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FEDERAL RESERVE statistical release For Release at 4:10 p.m. EST H.9 (511) WEEKLY SUMMARY O F BANKING AND CREDIT MEASURES Averages of daily figures M a r c h 26, 1982 Percent change Average of 4 weeks ended Levels 4 weeks ended Week ended I Feb 24p IMar. 17p M a r . 24p 41,166 41,236 41,048 41,051 5.7 4.6 39,512 39,772 39,516 39,221 -4.7 4.4 4.7 3.3 39,823 40,912 40,073 40,899 39,817 40,685 39,443 40,752 -3.1 5.2 4.6 4.7 4.0 4.5 168,606 168,550 168,208 167,920 6.9 5.7 5.6 4 weeks ended Week ended Mar. M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits. 17p |Mar. lOp [Mar. 17p |Feb. 17p 449.0 448.5 447.8 447.8 Billions of dollars, seasonally adjusted 1 2 3 4 5 1654 173 311 14. 48 12. 75 13. 79 14.,23 14..95 13..67 [Mar. 17 Average of 4 weeks ended March 17, 1982p from 4 weeks averages 52 weeks "26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 8.4 7.6 5.9 4 weeks ended Week ended M a r . 24 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 rate6 24, 1982p M a r . 24p Millions of dollars, seasonally adjusted Reserve aggregates (adjusted) 1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit3 Required reserves Monetary base 4 March from 4 weeks averages 52 weeks "35 weeks 13 weeks previous previous previous Seasonally adjusted annual rates I M a r . 24 Not seasonally adjusted 1464 187 301 14. 89 12..77 13..90 14..31 14..99 13,.80 [Feb. 24 1533 165 302 14..45 12..52 13,.69 14 .09 14 .80 13 .74 1830 126 222 14. 86 13. 58 14. 63 15. 08 15..73 14..52 Reserve a g g r e g a t e s i n c l u d e required reserves of m e m b e r banks and E d g e Act c o r p o r a t i o n s and other d e p o s i t o r y institutions. D i s c o n t i n u i t i e s associated with the i m p l e m e n t a t i o n of the M o n e t a r y C o n t r o l A c t , the inclusion of Edge Act C o r p o r a t i o n r e s e r v e s , and other changes in R e g u l a t i o n D h a v e b e e n r e m o v e d . Beginning w i t h the week ended D e c e m b e r 23, 1981, r e s e r v e s aggregates have b e e n reduced b y s h i f t s of r e s e r v a b l e liabilities to International Banking F a c i l i t i e s (IBFs). Reserve 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 (which exclude required clearing b a l a n c e s ) plus vault cash at institutions w i t h required r e s e r v e b a l a n c e s plus vault c a s h equal to required r e s e r v e s at other i n s t i t u t i o n s . Extended credit c o n s i s t s of b o r r o w i n g at the discount w i n d o w under the terms and c o n d i t i o n s established for the extended credit program to h e l p d e p o s i t o r y institutions deal w i t h sustained liquidity p r e s s u r e s . Because there is not the same need to repay such borrowing p r o m p t l y as t h e r e is w i t h t r a d i t i o n a l short-term adjustment c r e d i t , the m o n e y m a r k e t impact of extended credit is similar to that of n o n b o r r o w e d r e s e r v e s . includes r e s e r v e b a l a n c e s and required clearing balances at F e d e r a l R e s e r v e Banks in the c u r r e n t w e e k plus vault cash held two w e e k s e a r l i e r used to satisfy reserve r e q u i r e m e n t s at all d e p o s i t o r y institutions plus currency o u t s i d e the U . S . T r e a s u r y , F e d e r a l R e s e r v e 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 surplus vault cash at d e p o s i t o r y i n s t i t u t i o n s . On M a r c h 17, 1982 bank-related c o m m e r c i a l paper outstanding w a s $ 3 4 , 8 1 8 m i l l i o n . 6 Yield at 20-year c o n s t a n t m a t u r i t y . Source: U.S. Treasury. NOTE: A l l p e r c e n t a g e c h a n g e s a r e at seasonally adjusted annual rates, not c o m p o u n d e d . p — I n d i c a t e s p r e l i m i n a r y data. S p e c i a l c a u t i o n should be taken in interpreting w e e k - t o - w e e k c h a n g e s in m o n e y supply d a t a , w h i c h a r e often h i g h l y v o l a t i l e and subject to r e v i s i o n in subsequent w e e k s and m o n t h s .
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