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FEDERAL H.9 RESERVE statistical release WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES (Averages of daily figures) For Immediate Release November 30, 1972 Percent Change Reserve Aggregates 1/2/ Total reserves Nonborrowed reserves 9 Required reserves Reserves Available to Support Pvt. Nonbank Deposits Monetary Aggregates 3/ M^ (Currency plus demand deposits) M- (M, plus time deposits at commercial banks) other than large time CD's) Adjusted credit proxy 4/ Time deposits, all commercial banks U.S. Government demand deposits, member banks Week ended 4 Wks. ended Nov. 29 | Nov. 22 Nov. 29 | Nov. ($ Bil«, SA) 30.81 . 30.20 30.47 28.78 31.79 31.13 31.51 29.21 T 33.78 33.16 33.54 30.98 Week ended 4 Wks . ended Nov. 22 | Nov; 15 Nov. 22 | Oct. 25" ($ Bil., SA) 244.3 244.3 509.4 400.4 306.7 7.0 508.5 396.6 305.1 5.5 243.4 242.3 Annnal Rai-pb^ Average of 4 Weeks Ended Nov. 29, 1972 from 4 Week Averages 13 weeks previous | 26 weeks previous I 52 weeks previous"" 7.9 4.4 6.2 9.7 7.1 3.7 6.3 8.6 Average of 4 Weeks Ended Nov. 22, 1972 13 weeks previous | 26 weeks previous 5.2 9.9 9.4 9.7 from 4 Week Averages 6.9 507.3 504.8 398.1 395.0 305.0303.3 6.9 5.8 4 Wks. ended Nov. 22 Nov. 29 | Nov. (NSA) T~ Other Reserve Measures & Interest Rates M e ^ e r bank borrowings ($ mil.) Free or net borrowed (-)[ reserves ($ mil.) 2/ Federal funds -rate 3-month Treasury bill rate 90-119 day dealer placed commercial paper rate 5J 3-month CD rate (secondary market) 6/ 3-month Euro-dollar rate U.S. Government bond rate 7/ 30.59 30.10 30.34 28.07c (Seasonally Adjusted 572 -218 5.03 4.87 5.25 5.21 5.70 5.80 421 -279 4.97 4.79 5.23 5.25 5.70 5.74 612 -312 5.04 4.78 5.19 5.22 5.77 5.78 572 -364 5.02 4.76 5.23 5.25 6.00 5.99 NSA—Not Seasonally Adjusted. £>A-*-Seasortally Adjusted, C --Correction 1/ Includes required reserves against Euro-dollar borrowings and bank-related commercial paper^. Reserves Available to Support Private Nonbank Deposits are required reserves for private demand deposits, total time and savings deposits, nondeposit sources subject to reserve requirements,-and excess reserves. Reserve aggregates reflect the change in Regulation^ effective November 9, which reduced required reserVctr by about $3.2 billion. Per cent annual rates of growth for required reserves and other reserve aggregates have been adjusted to remove the effect of this structural change. Adjusted to include $450 million of certain reserve deficiencies on which penalties can be waived for a transition period in connection with.bank adaptation to Regulation J as amended effective November 9, 1972. 2/ Implementation of revised Regulation J on November 9, because of its effects on clearing accounts on bank balance sheets, had the effect"of raising demand deposits as calculated for inclusion in money supply. However, the resulting increase has been eliminated from current money supply data (beginning with «, the week ended November 15) in order to avoid a discontinuity in the series. The upward adjustment of money supply as a result of revised Regulation J will be incorporated in the statistic^ at the time of the regular annual benchmark and seasonal adjustment review. At the same time, historical figures will also be revised on a consistent basis. The forthcoming adjustments to the figures stemming from the change in Regulation J will primarily affect the level of the series and will themselves have minimal effects on rates of change. * Includes member bank deposits, bank-related commercial paper, Euro-dollar borrowings of U.S. banks, and certain other nondeposit items'. On November 22 baijlt-relafced commercial paper amounted to $ 2,556 million. Average of range o r offering rates on negotiable certificates of deposit with 3-month maturity in secondary market. Daily .average yield on 20-year bonds. Source; U.S. Treasury NOTE; All percentage, changes are at seasonally adjusted annual rates, not compounded.
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