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FEDERAL RESERVE statistical release ^alrbsS^-' H.9 (511) F o r I i m e d i a t e Release May 22, 1981 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Levels Week ended 4 weeks ended April 22 May 20 May 20 May 13 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves 2 Nonborrowed reserves Required reserves Monetary base 3 Reserve aggregates (adjusted) 4 Total reserves Nonborrowed reserves Required reserves Monetary base 40,899 38,924 40,730 163,573 40,387 38,653 40,289 162,882 40 , 795 38,681 40,60 3 163,229 40,144 39,054 39,888 161,843 40,388 38,413 40,219 163,641 40,121 38, 387 40,023 163,151 40,468 38,354 40,276 163,463 39,878 38,788 39,622 162,022 Week ended 4 weeks ended May 13p May 6p May 13p £ p r i l 15p Billions of dollars, seasonally adjusted Monetary aggregates M-1A (Currency plus demand deposits) M-1B (M-1 A plus other checkable deposits) 365.0 428.8 366.9 431.0 365.3 430.0 364.6 425.8 Percent change 7 Average of 4 weeks ended May 20/ 1981 from 4 weeks averages 13 weeks I 26 weeks | 52 weeks previous | previous | previous Seasonally adjusted annual rates 7.6 -0.5 8.5 8.2 4.2 3.0 5.2 6.4 7.8(6.3) 6.3(4.7) 7.9(6.3) 8.6(8.2) Average of 4 weeks ended May 13, 1981 from 4 weeks averages 13 weeks 26 weeks 52 weeks previous | previous previous Seasonally adjusted annual rates -3.6 12.9 -11.5 8.0 0.0 11.6 4 weeks ended Week ended May 20 | A p r i l ~22~ May 20 | May 13 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 paper 5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate 6 1 1975 271 18. 89 16.,52 17.,80 18.,56 19.,08 13.,71 1734 226 18 . 2 1 16 .72 18 .04 18 .70 19 .56 14 .07 2115 218 18.07 15.78 16.90 17.55 18.35 13.88 1089 170 1 5 . 31 1 3 . 34 1 4 . 24 1 4 . 71 1 5 . 59 1 3 . 33 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. Also in conjunction with the Monetary Control Act, required reserves of certain nonnember banks and foreign related institutions increased pursuant to the transitional phase-in program by approximately $245 million effective February IB, 1 Q 81 and by another $245 million effective May 20, 1981. 2 Reserve balances with Federal Ranks 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 .11 depository institutions plus currency outside the U.S. Treasury, federal Reserve Banks, the vault of depository institutions, and surplus vault cash at depository institutions. 4 Reserve aggregates series have been adjusted to remove discontinuities associated with th<- implementation of the Monetary Control Act, marginal reserve requirements, the inclusions of Edge Act Corporation Reserves, and other changes in Regulations D and K. Prior to the February 18, 1981, reserve aggregates series have been adjusted historically to conform to the structure of reserve requirements currently in effect. Beginning February 18, the series have been adjusted to remove the effects of scheduled transitional changes in reserve requirements under the MCA. 5 On May 13, 1981 bank-related commercial paper outstanding was $ 27,886 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 of 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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