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FEDERAL RESERVE statistical release H.9 (511) For Immediate Release WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Weekended March 13, 1981 Levels 4 weeks ended Mar. 11 Mar. 4 Mar. 11 Feb. 11 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves2 Nonborrowed reserves Required reserves Monetary base 3 39,825 39,057 39,665 160,552 40,739 39,440 40,042 161,972 40,031 38,800 39,784 161,086 39,861 38,480 39,535 160,113 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 39,559 38,791 39,399 160,286 40,473 39,174 39,776 161,705 39,765 38,534 39,518 160,820 39,840 38,459 39,514 160,092 Week ended 4 weeks ended Mar. 4p Feb. 25p Mar. 4p Feb. 4p Billions of dollars, seasonally adjusted Monetary aggregates M-1A (Currency plus demand deposits) M-1B (M-1A plus other checkable deposits) Other reserve measures and interest rates Member bank borrowings ($ mil.) Includes seasonal borrowings 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 Percent change 7 Average of 4 weeks ended March 11. 1981 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates 7.1(4.1) 5.8(4.3) -3.9 4.7(1.6) 10.0(8.4) 4.3 7.3(4.3) 5.8(4.3) -1.4 7.8(7.4) 7.4(6.7) 3.7 Average of 4 weeks ended March 4 , 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 365.7 364.6 365.8 369.7 419.7 416.5 417.8 415.4 Week ended 4 weeks ended Mar. 11 I Mar. 4 | Mar. 11 I Feb. 11 Not seasonally adjusted 768 1382 1299 1231 176 169 185 129 15.53 15.73 15.51 15.75 14.49 14.78 14.17 14.35 14.89 15.20 15.09 15.45 15.40 15.83 16.11 15.59 16.94 17.15 16.31 16.74 13.09 13.00 13.25 13.10 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 d e p o s i t s a t member banks and Edge Act c o r p o r a t i o n s and beginning November 13, 1980* a t o t h e r d e p o s i t o r y i n s t i t u t i o n s . E f f e c t i v e November 13, 1980 r e q u i r e d r e s e r v e s of member banks and Edge Act c o r p o r a t i o n s were reduced about $4.3 b i l l i o n and r e q u i r e d r e s e r v e s of o t h e r d e p o s i t o r y i n s t i t u t i o n s were i n c r e a s e d about $1.4 b i l l i o n due t o the implementation of t h e Monetary Control Act of 1980. Also i n c o n j u n c t i o n with the Monetary Control Act^ required r e s e r v e s of c e r t a i n non-member banks and f o r e i g n r e l a t e d i n s t i t u t i o n s i n c r e a s e d by approximately $245 m i l l i o n e f f e c t i v e February 18, 1981 pursuant to the t r a n s i t i o n a l p h a s e - i n program. 2 Reserve balances with F e d e r a l Reserve Banks p l u s v a u l t cash a t i n s t i t u t i o n s with r e q u i r e d r e s e r v e balances p l u s v a u l t cash equal to r e q u i r e d r e s e r v e s a t o t h e r i n s t i t u t i o n s . 3 I n c l u d e s r e s e r v e b a l a n c e s a t F e d e r a l Reserve Banks i n t h e c u r r e n t week p l u s v a u l t cash h e l d two weeks e a r l i e r used 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 p l u s currency o u t s i d e t h e U.S. Treasury, F e d e r a l Reserve Banks, the 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 cash a t d e p o s i t o r y institutions. 4 Reserve aggregates s e r i e s have been a d j u s t e d t o remove 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 with the implementation of the Monetary Control Act, m a r g in al r e s e r v e requirements, t h e i n c l u s i o n of Edge Act Corporation Reserves, and o t h e r changes i n Regulations D and K. P r i o r t o February 18, 1981, r e s e r v e a g g r e g a t e s s e r i e s have been a d j u s t e d h i s t o r i c a l l y t o conform to the s t r u c t u r e of r e s e r v e requirements c u r r e n t l y i n e f f e c t . Beginning February 18, the s e r i e s have been a d j u s t e d t o remove the e f f e c t s of scheduled t r a n s i t i o n a l changes i n r e s e r v e requirements under the MCA. 5 On March 4 , 1981 b a n k - r e l a t e d commercial paper outs ta nding was $25,535 m i l l i o n . 6 Yield a t 20-year c o n s t a n t m a t u r i t y . Source: U.S. Treasury. 7 Reserve measures r e f l e c t i n c r e a s e s i n r e q u i r e d r e s e r v e s , l a r g e l y i n November 1980, a s s o c i a t e d with t h e r e d u c t i o n of weekend avoidance a c t i v i t i e s of a few l a r g e banks. The r e d u c t i o n i n t h e s e a c t i v i t i e s l e a d s to e s s e n t i a l l y a one-time i n c r e a s e — c u r r e n t l y estimated a t $550 to $600 m i l l i o n — i n the average l e v e l of required r e s e r v e s t h a t need t o be held f o r a given l e v e l of d e p o s i t s e n t e r i n g the money s u p p l y . This i n c r e a s e in required r e s e r v e s would r a i s e r e s e r v e a g g r e g a t e s f o r t e c h n i c a l reasons u n r e l a t e d t o monetary p o l i c y . Growth r a t e s shown i n p a r e n t h e s e s r e f l e c t a d j u s t m e n t f o r t h i s t e c h n i c a l f a c t o r . No s i g n i f i c a n t i n f l u e n c e on money supply d a t a has been i d e n t i f i e d as a r e s u l t of t h i s t e c h n i c a l change. NOTE: A l l percentage changes a r e a t s e a s o n a l l y a d j u s t e d annual r a t e s , not compounded. p — I n d i c a t e s p r e l i m i n a r y d a t a . S p e c i a l caution should be taken i n i n t e r p r e t i n g week-to-week changes i n money supply d a t a , which a r e o f t e n h i g h l y v o l a t i l e and s u b j e c t t o r e v i s i o n i n subsequent weeks and months.
@FedFRASER