Full text of H.9 Weekly Summary of Reserves and Interest Rates : March 4, 1983

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FEDERAL RESERVE statistical release
For Release at 4:15 p.m. EST
March 4 , 1983

H.9(511)

WEEKLY SUMMARY OF RESERVES AND INTEREST RATES

Averages of daily figures

Levels
4 weeks ended

Week ended
Mar

F e b 23P

2P

Mar

Feb

2P

2P

Millions of dollars, seasonally adjusted
Reserve aggregates (adjusted)1
Total reserves 2
Nonborrowed reserves
Nonborrowed reserves plus extended credit 3
Required reserves
Monetary base 4

40,900
40,190
40,485
40,333
178,772

40,496
40,020
40,355
40,161
178,345

40,495
39,888
40,173
40,039
177,702

40,845
40,446
40,609
40,388
176,964

Percent change
Average of 4 weeks ended
March
2 , 1983P
from 4 weeks averages
52 weeks
26 weeks
13 weeks
previous
previous
previous
Seasonally adjusted annual rates

-0.1
0.2

8.6
8.1

-0.8
8.5

8.0
8.6

1.2

9.0

6.1
9>6
9.6
5.8
7.9

4 weeks ended

Week ended
F e b 23

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

710
43
295
8.44
7.93
8.09
8.26
8.88
10.63

476
45
335
8.47
7.99
8.25
8.43
9.01
10.86

606
41
285
8.51
8.09
8.30
8.49
9.08
10.97

400
33
164
8.47
7.87
8 . 17
8.36
9.01
10.84

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 of member b a n k s a n d E d g e Act C o r p o r a t i o n s a n d 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 with t h e i m p l e m e n t a t i o n of t h e Monetary C o n t r o l Act,
t h e i n c l u s i o n of E d g e Act C o r p o r a t i o n r e s e r v e s , a n d 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 r e m o v e d .
B e g i n n i n g w i t h t h e week e n d e d D e c e m b e r 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
reservable 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 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 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
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 b a l a n c e s plus v a u l t cash e q u a l t o r e q u i r e d r e s e r v e s a t other
institutions.
3
E x t e n d e d c r e d i t c o n s i s t s of 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 a n d 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 extended 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 with 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 .
Because t h e r e i s n o t t h e same need t o r e p a y s u c h b o r r o w i n g promptly 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 t e r m a d j u s t m e n t c r e d i t , t h e money m a r k e t 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 n o n b o r r o w e d
4

I n c l u d e s r e s e r v e b a l a n c e s a n d 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 a n 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 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 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 , F e d e r a l R e s e r v e B a n k s , 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 F e b . 2 3 , 1 9 8 3 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 $ 3 3 , 4 1 0 m i l l i o n .
6 f i e l d at 20-year constant maturity.
Source:
U.S. T r e a s u r y .
Note:
All p e r c e n t a g e changes 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.