Full text of H.9 Weekly Summary of Reserves and Interest Rates : May 4, 1978

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m

OVGOW-

FEDERAL

RESERVE

statistical

release

For Immediate Release

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES
(Averages of daily figures)

H.9
(Rev. 9/77)

Per cent Change (Seasonally Adjusted Annual Rates)

Levels
Week ended
April 26
Hay 3

May 4, 1978

4 Weeks ended
| April""?"
May 3
SA)

Average of 4 weeks ended May 3, 1978
13 weeks previous
[26 weeks previous"

from 4 week averages
52 weeks previous

Reserve Aggregates-^
37.31
35.65
36.97

Total reserves
Nonborrowed reserves
Required reserves

M- (Currency plus demand deposits)
MI (M plus time deposits at commercial banks
other than large time CD's)
Time deposits, all commercial banks
U.S. Government demand deposits, member banks

Other Reserve Measures & Interest Rates
Member bank borrowings ($ mil.)
Includes seasonal borrowings of:
Federal funds rate
3-month Treasury bill rate
90-119 day dealer placed commercial paper 2/
3-tiiotith CD tate (secondary tMrket) 3/
90-day CD rate (primary offering) 4/
3-month Euro-dollar rate
U.S. Government bond rate 5/

1/

37.04
36.32
36.86

36.76
36.45
36.55

4 Weeks ended
Week ended
April 26|April 19
April 26 | March 29
($ Bil ., SA)

Monetary Aggregates

NSA—not seasonally adjusted

36.78
35.97
36.74

4.8

2.2

5.8

7.1
11.1
7.1

6.3
4.5
6.3

Average of 4 weeks ended April 26, 1978 from 4 waeks average;
13 weeks previous
| 26 weeks previous |52 weeks previous"

346.4

344.7

344.2

340.0

5.8

5.7

6.9

829.4
567.5
3.4

827.7
566.2
3.7

826.7
565.5
3.4

820.1
562.2
3.4

6.6
11.4

6.7
12.9

8.1
12.1

4 Weeks ended
Week ended
April 5
May 3
May 3
[April 26
(NSA)
1665
60
7.27
6.38
6.91
7 i 24
7.05
7.63
8.38

809
49
7.00
6.22

6.86

7.14
6.95
7.43
8.34

721
46
6.95
6.29
6.84
7.08
6.91
7.43
8.34

305
46
6.81
6.29
6.75
6.87
6.76
7.30
8.22

SA—seasonally adjusted

Includes required reserves against Eurodollar borrowings and bank-related commercial paper. Reserve aggregates
cent annual rates of growth for required reserves and other reserve aggregates have been adjusted to remove the
2J On April 26, 1978
bank-related commercial paper amounted to 9,967million.
3/ Prior to April 12, 1978 rates reflected average of range of offering rates of negotiable certificates of deposit
market; thereafter, rates reflect a simple average of the offering rates.
4/ Posted ranges-the annual interest rates most often quoted on new offerings of negotiable certificates of deposit
-5/ Yield at 20-year constant maturity. Source: U.S. Treasury.
NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded.



reflect changes in Regulation D. Per
effect of these structural changes.
with 3-month maturity in secondary
in denominations of $100,000 or more.