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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 March 6, 1981 Levels Week ended 4 weeks ended March 4 Feb. 25 March 4 Feb. 4 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base3 40,694 39,395 40,042 161,385 39,430 37,788 39,595 160,673 39,856 38,556 39,617 160,689 40,126 38,690 39,657 160,249 Reserve aggregates (adjusted)4 Total reserves Nonborrowed reserves Required reserves Monetary base 40,673 39,374 40,021 161,364 39,409 37,767 39,574 160,652 39,835 38,535 39,596 160,668 40,105 38,669 39,636 160,228 Week ended 4 weeks ended Feb. 25p Feb. 18p Feb. 25p Jan. 28p Billions of dollars, seasonally adjusted Monetary aggregates M-1A (Currency plus demand deposits) M-1B (M-1A plus other checkable deposits) 364.9 417.0 366.7 418.3 366.1 416.7 373.6 416.4 Percent change 7 Average of 4 weeks ended March 4 , 1981 from 4 weeks averages 13 weeks I 26 weeks | 52 weeks previous | previous | previous Seasonally adjusted annual rates 8.9(5.9) 6.3(4.8) 5.8(2.8) 8.6(7.0) 9.0(6.0) 6.3(4.7) 7.7(7.0) 7.9(7.5) Average of 4 weeks ended February 25, 1981 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates -3.2 5.0 -0.4 3.3 -23.3 1.4 -7.2 6.9 -2.0 6.4 Week ended 4 weeks ended March 4 | Feb. 25 | March 4 I Feb. 4 Not seasonally adjusted 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 paper5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1299 176 15 .73 14 .35 15 .09 15 .59 16 .74 13,.25 1642 160 14. 96 14. 23 14. 75 15. 52 16. 59 12. 95 1300 155 15. 75 14. 78 15. 45 16. 11 17. 15 13. 09 1436 123 18. 58 15. 18 16. 67 17. 24 18. 11 12. 42 iiiiiiliiilliiHiiiiiiHn 1 Includes required reserves against deposits at member banks and Edge Act corporations and beginning November 13, 1980, at other depository institutions. Effective November 13, 1980 required reserves of member banks and Edge Act corporations were reduced about $4.3 billion and required reserves of other depository institutions were increased about $1.4 billion due to the implementation of the Monetary Control Act of 1980. 2 Reserve balances with Federal Reserve Banks plus vault cash at institutions with required reserve balances plus vault cash equal to required reserves at other institutions. 3 Includes reserve balances at Federal Reserve Banks in the current week plus vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus vault cash at depository institutions. 4 Reserve aggregates series have been adjusted to remove discontinuities associated with the implementation of the Monetary Control Act, marginal reserve requirements, the inclusions of Edge Act corporation reserves, and other changes in Regulations D, K, and M. 5 On February 25, 1981 bank-related commercial paper outstanding was $26,009 million. 6 Yield at 20-year constant maturity. Source: U.S. Treasury. 7 Reserve measures reflect increases in required reserves, largely in November 1980, associated with the reduction of weekend avoidance activities of a few large banks. The reduction in these activities leads to essentially a one-time increase—currently estimated at $550 to $600 million—in the average level of required reserves that need to be held for a given level of deposits entering the money supply. This increase in required reserves would raise reserve aggregates for technical reasons unrelated to monetary policy. Growth rates shown in parentheses reflect adjustment for this technical factor. No significant influence on money supply data has been identified as a result of this technical change. NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded. p-Indicates preliminary data. Special caution should be taken in interpreting week-to-week changes in money supply data, which are often highly volatile and subject to revision in subsequent weeks and months.
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