Full text of H.9 Weekly Summary of Reserves and Interest Rates : March 11, 1983

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FEDERAL RESERVE statistical release
• • m m - '
For Release at 4:15 p.m. EST
March 11, 198 J

H.9(511)

WEEKLY SUMMARY OF RESERVES AND INTEREST RATES
Averages of daily figures

Percent change
Average of 4 weeks ended
March 9 , 1983P

Levels
4 weeks ended

Week ended
Ear

Mar

9P

2P

Mar

Feb

9P

9P

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

40,418
39,790
40,087
39,849
177,616

40,964
40,254
40,549
40,292
178,669

40,584
39,913
40,213
40,046
177,940

9

-1.2
-2.3
-1.1
-2.8
8.3

8.1
8.0
9.0
7.5
8.5

6.3
9.4
9.4
5.8
7.9

4 weeks ended

Week ended
Mar

40,810
40,424
40,613
40,348
177,014

from 4 weeks averages
52 weeks
26 weeks
13 weeks
previous
previous
previous
Seasonally adjusted annual rates

Mar

Mar

9

Feb

9

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

628
44
297
8.59
8.14
8.27
8.42
8.91
10.72

710
43
295
8.44
7.93
8.09

8.26
8.88

10.63

671
43
300
8.53
8.07
8.25
8.42
8.98
10.83

386
34
189
8.49
7.99
8.25
8.46
9.15
10.99

1 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 and Edge Act C o r p o r a t i o n s and 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 a s s o c i a t e d w i t h t h e i m p l e m e n t a t i o n o f t h e Monetary C o n t r o l A c t ,
t h e i n c l u s i o n o f Edge A c t 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 h a v e b e e n removed.
B e g i n n i n g w i t h t h e week e n d e d December 3 1 , 1 9 8 1 , r e s e r v e s a g g r e g a t e s h a v e b e e n r e d u c e d by s h i f t s of
r e s e c t a b l e l i a b i l i t i e s to i n t e r n a t i o n a l banking f a c i l i t i e s (IBFs).
2 R e s e r v e b a l a n c e s w i t h F e d e r a l R e s e r v e Banks ( w h i c h e x c l u d e r e q u i r e d c l e a r i n g b a l a n c e s ) p l u s v a u l t c a s h
at i n s t i t u t i o n s with required r e s e r v e balances plus v a u l t cash equal t o required r e s e r v e s at other
institutions.
e
3 E x t e n d e d c r e d i t c o n s i s t s o f b o r r o w i n g a t t h e d i s c o u n t window u n d e r t h e 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
f o r t h e e x t e n d e d c r e d i t program t o 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 p r e s s u r e s .
B e c a u s e t h e r e i s n o t t h e same n e e d 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 term a d j u s t m e n t c r e d i t , t h e money market 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 nonborrowed
reserves.
4 I n c l u d e s r e s e r v e b a l a n c e s and 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 an 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 w e e k s e a r l i e r u s e d 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 c u r r e n c y o u t s i d e t h e U.S. T r e a s u r y , Federal Reserve Banks, t h e 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 March 1 0 , 1983 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 was $ 33,895 m i l l i o n .
6
Yield at 20-year c o n s t a n t maturity.
Source:
O.S. Treasury.
dote:
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 compounded.
P—indicates preliminary data.