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(yh/OAeu^l. FEDERAL RESERVE statistical release •oOfCOW-V, For Immediate Release H.9 (511) May 23, 1980 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures Week ended May 21 May 14 Levels 4 weeks ended May 21 April 23 Millions of dollars, seasonally adjusted Reserve aggregates 1 Total reserves Nonborrowed reserves Required reserves Monetary base 2 44,775 43,936 44,550 158,716 43,902 42,881 43,860 157,618 44,428 42,965 44,232 158,232 44,875 42,506 44,561 157,744 Reserve aggregates (adjusted) 3 Total reserves Nonborrowed reserves Required reserves Monetary base 2 43,709 42,870 43,484 157,649 42,917 41,896 42,875 156,633 43,414 41,950 43,218 157.217 43,458 41,089 43,144 156.327 Week ended 4 weeks ended May 14 May 7 May 14 April 16 Billions of dollars, seasonally adjusted Monetary aggregates M-1A (Currency plus demand deposits) M-1B (M-1 A plus other checkable deposits) 370.0 387.3 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 4 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate5 839 41 10.71 8.58 9.43 9.72 11.09 10.59 368.7 371.3 373.3 388.7 386.4 391.0 4 weeks ended Week ended April 23 May 21 I May 14 Mav 21 Not seasonally adjusted 1021 47 10.85 8.52 9.41 9.81 11.16 10.42 1463 104 12.41 9.48 10.74 11.11 12.63 10.60 Percent change Average of 4 weeks ended May 21, 1980 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates 3.8 3.2 5.9 3.7 7.6 6.3 4.4 4.3 5.7 5.6 6.5 8.2 Average of 4 weeks ended May 14, 1980 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous previous Seasonal y adjusted annual rates -6.2 -4.5 -0.2 0.9 3.5 4.5 2370 155 18.59 14.00 16.76 17.14 18.67 11.71 1 Includes required reserves against deposits at member banks and Edge Act corporations; against bank related commercial paper; and marginal reserves against selected borrowings of member banks, Edge Act corporations and agencies and branches of foreign banks. Marginal required reserves averaged $1031 million in the week ending May 21, 1980 and $ 952 million in the week ending May 14, 1980 2 Includes total reserves (reserve balances of member banks, Edge Act corporations and agencies and branches of foreign banks in the current week and vault cash held two weeks earlier); currency outside the U.S. Treasury, Federal Reserve banks and the vaults of commercial banks; and vault cash of nonmember banks. 3 Reserve aggregates series have been adjusted to remove discontinuities associated with marginal reserve requirements and changes in other reserve requirement regulations. 4 On May 14, 1980 bank-related commercial paper outstanding was $22964 million. 5 Yield at 20-year constant maturity. Source: U.S. Treasury. 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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