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FEDERAL RESERVE statistical release For Immediate Release H.9 (511) October 30, 1981 WEEKLY SUMMARY O F BANKING AND CREDIT MEASURES Averages of daily figures Levels Week ended 4 weeks ended Oct. 28p Sept. 30p Oct, 21p Oct. 28p Millions of dollars, seasonally adjusted 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 ; Monetary aggregates M1-A (Currency plus demand deposits) M1-B (M1-A plus other checkable deposits) 40,964 39,777 41,103 39,848 40,789 39,614 41,077 39,620 40,241 40,741 164,815 40,292 40,970 164,899 40,050 40,574 164,468 39,929 40,748 164,604 40,599 39,412 40,708 39,453 40,380 39,205 40,658 39,201 5.8 6.7 7.6 13.7 6.4 (4.8) 6.8 (5.2) 18.3 8.9 8.0 (6.4) 8.0 5.3 6.3 (4.8) 3. 1 4^4 5A__CLi_Q) Average of 4 weeks ended 4 weeks ended Week ended October 21, 1981 from 4 weeks averages 52 weeks 26 weeks 13 weeks previous previous Oct. 21p Oct. 14p I Oct. 21p | Sept. 23p previous Seasonally adjusted annua! rates Billions of dollars, seasonally adjusted 39,876 40,376 164,373 362.1 434.3 39,897 40,575 164,426 39,641 40,165 163,985 39,510 40,328 164.118 361.1 360.2 432,9 4 weeks em iSfipr. 30 I Oct. 21, Ort. 28 Not seasonally adjusted 361.6 433,3 Week ended Or.t.. 28 Other reserve measures and Interest rates Discount Window Borrowing ($ mil.) 1187 Includes: seasonal borrowings of 147 extended credit of 464 Federal f u n d s rate 14.,87 3-month Treasury bill rate 13.,29 90 day dealer placed commercial paper* 14.,74 3-month CD rate (secondary market) 15.,30 3-month Eurodollar rate 16..35 U.S. Government bond rate 7 15..41 1 Percent change 8 Average of 4 weeks ended October 28, 1981 from 4 weeks averages 52 weeRs 26 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 1255 155 444 15.,32 13.,43 14.,65 15.,16 16.,16 15..03 1175 154 436 15.,15 13.,60 14.,88 15.,43 16.,38 15..14 1457 221 309 15..73 14.,66 16,,04 16.,78 17..75 15,.08 -3.0 IB##### J * , ": i := ! rWs »H Includes required reserves of member banks and Edge Act corporations and, beginning November 13, 1980, other depository institutions. Under the transitional phase-in program of the Monetary Control Act of 1980, the net changes in required reserves of depository institutions have been as follows: effective November 13. 1980, a reduction of $2.8 billion; February 12, 1981, an increase of $245 million; March 12, 1981, an increase of $75 million; May 14, 1981, an increase of $245 million; August 13, 1981, an increase of $245 million; and September 3, 1981, a reduction of $1.3 billion. 2 Reserve balances with Federal Reserve Banks (which exclude required clearing balances) plus vault cash at institutions 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 institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. 4 Includes reserve balances and required clearing balances at Federal Reserve Banks in the current week plus vault cash held two weeks earlier used to satisfy reserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, the vaults of depository institutions, and surplus vault cash at depository institutions. 5 Reserve aggregates series have been adjusted to remove discontinuities associated with the implementation of the Monetary Control Act, the inclusion of Edge Act Corporation reserves, and other changes in Regulation D. 6 On October 21, 1981 bank-related commercial paper outstanding was $31,139 million. 7 Yield at 20-year constant maturity. Source: U.S. Treasury. 8 Growth of reserve measures reflect increases in required reserves, mostly in November 1980, associated with the reduction of weekend avoidance activities of a few large banks. The reduction of these activities led to essentially a one-time increase—currently estimated at $550 to $600 million—in the average level of required reserves that need to be held for a given level of deposits entering the money supply. This increase in required reserves raised reserve aggregates for technical reasons unrelated to monetary policy. Growth rates shown in parentheses reflect adjustment for this technical factor. No significant influence on money supply data has been identified as a result of this technical change. NOTE: All percentage changes are at seasonally adjusted annual rates, not compounded. p—Indicates preliminary data. Special caution should be taken in interpreting week-to-week changes in money supply data, which are often highly volatile and subject to revision in subsequent weeks and months.
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