Full text of H.9 Weekly Summary of Reserves and Interest Rates : October 2, 1981

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FEDERAL RESERVE statistical release
• f ^ L R£^.
H.9 (511)

For Immediate Release
October 2, 1981

WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES

Percent change 8
Average of 4 weeks ended
September 30, 1981
from 4 weeks averages
13 weeks 1 26 weeks 52 weeks
previous !
previous
previous
Seasonally adjusted annual rates

Levels
Week ended

Reserve aggregates 1
Total reserves 2
Nonborrowed reserves
Nonborrowed reserves plus
extended credit 3
Required reserves
Monetary base 4
Reserve aggregates (adjusted) 5
Total reserves
Nonborrowed reserves
Nonborrowed reserves plus
extended credit
Required reserves
Monetary base

S e p t . 30
S e p t . 23
S e p t . 30 S e p t . 2
Millions of dollars, seasonally adjusted
41,607
40,161

41,286
39,840

41,096
39,639

41,621
40,146

40,548
41,113
164,911

40,165
41,008
164,646

39,948
40,751
164,588

40,248
41,416
165,729

41,185
39,739

40,864
39,418

40,665
39,209

39,992
38,516

40,126
40,691
164,426

39,743
40,586
164,163

39,517
40,321
164,095

38,618
39,787
163,391

Week ended

Monetary aggregates
M1-A (Currency plus demand deposits)
M1-B (M1-A plus other checkable deposits)

Other reserve measures and Interest rates
Discount Window Borrowings ($ m i l . )
Includes: seasonal borrowings of
extended credit of
Federal funds rate
3-month Treasury bill rate
90 day dealer placed commercial paper 6
3-month CD rate (secondary market)
3-month Eurodollar rate
U.S. Government bond rate 7

4 weeks ended

jlillllii
13.3
20.3

4 weeks ended

359.2
360.9
360.2
362.5
431.7
433.6
432.5
433.0
Week ended
4 weeks ended
S e p t . 30 I S e p t . 23
S e p t . 301 S e p t . 2
Not seasonally adjusted
1446
230
325
15.33
14.32
15.44
16.17
17.09
14.66

1457
221
309
15.73
14.66
16.04
16.78
17.75
15.08

1476
237
102
17.70
15.53
17.20
17.94
18.73
14.58

7.4 (5.9
7 . 3 (5.7

23.5
7.9 ( 6 . 3
7.6
12.6
7.8
7 . 1 (5.6
5.8
6.0
6 . 2 (5.9
Average of 4 weeks ended
September 23, 1981
from 4 weeks averages
13 weeks
26 weeks 52 weeks
previous
previous
previous
Seasonally adjusted annual rates

1
S e p t . 23p
S e p t . 16j S e p t . 23f| Aug. 26p
Billions of dollars, seasonally adjusted

1446
231
387
15.00
14.23
15,46
16.19
17.61
15.49

8.4
6.1

-1.5
3.5

-3.1
3.5

—6.8
5.2

'

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I n c l u d e s r e q u i r e d r e s e r v e s of member banks and Edge Act c o r p o r a t i o n s and, beginning November 13, 1980, o t h e r
depository I n s t i t u t i o n s .
Under the t r a n s i t i o n a l p h a s e - i n program of the Monetary Control Act of 1980, the
net changes i n r e q u i r e d r e s e r v e s of d e p o s i t o r y i n s t i t u t i o n s have been as f o l l o w s : e f f e c t i v e November 13, 1980,
a r e d u c t i o n of 52.8 b i l l i o n ; February 12, 1981, an i n c r e a s e of $245 m i l l i o n ; March 12, 1981, an i n c r e a s e of
$75 m i l l i o n ; May 14, 1981, an i n c r e a s e of $245 m i l l i o n ; August 13, 1981, an i n c r e a s e of $245 m i l l i o n ; and
September 3, 1981, a r e d u c t i o n of $1.3 b i l l i o n .
2 Reserve b a l a n c e s with F e d e r a l Reserve Banks (which exclude r e q u i r e d c l e a r i n g b a l a n c e s ) plus v a u l t cash a t i n s t i t u t i o n s with r e q u i r e d r e s e r v e b a l a n c e s p l u s v a u l t cash equal to r e q u i r e d r e s e r v e s a t o t h e r i n s t i t u t i o n s .
3 Extended c r e d i t c o n s i s t s of borrowing a t the d i s c o u n t window under the terms and c o n d i t i o n s e s t a b l i s h e d f o r
t h e extended c r e d i t program to h e l p d e p o s i t o r y i n s t i t u t i o n s d e a l with s u s t a i n e d l i q u i d i t y p r e s s u r e s .
Because
t h e r e i s not the same need t o repay such borrowing promptly a s t h e r e i s with t r a d i t i o n a l s h o r t - t e r m adjustment
c r e d i t , t h e money market impact of extended c r e d i t i s s i m i l a r to t h a t of nonborrowed r e s e r v e s .
4 I n c l u d e s r e s e r v e b a l a n c e s and r e q u i r e d c l e a r i n g b a l a n c e s a t Federal Reserve Banks in the c u r r e n t week p l u s v a u l t
cash held two weeks e a r l i e r used to s a t i s f y r e s e r v e requirements a t a l l d e p o s i t o r y i n s t i t u t i o n s p l u s currency o u t s i d e the U.S. T r e a s u r y , F e d e r a l Reserve Banks, the v a u l t s of d e p o s i t o r y i n s t i t u t i o n s , and s u r p l u s v a u l t cash a t
depository i n s t i t u t i o n s .
5 Reserve a g g r e g a t e s s e r i e s have been a d j u s t e d to remove d i s c o n t i n u i t i e s a s s o c i a t e d with the implementation of
the Monetary Control Act, t h e i n c l u s i o n of Edge Act Corporation r e s e r v e s , and o t h e r changes in Regulation D.
6 On September 23, 1981 b a n k - r e l a t e d commercial paper o u t s t a n d i n g was $33,209 m i l l i o n .
7 Yield a t 2 0 - y e a r c o n s t a n t m a t u r i t y . Source: U.S. Treasury.
8 Growth of r e s e r v e measures r e f l e c t i n c r e a s e s in r e q u i r e d r e s e r v e s , mostly in November 1980, a s s o c i a t e d with
the r e d u c t i o n of weekend avoidance a c t i v i t i e s of a few l a r g e banks.
The r e d u c t i o n of t h e s e a c t i v i t i e s led
to e s s e n t i a l l y a one-time i n c r e a s e — c u r r e n t l y e s t i m a t e d a t $550 t o $600 m i l l i o n — i n the average l e v e l of
required r e s e r v e s t h a t need to be held f o r a given l e v e l of d e p o s i t s e n t e r i n g t h e money s u p p l y . This i n c r e a s e
in r e q u i r e d r e s e r v e s r a i s e d r e s e r v e a g g r e g a t e s f o r t e c h n i c a l reasons u n r e l a t e d to monetary p o l i c y .
Growth
r a t e s shown in p a r e n t h e s e s r e f l e c t adjustment f o r t h i s t e c h n i c a l f a c t o r .
No s i g n i f i c a n t i n f l u e n c e on money
supply d a t a has been i d e n t i f i e d as a r e s u l t of t h i s t e c h n i c a l change.
NOTE: All percentage changes a r e a t s e a s o n a l l y a d j u s t e d annual r a t e s , not compounded.
p—Indicates preliminary data.
Special c a u t i o n should be taken in i n t e r p r e t i n g week-to-week changes i n money
supply d a t a , which a r e o f t e n h i g h l y v o l a t i l e and s u b j e c t to r e v i s i o n in subsequent weeks and months.
1