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FEDERAL RESERVE statistical release * f*AL H.9 (511) For Release at 4:10 p.m. EOT October W E E K L Y S U M M A R Y O F B A N K I N G A N D CREDIT M E A S U R E S Averages of daily figures 1, 1982 Levels Week ended SEPT 29P SEPT 22P Average of 4 weeks ended 4 weeks ended SEPT 29P SEPT SEPTEMBER 2 9 , 1982P from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates 1P Millions of dollars, seasonally adjusted Reserve aggregates (adjusted)1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit 3 Required reserves Monetary base4 39,642 38,893 39,017 39,351 172,063 39,803 38,994 39,112 39,561 172,111 Week ended 39,575 38,616 38,735 39,204 171,809 . 38,822 38,330 38,435 38,505 170,298 10.5 13.6 13.7 9.7 7.2 461.0 460.6 Week ended SEPT 29 460.1 4.9 6.4 5.8 5.0 6.9 Average of 4 weeks ended 4 weeks ended SEPTEMBER 2 2 , 1982P from 4 weeks averages 13 weeks 26 weeks 52 weeks previous previous previous Seasonally adjusted annual rates SEPT 22P SEPT 15P SEPT 22P AUG 25P Billions of dollars, seasonally adjusted M1 Sum of currency, travelers checks, demand deposits, and other checkable deposits. 6.3 9.8 8.7 6.3 8.0 6.6 454.5 5.3 6. 6 4 weeks ended SEPT 22 SEPT 29 SEPT 1 Not seasonally adjusted 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 paper5 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate6 1 749 112 124 1 0 . 12 7 . 50 1 0 . 20 1 0 . 53 11. 61 1 1 . 73 809 100 118 10. 31 7 . 75 1 0 . 52 10. 84 11. 93 12. 21 959 102 119 10. 21 7 . 93 10. 38 1 0 . 68 1 1 . 75 1 2 . 18 492 113 105 10. 8. 10. 10. 11. 12. ::::: 05 53 04 48 47 82 RESERVE AGGREGATES INCLUDE REQUIRED RESERVES OP MEMBER BANKS AND 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 INCLUSION OP EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES I N REGULATION D HAVE BEEN REMOVED. BEGINNING WITH THE WEEK ENDED DECEMBER 3 1 , 1981 RESERVES AGGREGATES HAVE BEEN REDUCED BY SHIFTS OF RESERVABLE L I A B I L I T I E S TO INTERNATIONAL 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 REQUIRED RESERVES AT OTHER INSTITUTIONS. 3 EXTENDED CREDIT CONSISTS Of BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED CREDIT 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 PRESSURES. BECAUSE THERE I S NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE I S WITH TRADITIONAL SHORTTERM ADJUSTMENT C R E D I T , THE MONEY MARKET IMPACT OF EXTENDED CREDIT I S SIMILAR 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 TIONS, AND SURPLUS VAULT CASH AT DEPOSITORY I N S T I T U T I O N S . 5 ON S E P T . . 2 2 , 1982 BANK-RELATED COMMERCIAL PAPER OUTSTANDING WAS $ 33,990 M I L L I O N . 6 YIELD AT 20-YEAR CONSTANT MATURITY. SOURCE: U . S . TREASURY. NOTE: ALL PERCENTAGE CHANGES ARE AT SEASONALLY ADJUSTED ANNUAL RATES, NOT COMPOUNDED. P — I N D I C A T E S PRELIMINARY DATA. SPECIAL CAUTION SHOULD BE TAKEN I N INTERPRETING WEEK-TO-WEEK CHANGES I N MONEY SUPPLY DATA, WHICH ARB OFTEN HIGHLY VOLATILE AND SUBJECT TO REVISION I N SUBSEQUENT WEEKS WEEKS AND MONTHS.
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