p o r a t i o n s a n d o t h e r d e p o sitory institutions. D i s c o n t i n u i t i e s associated with the implementation of the Monetary C o n t r o l Act, t h e i n c l u s i o n o f 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 c h a n g e s i n R e g u l a t i o n D have been removed. Reserve balances w i t h F e d e r a l Reserve Banks (which e x c l u d e r e q u i r e d c l e a r i n g balances) 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 balances plus v a u l t cash equal t o r e q u i r e d reserves at other Extended c r e d i t c o n s i s t s of b o r r o w i n g a t t h e d i s c o u n t window under the t e r m s and c o n d i t i o n s e s t a b l i s h e d for the extended c r e d i t program to 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 w i t h s u s t a i n e d l i q u i d i t y pressures. Because t h e r e i s n o t t h e same need t o r e p a y s u c h b o r r o w i n g p r o m p t l y a s t h e r e i s w i t h 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 m a r k e t i m p a c t o f e x t e n d e d c r e d i t i s s i m i l a r t o t h a t o f n o n b o r r o w e d 4 i n c l u d e s r e s e r v e b a l a n c e s a n d r e q u i r e d c l e a r i n g b a l a n c e s a t F e d e r a l R e s e r v e B a n k s i n t h e c u r r e n t week p l u s v a u l t c a s h 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 plus currency o u t s i d e the U.S. T r e a s u r y , Federal Reserve Banks, the 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 c a s h a t d e p o s i t o r y i n s t i t u t i o n s . 5 On J u l y 1 3 , 1 9 8 3 b a n k - r e l a t e d c o m m e r c i a l p a p e r o u t s t a n d i n g w a s $ 3 5 , 2 3 6 m i l l i o n . 6 Yield at 20-year constant m a t u r i t y . Source: U.S. T r e a s u r y . Note: A l l percentage changes are a t s e a s o n a l l y a d j u s t e d a n n u a l r a t e s , not compounded. P—indicates preliminary data. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis i
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