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FEDERAL RESERVE statistical release H.9 (511) For immediate Release July 6, 1981 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Percent c h a n g e " Average of 4 weeks ended Levels 4 weeks ended Week ended June 3 July 1 June 24 July 1 Millions of dollars, seasonally adjusted Reserve aggregates 1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 41,155 39,420 40,673 164,735 40,916 38,611 40,552 164,083 40,836 38,801 40,490 163,868 40,765 38,619 40,520 163,462 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 40,644 38,909 40,162 164,868 40,405 38,100 40,041 164,185 40,325 38,290 39,979 163,968 40,316 38,169 40,070 163,596 4 weeks ended Week ended June 24p June 17p June 24p May 27p Billions of dollars, seasonally adjusted Monetary aggregates 3 Ml-A (Currency plus demand deposits) Ml-B (Ml-A plus other checkable deposits) 361.9 429.0 361.9 429.0 361.8 428.8 July 1, 1981 f r o m 4 weeks averages 2 6 weeks ' 52 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 1 17.00 2305 306 19.20 14.69 16.24 17.03 13.53 13.22 1735 306 18.84 14.25 16.28 18.01 18.00 2036 292 19.12 14.60 16.27 16.88 17.85 -13.8 365.9 432.4 13.21 2147 286 18.55 16.28 17.50 18.20 18.95 13.66 (6.3) (1.8) (5.9) (7.7) Average of 4 weeks ended June 24, 1981 fronrf 4 weeks averages 52 weeks 2 6 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates 4 weeks ended Week ended June 24 July 1 I June 3 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 9 0 day dealer placed commercial paper 6 3 month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate? 7.8 3.4 7.4 8.1 1.3 -0.7 2.2 5.5 4.0 -6.7 4.1 6.4 i ": ............... 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 noranember banks and foreign related institutions increased pursuant to the transitional phase-in program 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 Ranks 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 June 24, 1981 bank-related commercial paper outstanding was 28,857 million. 7 Yield at 20-year constant maturity. Source: U.S. Treasury. 8 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 <a subsequent weeks and months.
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