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FEDERAL RESERVE statistical release H.9 (511) For Immediate Release June 5, .1981 WEEKLY S U M M A R Y OF B A N K I N G A N D CREDIT MEASURES Averages o f daily figures Levels Week ended Percent change 7 Average o f 4 weeks ended 4 weeks ended June 3 1 Reserve aggregates T o t a l reserves 2 N o n b o r r o w e d reserves Required reserves Monetary base 3 Reserve aggregates (adjusted) 4 T o t a l reserves N o n b o r r o w e d reserves Required reserves Monetary base May 27 June 3 May 6 Millions o f dollars, seasonally adjusted 41,027 39,073 40,646 163,833 40,516 38,562 40,135 163,9?9 to, 852 37,929 40,413 164,215 40,800 33,654 40,520 163,623 40,612 38,923 40,421 162,761 40,341 37,418 39,902 I64.no 40,350 38,204 40,070 163.758 40,346 38,657 40,155 163,01? Week ended Monetary aggregates M - 1 A (Currency plus demand deposits) M-1B (M-1A plus o t h e r checkable deposits) f r o m jffieek^ave^ages 13 weeks 2 6 weeks 52 weeks previous previous. previous Seasonal! y adjusted annual rates 7.6 (6.0) 4.2 (2.7) 7.3 15.8) £L Average o f 4 weeks ended 4 weeks ended May 27P May 27c Billions o f dollars, seasonally Anril May 27, 1981 13 weeks previous 2 6 weeks 52 weeks previous previous y adjusted annual rates -12.2 Week ended 4 weeks ended May ?7 Other reserve measures and interest rates Member bank borrowings ($ mil.) Includes seasonal borrowings o f : Federal funds rate 3 - m o n t h Treasury b i l l rate 9 0 day dealer placed commercial p a p e r 5 3 - m o n t h CD rate (secondary market) 3 - m o n t h Eurodollar rate U.S. Government b o n d r a t e 6 1 2 3 4 Not seasonally adjusted 1954 287 18.40 15.46 16.63 17.25 17.98 13.30 2923 309 18.71 16.41 17.52 18.28 19.16 16.28 17.50 18.20 15.92 gpsm 16.84 13.56 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 program by approximately $245 million effective February 18, 1981 and by another $245 million effective May 20, 1981. Reserve balances with Federal Banks plus vault cash at institutions with required reserve balances plus vault cash equal to required reserves at other institutions. 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. 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. On May 27, 1981 bank-related commercial paper outstanding was $28,680 million. Yield at 20-year constant maturity. Source: U.S. Treasury. 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 t h a r 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 — I n d i c a t e s 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. 5 6 7
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