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/4
ERAL
7'ii
RESERVE
r e l e a s e
May 18, 1972
The policy record for the February 15, 1972 meeting of the
Federal Open Market Committee, released to the public on May 15, 1972,
refers to the measure "reserves available to support private nonbank
deposits".
This reserve measure for member banks is defined as the
total of (1) required reserves for private demand deposits, (2) required
reserves for total time and savings deposits, (3X required reserves for
nondeposit sources subject to reserve requirements"and (4) excess
reserves.
The series excludes required reserves for net interbank
and U.S. Government demand deposits.
On the reverse side is a table showing the monthly and weekly
daily average seasonally adjusted level of "Reserves Available to Support
Private Nonbank Deposits" for the recent period.
These data incorporate ,
certain technical refinements completed in mid-May, and therefore differ
somewhat from the series available to the Open Market Committee prior
to that date.
Comparable data from 1960 are available on request
from the Banking Section, Division of Research and Statistics, Board
of Governors of the Federal Reserve System, Washington, D.C.
20551.
Beginning May 18 "Reserves Available to Support Private Nonbank
Deposits" will be shown in the weekly H.9 Statistical Release ("Weekly
Summary of Banking and Credit Measures") and beginning May 22 in the
weekly H.3 Statistical Release ("Aggregate Reserves and Member Bank
Deposits").
Beginning with the June 1972 issue of the Federal Reserve
Bulletin, the series will appear in the table on page A-18, "Aggregate
Reserves and Member Bank Deposits".
/aReserves Available to Support
Private Nonbank Deposits—^
(Seasonally adjusted, billions of dollars)
Monthly
Weekly
6
13 .
20
27
27.12
26.71
26.91
26.98
3,
10
17
24
26.99
26.96
27.08
27.30
3
10
17
24
31
27.35
27.34
27.60
27.37
27.62
7
14
21
28
27.74
27.78
27.65
27.7 6
5
- 12
19
26
27.7 6
27.91
27.87
1971—Jan.
Apr.
May
28.07
28.10
28.24
28.24
28.25
July
7
14
21
28
28.3 7
28.0 9
28.5 4
28.28
Aug.
4
11
18
25
28 ,-?l
28.34
28.5 8
28 .4 6
2
9
28 ,
.6 2
28 .5 2
28,.54
28,,29
28,.63
6
13
20
27
28,.60
28 .52
28-.56
28 .55
Nov.
3
10
17
24
28 .81
28 .49
28 .66
28 .69
Dec.
1
8
15
22
29
29,,09
28 .76
28 .88
28 ,79
28 .89
5
12
19
26
28 .96
28 .98
29 .23
29..01
2
9
16
23
29 .14
28 .99
29 .3 6
29 .19
1
8
15
22
29
29 .50
29 ,5 8
29 .87
29 .2 2
29 .7 8
Apr.
5
12
19
26
29.,90
29..73
29. 63
30. 05
May
3
29. 82
Oct.
1972—Jan.
28.0 6
16
23
30
i
1
8
15
22
29
Sept.
Feb.
Mar.
1970- -Jan.
Feb.
Mar.
25.25
25. 12
25. 35
Apr.
May
June
25. 74
25. 80 ,
25. 90
July
Aug.
Sept.
26. 01
26. 39
26. 81
Oct.
Nov.
Dec.
2/
26. 49^
26. 55
26. 75
1971—Jan.
Feb.
Mar.
26. 93
27. 13
27. 47
Apr.
May
June
27. 74
27. 94
28. 20
July
Aug.
Sept.
28. 36
28. 52
28. 50
Oct.
Nov.
Dec.
28.,59
28.,73
28,,84
1972- -Jan.
Feb.
Mar.
29.,06
29. 24
29. 63
Apr.
29. 82
w
reserves for net interbank and U.S. Government demand deposits.
2/ Effective October 1, 1970 Reserve requirements for time deposits in excess of
5 million were reduced from 6 to 5 percent and a 5 percent reserve requirement
was imposed on commercial paper issued by bank affiliates.
FEDERAL
\\
H .9 1
(Rev. 4 / 7 2 )
^ • M p r i r r ,
RE S E R V E
W E E K L Y\
\>l
s t a t i s t i c a l
U M M A R Y OF R A N K I N G A N D C R E D I T M E A S U R E S
(Averages of d a i l y f i g u r e s )
~~1
W e e k ended
M a y 17
Reserve Aggregates
1/
Total reserves
Nonhbrrowed reserves
Required reserves
R e s e r v e s A v a i l a b l e to S u p p o r t
Pvt. N o n b a n k D e p o s i t s
33.0
33.0
32.8
30.0
1 May
4 W k s . ended
10
May 17
($ Bil., S A )
10
M.
M-
( C u r r e n c y plus demand d e p o s i t s )
(M. plus time d e p o s i t s at c o m m e r c i a l b a n k s )
other than large time C D ' s )
A d j u s t e d credit proxy 2/
T i m e d e p o s i t s , all c o m m e r c i a l banks
U . S . G o v e r n m e n t demand d e p o s i t s , member banks
Other R e s e r v e M e a s u r e s & I n t e r e s t
Federal
234.7
481.,3
483.7
374.,4
377.5
280,,6
284.5
6.9
7..4
4 Wks. ended
39
166
($ m i l . )
3/
| A p r i l 12
234.7
May
(NSA)
funds rate
3 - m o n t h T r e a s u r y bill rate
9 0 - 1 1 9 day d e a l e r placed c o m m e r c i a l paper rate
3 - m o n t h CD rate (secondary m a r k e t ) 4/
.
3 - m o n t h E u r o - d o l l a r rate
.U.S. G o v e r n m e n t bond rate 5/
M a y 10
, SA)
484.4
379.3
285.3
, 7.9
Rates
M e m b e r b a n k b o r r o w i n g s ($ m i l . )
F r e e or net b o r r o w e d ( - ) r e s e r v e s
| May 3
($
484.5
378.9
7.0
4.32
3.68
4.48
4.41
4.88
6.10
M a y 18, 1972
(Seasonally Adjusted Annual
Rates)
A v e r a g e of 4 W e e k s Ended
May 17. 1972
13 w e e k s previous
| 26 w e e k s previous
rom 4 W e e k A v e r a g e s
52 weeks previous
May 10, 1972
Weeks Ended
A v e r a g e of
| 26 weeks previous
13 w e e k s previous
from 4 W e e k Averages
52 w e e k s previous
32.7
32.5
30.0
234.4
286.1
For Immediate Release
32 j 8
32.7
32.6
32.4
30.0
4 W k s . ended
May
Monetary Aggregates
Percent Change
r e l e a s e
85
144
4.,20
3,,534..48
4,.46
4,.93
6,.14
17
234.,3
1
A p r i l 19
130
96
1
4. 24
3.,59
4.,50
4.,49
4.,98
6..14
88
103
4..12
3..80
4,.48
4.,48
5,.47
6,.14
SA--Seasonally Adjusted.
M S A - - N o t S e a s o n a l ! " Adjusted-.
1/ I n c l u d e s r e q u i r e d reserves, against E u r o - d o l l a r b o r r o w i n g s and bank-related c o m m e r c i a l p a p e r . Reserves A v a i l a b l e to Support Private Nonbank Deposits are
r e q u i r e d r e s e r v e s for p r i v a t e demand d e p o s i t s , total time and savings d e p o s i t s , n o n d e p o s i t sources subject to reserve requirements, and excess reserves.
I n c l u d e s m e m b e r b a n k d e p o s i t s , b a n k - r e l a t e d c o m m e r c i a l paper, E u r o - d o l l a r b o r r o w i n g s of U.S. banks, and c e r t a i n other nondeposit items.
On
May 10
b a n k - r e l a t e d c o m m e r c i a l paper amounted to $ 2 1 4 4 m i l l i o n .
A v e r a g e of r a n g e of o f f e r i n g rates on n e g o t i a b l e c e r t i f i c a t e s of d e p o s i t w i t h 3 - m o n t h m a t u r i t y in secondary market.!
%
%
D a i l y a v e r a g e yield on 2 0 - y e a r bonds.
Source;
U.S. T r e a s u r y .
are at s e a s o n a l l y adjusted a n n u a l f a t e s , not c o m p o u n d e d .
Digitized for;.FRASER
A l l p e r c e n t a g e changes
„
@FedFRASER