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* Of GOv/ FEDERAL RESERVE statistical release H.9(511) For Release at 4:10 p.m. EST MAY 2 8 , 1 9 8 2 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures • Levels MAY 26P Reserve aggregates (adjusted)1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base4 4 weeks ended MAY 26P APE 28P MAY 19P Millions of dollars, seasonally adjusted 41,413 40,450 40,629 40,953 171,171 41,088 40,034 40,196 41,055 171,298 Week ended 41,289 40,130 40,316 40,984 170,793 41,146 39,573 39,820 40,885 169,617 4 weeks ended MAX 19? MAY 19P APR 21P MAY 12P Billions of dollars, seasonally adjusted M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits. 451.5 452.8 Week ended MAY 2 6 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® 1 1054 258 162 13.70 11.53 13.09 13.49 14.44 13.45 450.9 452.0 Percent change Average of 4 weeks ended MAY 2 6 , 1982P from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 2.3 9.3 8.9 2.3 6.8 6-2 4.4 4.3 6.4 8.1 4.1 7.3 7.8 4.0 5.8 Average of 4 weeks ended MAY 1 9 , 1982P from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates ro to Week ended 7.3 4.6 4 weeks ended MAY 19 MAY 2 6 Not seasonally adjusted APS 28 1159 228 187 14.72 12.17 13.50 13.83 14.59 13.46 1573 164 247 14.89 12.74 14.08 14.47 15.20 13.57 963 232 179 14.67 12.27 13.49 13.92 14.58 13.46 RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OF MEMBER BANKS AN® EDGE ACT CORPORATIONS AND OTHER DEPOSITORY I N S T I T U T I O N S . D I S C O N T I N U I T I E S ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, THE I N C L U S I O N OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES I N REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 3 1 , 1 9 8 1 RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS 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 ( I B F S ) . 2 RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES) PLUS VAULT CASH AT I N S T I T U T I O N S WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRES RESERVES AT OTHER INSTITUTIONS. 3 EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED C R E D I T PROGRAM TO HELP DEPOSITORY I N S T I T U T I O N S DEAL WITH SUSTAINED L I Q U I D I T Y PB2SSQRES. BECAUSE THERE I S NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE I S WITH T R A D I T I O N A L SHORTTERM ADJUSTMENT C R E D I T , THE MONEY MARKET IMPACT OF EXTENDED CREDIT I S S I M I L A R TO THAT OF NONBORROWED RESERVES. 4 INCLUDES RESERVE BALANCES AND REQUIRED CLEARING BALANCES AT FEDERAL RESERVE BANKS I N THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY I N S T I T U TIONS PLUS CURRENCY OUTSIDE THE U . S . TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY I N S T I T U T I O N S , AND SURPLUS VAULT CASH AT DEPOSITORY I N S T I T U T I O N S . 5 ON MAY 1 9 , 1 9 8 2 BANK-RELATED COMMERCIAL PAPER OUTSTANDING MAS $ 38,430 M I L L I O N . 6 Y I E L D AT 2 0 - Y E A R CONSTANT MATURITY. SOURCE: U . S . TREASURY. NOTE: ALL PERCENTAGE CHANGES ARB A f SEASONALLY ADJUSTED ANNUAL RATES, NOT COMPOUNDED. P — I N D I C A T E S PRELIMINARY DATA. S P E C I A L CAUTION SHOULD BE TAKEN I N INTERPRETING W i E K - I O WEEK CHANGES I N MONEY SUPPLY DATA, WHICH ARB OFTEN HIGHLY V O L A T I L E AND SUBJECT TO R E V I S I O N I N SUBSEQUENT WEEKS AND MONTHS.
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