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FEDERAL RESERVE s t a t i s t i c a l r e l e a s e For Immediate Release O c t o b e r 18, 1973 WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES (Averages of d a i l y f i g u r e s ) Percent Change (Seaannal 1y AH Reserve Aggregates 1/2/ Total reserves Nonborrowed r e s e r v e s Required r e s e r v e s Reserves A v a i l a b l e t o Support Pvt. Nonbank Deposits Monetary Aggregates M. (Currency plus demand d e p o s i t s ) MI (M. plus time d e p o s i t s a t commercial banks other than l a r g e time CD's) Adjusted c r e d i t proxy 2 / Time d e p o s i t s , a l l commercial banks U.S. Government demand d e p o s i t s , member banks Week ended | 4 Wks . ended l e t . 17 | O c t . 10 I O c t . 17 1 S e p t . 1 9 " ($ B i l . , SA) 34.03 34.80 34.65 34.78 33.36 33.17 33.58 32.36 33.84 34.41 34.48 35.03 32.24 32.77 32.54 32.37 Week ended Wks. ended O c t . 10 1 S e p t . 12 10 I O p t , 3. ($ B i l . , SA) 263.6 264.6 263.4 263.9 555.1 446.1 555.0 447.6 553.1 446.3 551.6 445.0 3 5 35 H 7 .n Week ended O c t . 17 | O c t . 10 Other Reserve Measures & I n t e r e s t Rates Member bank borrowings ($ m i l . ) I n c l u d e s s e a s o n a l borrowings o f : F e d e r a l funds r a t e 3-month Treasury b i l l r a t e 90-119 day d e a l e r placed commercial paper r a t e y 3-month CD r a t e (secondary market) V 3-month E u r o - d o l l a r t r a t e U.S. Government bond r a t e 6/ —Not S e a s o n a l l y A d j u 1168 . 120 10. 07 7. 19 9. 33 9. 36 10.,06 7.,17 Annual Rarp.a) Average of 4 Weeks Ended O c t . 17, 1973 from 4 Week Averages 13 weeks previous I 26 weeks previous I 52 weeks previous 5.5 7.9 9.1 2.6 15.1 6.3 7.0 8,0 9.2 8J> 11.4 11.3 Average of 4 Weeks Ended O c t . 1U, I V H from 4 Week Averages" 13 weeks previous | 26 weeks previous | 52 weeks previous -0.8 4.9 5.1 3 5 H | 4 Wks. ended I O c t . 171 S e p t . 19 (NSA) 1355 131 9. 87 7. 30 • 9.,53 , 9,,70 10 .65 7 .11 1558 136 10.38 7.31 9.65 9.77 10.47 7.15 2029 159 10.78 8.74 10.48 10.93 11.48 7.35 SA—Seasonally Adjusted 1 / I n c l u d e s r e q u i r e d r e s e r v e s a g a i n s t E u r o - d o l l a r b o r r o w i n g s and b a n k - r e l a t e d c o m m e r c i a l p a p e r . R e s e r v e s A v a i l a b l e t o S u p p o r t T r i v a t e Nonbank De~ p o s i t s a r e r e q u i r e d r e s e r v e s f o r p r i v a t e demand d e p o s i t s , t o t a l t i m e and s a v i n g s d e p o s i t s , n o n d e p o s i t s o u r c e s s u b j e c t t o r e s e r v e r e q u i r e m e n t s and e x c e s s r e s e r v e s . R e s e r v e a g g r e g a t e s r e f l e c t t h e c h a n g e i n R e g u l a t i o n D e f f e c t i v e November 9 , 1972, which r e d u c e d r e q u i r e d r e s e r v e s by a b o u t $ 3 . 2 b i l l i o n ; and e f f e c t i v e J u l y 19, 1973, which i n c r e a s e d r e q u i r e d r e s e r v e s by a b o u t $760 m i l l i o n ; and e f f e c t i v e O c t o b e r 4 , 1973, which i n c r e a s e d r e q u i r e d r e s e r v e s $465 m i l l i o n . E f f e c t i v e J u l y 12, 1973, m a r g i n a l r e s e r v e r e q u i r e m e n t s on i n e l i g i b l e a c c e p t a n c e s i n c r e a s e d r e q u i r e d r e s e r v e s by a b o u t $90 m i l l i o n . P e r c e n t a n n u a l r a t e s of g r o w t h f o r r e q u i r e d r e s e r v e s and o t h e r r e s e r v e a g g r e g a t e s have b e e n a d j u s t e d t o remove t h e e f f e c t of t h e s e "structural changes. . . . . . 2 / A d j u s t e d t o i n c l u d e c e r t a i n r e s e r v e d e f i c i e n c e s on which p e n a l t i e s c a n b e waived f o r a t r a n s i t i o n p e r i o d i n c o n n e c t i o n w i t h bank a d a p t a t i o n t o ~ R e g u l a t i o n J . a s ame&ed e f f e c t i v e November 9 , 1972. The a d j u s t m e n t amounted t o $450 m i l l i o n f r o m November 9 t o December 2 7 , 1972; $279 m i l l i o n , f r o m December 2 8 , 1972 t o March 2 8 , 1973; $172 m i l l i o n f r o m March 2 9 , 1973 t o J u n e 2 7 , 1973; $112 m i l l i o n f r o m June 2 8 , 1973 t o September 26, 1973; and $84 m i l l i o n . t h e r e a f t e r . ' ) 3 / I n c l u d e s member b a n k d e p o s i t s , b a n k - r e l a t e d c o m m e r c i a l p a p e r , E u r o d o l l a r b o r r o w i n g s of U.S. b a n k s , and c e r t a i n n o n d e p o s i t i t e m s . 4 / On O c t o b e r 1 0 , b a n k - r e l a t e d c o m m e r c i a l p a p e r amounted t o $ 4 , 9 3 6 m i l l i o n . *5/ Average of r a n g e of o f f e r i n g s r a t e s of n e g o t i a b l e c e r t i f i c a t e s of d e p o s i t w i t h 3-month m a t u r i t y i h second m a r k e t . 6 / D a i l y a v e r a g e y i e l d on 2 0 - y e a r b o n d s . S o u r c e : U . S . T r e a s u r y . NOTE: A l l p e r c e n t a g e c h a n g e s a r e a t s e a s o n a l l y a d j u s t e d a n n u a l r a t e s , n o t compounded.
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