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FEDERAL RESERVE s t a t i s t i c a l r e l e a s e 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 ) (Rev. 4 / 7 2 ) / For I m m e d i a t e R e l e a s e March 1 , 1973 P e r c e n t Change ( S e a s o n a b l y Reserve Aggregates 1/ y Week e n d e d 4 Wks . e n d e d F e b . 28 1 F e b . 21 F e b . 28 1 J a n . 31 ($ B i l . , SA) y Total reserves Nonborfowed r e s e r v e s Required r e s e r v e s Reserves Available to Support Pvt. Nonbank D e p o s i t s 31.88 29.70 31.49 29.61 31.64 29.77 31.44 29.30 32.27 30.96 32.02 29.41 Week e n d e d 4 Wks. ended "FeETTT F e b . 14 I F e b . 21 I J a n . ($ B i l . , SA) Monetary A g g r e g a t e s M •S 258 .4 (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 ) o t h e r than l a r g e time CD's) A d j u s t e d c r e d i t proxy 4/ 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 demand 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 31.50 29.56 31.40 29.29 Rates Member b a n k b o r r o w i n g s ($ m i l . ) F r e e o r n e t b o r r o w e d ( - ) r e s e r v e s ($ m i l . ) 2/ 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 placed 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 ) 6/ 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 7 / 256 .4 256.4 530.4 532 .5 529.9 413.0 . 417 .5 412.9 322.2 323 .2 321.1 6.9 8 .6 6.9 Week e n d e d F e b . 28 1 F e b . 21 Feb. 2 8 | (NSA) V 1479 -1479 6.75 5 .72 6.25 6.38 8.18 6.89 1670 -1224 6.79 5.49 6.16 6.31 7.54 6.87 1594 -1397 6.58 5.59 6.17 6.28 7.45 6.88 Ann.mi A v e r a g e of 4 Weeks Ended F e b . 2 8 . 1973 f r o m 4 Week A ^ e r a e e s 13 weeks p r e v i o u s I 26 weeks p r e v i o u s I 52 weeks p r e v i o u s 8.1 -6.3 10.0 7.9 10.2 4.4 10.0 9.6 -0.4 8.6 10.6 A v e r a g e of 4 Weeks Ended Feb. 21.1973 13 w e e k s p r e v i o u s \ 26 weeks p r e v i o u s | 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 255.9 528.2 409.5 316.3 7.4 Jan. 8.1 11.9 17.7 9.0 11.2 15.7 9.7 12.0 15.5 31 1098 -877 5.98 5.43 5.78 5.80 6.17 - 6.85 NSA—Not S e a s o n a l l y A d j u s t e d SA--Seasonally Adjusted 1/ 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 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 . 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 t h e c h a n g e i n R e g u l a t i o n D e f f e c t i v e November 9 , w h i c h r e d u c e d r e q u i r e d r e s e r v e s by a b o u t $ 3 . 2 b i l l i o n . Per c e n t annual r a t e s o f 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 and 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 remove t h e e f f e c t of t h i s s t r u c t u r a l c h a n g e . 2/ 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 a m o u n t e d t o $450 m i l l i o n f r o m November 9 t o December 2 7 , and $279 m i l l i o n t h e r e a f t e r . 3 / The Board r e c e n t l y c o m p l e t e d i t s r e g u l a r b e n c h m a r k and s e a s o n a l f a c t o r r e v i e w of r e s e r v e s and m o n e t a r y a g g r e g a t e s . C u r r e n t d a t a a r c shown on t h e B o a r d ' s H . 6 , "Money S t o c k M e a s u r e s " and H . 3 , " A g g r e g a t e R e s e r v e s and Member Bank D e p o s i t s " , r e l e a s e s . An e x p l a n a t i o n of t h e r e v i s i o n a l o n g w i t h m o n t h l y h i s t o r i c a l d a t a w i l l a p p e a r i n t h e F e b r u a r y i s s u e of t h e F e d e r a l R e s e r v e B u l l e t i n . Weekly h i s t o r i c a l d a t a a r e a v a i l a b l e f r o m t h e B a n k i n g S e c t i o n D i v i s i o n of R e s e a r c h and S t a t i s t i c s . 4/ 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 of 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 . 5 / On F e b . 2 1 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 amounted t o $ 3 , 0 6 2 m i l l i o n . 6 / A v e r a 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 of d e p o s i t w i t h 3 - m o n t h 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 . .7/ 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 y s t e $ i . a n n u a l r a t e s , n o t c o m p o u n d e d .
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