Full text of H.9 Weekly Summary of Reserves and Interest Rates : July 25, 1974

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F E D E R AL

4

H.9
(Rev. 4 / 7 2 )

Reserve Aggregates
*.

RES ERVE

statistical ^ e lease
For Immediate R e l e a s e
J u l y 2 5 , 1974

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES
•
( A v e r a g e s of d a i l y f i g u r e s )

29 1974
uNK

P e r c e n t Change

Or' RICHMOND
Week e n d e d
J u l y 24
1 July
1/2/

Total reserves
Nonborrowed r e s e r v e s
Required r e s e r v e s
Reserves A v a i l a b l e t o Support Pvt.

Nonbank D e p o s i t s

37.48
33.84
37.33
34.92

4 Wks . e n d e d
1 T J u l y 24
1 J u n e 26
($ B i l . , SA)
37.87
37.47
36.61
34.70
34.25
33.67
37.85
37.28
36.44
35.14-35.05
34.74

Week e n d e d
J u l y 17
| July
Monetary Aggregates
282. 0

M. ( C u r r e n c y p l u s d e m a n d d e p o s i t s )
M_ (M.. p l u s t i m e d e p o s i t s a t c o m m e r c i a l b a n k s
other than l a r g e time CD's)
A d j u s t e d c r e d i t p r o x y 2.1
Time d e p o s i t s , a l l c o m m e r c i a l b a n k s
U . S . G o v e r n m e n t d e m a n d d e p o s i t s , member b a n k s

Other Reserve Measures & I n t e r e s t

6 0 0 . ,9
4 8 6 .. 4
4 0 3 .. 9

4 Wks. ended
10 J u l y 17
| J u n e 19
C$ 1B i l . , SA)
281.2
2 8 0 . .4
280.6

598.9
48$.3
• 403.0

3.3
• 2,. 4
Week e n d e d
J u l y 2 4 1 J u l y 17

Rates

Member b a n k b o r r o w i n g s ($ m i l . )
Includes seasonal borrowings of:
Federal funds r a t e
3-month T r e a s u r y b i l l r a t e
*
90-119 day d e a l e r p l a c e d commercial paper r a t e
3 - m o n t h CD r a t e ( s e c o n d a r y m a r k e t ) j V
3-month E u r o - d o l l a r r a t e
U . S . G o v e r n m e n t bond r a t e 6 /
NSA-- Not S e a s o n a l l y A d j u s t e d .

V

12.60
7.23
11.90
12.09

12.86
8.25

3176
152
13.04
7.51
12.25
12.66
14.01
8.32

599.1
485.6
402.6
3.0

( S e a s o n a l l y A d j u s t e d Annual

A v e r a g e of 4 Weeks E n d e d J u l y 2 4 , 1974
13 w e e k s p r e v i o u s
| 26 w e e k s p r e v i o u s

21.0
2.6

21.0
19.4

Rat-Pal

f r o m 4 Week A v e r a g e s
52 w e e k s p r e v i o u s

9.4
-3.2

9.2
5.8

9.3
14.0

9.5
9.7

A v e r a g e of 4 Weeks E n d e d J u l y 1 7 , 1 9 7 4
13 w e e k s p r e v i o u s
| 26 w e e k s p r e v i o u s

f r ov tm
**
" ^4 nWeek
v v i \ nAvv^ ie. roaf tgCeis
|

52 w e e k s p r e v i o u s

596,.3
481,. 4
398,. 4
3,. 7

J u l y 24 | J u n e 2 6
(NSA)
3224
2949
143 ,
136
13.13
11,72
7.44
7.96
12.05
11.06
12.28
11.26
13.52
\ 11.99
8*26
8.10

SA--Seasonally

\djus ted .

I n c l u d e s r e q u i r e d r e s e r v e s a g a i n s t E u r o - d o l l a r b o r r o w i n g s and. h 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 .
R e s e r v e s A v a i l a b l e t o S u p p o r t P r i v a t e Nonbank D e p o s i t s a r e
r e q u i r e d r e s e r v e s f o r p r i v a t e demand d e p o s i t s , t o t a l t i m e and s a v i n g s d e p o s i t s , n o n d e p o s i t s o u r c e s s u b j e c t t o r e s e r v e r e q u i r e m e n t s and e x c e s s r e s e r v e s .
R e s e r v e a g g r e g a t e s r e f l e c t c h a n g e s i n R e g u l a t i o n D.
P e r c e n t a n n u a l r a t e s of g r o w t h f o r r e q u i r e d r e s e r v e s x a n d o t h e r r e s e r v e a g g r e g a t e s h a v e b e e n a d j u s t e d
t o r e m o v e t h e e f f e c t of " t h e s e ' s t r u c t u r a l c h a n g e s .
A d j u s t e d t o i n c l u d e c e r t a i n r e s e r v e d e f i c i e n c i e s on w h i c h p e n a l t i e s c a n b e w a i v e d f o r a t r a n s i t i o n p e r i o d i n c o n n e c t i o n w i t h b a n k a d a p t a t i o n t o
R e g u l a t i o n J a s amended e f f e c t i v e November 9 , 1 9 7 2 .
The a d j u s t m e n t amounted t o $450 m i l l i o n f r o m November 9 t o December 2 7 , 1972; $279 m i l l i o n f r o m
D e c e m b e r 2 8 , 1972 t o M a r c h 2 8 , 1 9 7 3 ; $ 1 7 2 m i l l i o n f r o m M a r c h 29 t o J u n e 2 7 , 1 9 7 3 ; $ 1 1 2 m i l l i o n f r o m June" 2 8 t o S e p t e m b e r 2 6 , 1 9 7 3 ; $ 8 4 m i l l i o n f r o m
S e p t e m b e r 2 7 t o D e c e m b e r 2 6 , 1 9 7 3 ; $67 m i l l i o n f r o n f D e c e m b e r 2 7 , 1973 t o M a r c h 2 7 , 1 9 7 4 ; $58 m i l l i o n f r o m Itfarch 2 8 , 1 9 7 4 t o J u n e 2 6 , 1 9 7 4 ; a t w h i c h
time the t r a n s i t i o n period e x p i r e s .
"*
- ~
'
I n c l u d e s member b a n k d e p o s i t s , 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 , E u r o - d o l l a r b o r r o w i n g s o f U . S . b a n k s , and c e r t a i n n o n d e p o s i t i t e m s .
"
On J u l x j . 7 , 1 9 7 4 ,
b a n k - r e l a t e d commercial paper amounted to $7,241 m i l l i o n .
•,
A v e r i g e of r a n g e of o f f e r i n g r a t e s of n e g o t i a b l e c e r t i f i c a t e s o f d e p o s i t w i t h t h r e e month m a t u r i t y i n s e c o n d a r y ' m a r k e t .
D a i l y a v e r a g e y i e l d on 2 0 - y e a r b o n d s .
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 c h a n g e s a r e 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 , n o t c o m p o u n d e d .

1/