Full text of H.9 Weekly Summary of Reserves and Interest Rates : March 2, 1978

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F E D E R A L

R E S E R V E

statistical

release

(III!
For Immediate Release

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES
(Averages of daily figures)

H.9
(Rev. 9/77)

Per cent Change (Seasonally Adjusted Annual Rates)

Levels
4 Weeks ended
Week ended
| Feb. 22
Mar. 1
|Feb. 1
Mar. 1
($ Bil., SA)

5.
Reserve Aggregates^

36.47
36.08
36.33

Total reserves
Nonborrowed reserves
Required reserves

36.90
36.46
36.47

37.01
36.61
36.68

36.89
36.41
36.63

4 Weeks ended
Week ended
Feb. 22
Feb. 15 . Feb. 22 Jan. 25
C$ Bil., SA)

Monetary Aggregates

March 2, 1978

Average of 4 weeks ended March 1, 1978
13 weeks previous J26 weeks previous

11.2
16.5
10.4

8.0
12.4
7.2

from 4 week averages
| 52 weeks previous "**

7.6
6.7
7.3

Average of 4 weeks ended February 22', 1978from 4 waeks averages'
26 weeks previous I 52 weeks previous
13 weeks previous

M, (Currency plus demand deposits)
M^ (M^ plus time deposits at commercial banks
other than large time CD's)
Time deposits, all commercial banks
U.S. Government demand deposits, member banks

335.8

336.2

336.3

337.9

4.3

5.2

7.1

814.2
558.2
2.6

813.9
556.7
2.2

813.7
556.0
2.3

812.2
550.4
3.5

6.2
13.0

6.8
12.9

8.5
11.4

Other Reserve Measures & Interest Rates

Week ended
4 Weeks ended
Mar. 1
Feb. 22
Mar. 1
Feb. 1
(NSA)

Member bank borrowings ($ mil.)
Includes seasonal borrowings of:
Federal funds rate
3-month Treasury bill rate
90-119 day dealer placed commercial paper 2/
3-month CD rate (secondary market) 3/
90-day CD rate (primary offering) 4/
3-month Euro-dollar rate
U.S. Government bond rate 5/
NSA—not seasonally adjusted
i/

390
59
6.80
6.41
6.75
6.88
6.75
7.34
8.22

442
53
6.78
6.48
6.78
6.91
6.75
7.33
8.26

402
52
6.77
6.45
6.76
6.89
6.75
7.28
8.22

4.80
32
6.72
6.47
6.76
6.95
6.86
7.34
8.16

SA—seasonally adjusted

Includes required reserves against Eurodollar borrowings and bank-related commercial paper. Reserve aggregates reflect changes in Regulation D. Per
cent annual rates of growth for required reserves and other reserve aggregates have been adjusted to remove the effect of these structural^ changes.
2/ On February 22, 1978 bank-related commercial paper amounted to$9612 million.
Average of range of offering rates of negotiable certificates of deposit with 3-month maturity in secondary market.
Posted ranges » the annual interest rates most often quoted on new offerings of negotiable certificates of deposit in denominations of $ 1,00.000 or more.
Yield at 20-year constant maturity. Source: U.S. Treasury
NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded.

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