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FEDERAL RESERVE statistical release •?*4LRfc^ H.9 (511) For Immediate r e l e a s e March 27, 1981 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Levels Week ended Mar. 25 Mar. 18 4 weeks ended Mar. 25 Feb. 25 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 40,024 39,136 39,917 161,529 40,254 39,480 39,911 161,684 40,225 39,293 39,884 161,468 39,676 38,383 39,544 160,435 Reserve aggregates (adjusted) * Total reserves Nonborrowed reserves Required reserves Monetary base 39,758 38,870 39,651 161,263 39,988 39,214 39,645 161,418 39,959 39,027 39,618 161,202 39,533 38,240 39,400 160,291 Week ended 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 1 4 weeks ended Mar. 18p Mar. l i p Mar. 18p Feb. 18p Billions of dollars, seasonally adjusted 363.7 420.6 365.8 422.1 365.0 419.8 Percent change 7 Average of 4 weeks ended March 25, 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates -2.2 6 . 8 (3.8) 6.8 (5.2) 6.4 8.4 (5.3) 13.0(11.4) 0.5 6.4 (3.4) 6.4 (4.9) 3.8 7 . 1 ( 6 . 4 ) 7.9 ( 7 . 5 ) Average of 4 weeks ended March 1 8 , 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 366.7 415.8 Not seasonally adjusted 888 200 13.48 12.64 12.87 13.47 14.31 12.84 774 193 14.13 13.06 13.64 14.10 14.94 12.63 932 189 14.72 13.56 14.12 14.64 15.58 12.93 1293 143 16.12 14.89 15.67 16.35 17.27 12.93 ianHHiHHZiE-n H Includes required r e s e r v e s against d e p o s i t s at member banks and Edge Act corporations and beginning November 13, 1980, at other depository i n s t i t u t i o n s . E f f e c t i v e November 13, 1980 required r e s e r v e s of member banks and Edge Act corporations were reduced about $4.3 b i l l i o n and required reserves of other depository i n s t i t u t i o n s were increased about $1.4 b i l l i o n due to the implementation of the Monetary Control Act of 1980. Also in conjunction with the Monetary Control Act, required reserves of c e r t a i n nonmember 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 increased 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 Federal Reserve Banks plus vault cash at i n s t i t u t i o n s with required reserve balances plus vault cash equal to required reserves at other i n s t i t u t i o n s . 3 Includes reserve balances at Federal Reserve Banks in the current week plus vault cash held two weeks e a r l i e r used to s a t i s f y reserve requirements at a l l depository i n s t i t u t i o n s plus currency o u t s i d e the U.S. Treasury, Federal Reserve Banks, the vault of depository 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 . 4 Reserve aggregates s e r i e s have been adjusted to 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, marginal reserve requirements, the i n c l u s i o n s of Edge Act Corporation Reserves, and other changes in Regulations D and K. Prior t o February 18, 1981, reserve aggregates s e r i e s have been adjusted h i s t o r i c a l l y to conform to the structure of reserve 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 adjusted to remove the e f f e c t s of scheduled t r a n s i t i o n a l changes in reserve requirements under the MCA. 5 On March 18, 1981 bank-related commercial paper outstanding was $26,076 m i l l i o n . 6 Yield at 20-year constant maturity. 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 required 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 the reduction of weekend avoidance a c t i v i t i e s of a few large banks. The reduction i n these a c t i v i t i e s leads to e s s e n t i a l l y a one-time increase—currently estimated at $550 to $600 m i l l i o n — i n the average l e v e l of required reserves that need to be held for a given l e v e l of d e p o s i t s entering the money supply. This increase in required reserves would r a i s e reserve aggregates for technical reasons unrelated to monetary p o l i c y . Growth rates shown in parentheses r e f l e c t adjustment for 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 data 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 technical change. NOTE: A l l percentage changes are at s e a s o n a l l y adjusted annual r a t e s , not compounded. P—Indicates preliminary data. Special caution should be taken in i n t e r p r e t i n g week-to-week changes in money supply data, which are o f t e n 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 weeks and months.
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