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FEDERAL 4/72) RESERVE statistical 2V/- release WEEKLY SUMMARY OF BANKING AND CREDIT tCASURES (Averages of d a i l y f i g u r e s ) For Immediate Release October 4 , 1973 Percent Chanee (Seasonally Ariingi^H A„n.,ai oare.Y Reserve Aggregates 1/2/ Total r e s e r v e s Nonborrowed r e s e r v e s Required r e s e r v e s Reserves Available to Support Pvt. Nonbank Deposits Monetary Aggregates M^ '(Currency plus demand d e p o s i t s ) Mg (Mj plus time d e p o s i t s a t commercial banks other than large time CD's) Adjusted c r e d i t proxy 2.1 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 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 Seasonal Borrowings o f : Federal funds r a t e 3-month Treasury b i l L , r a t e 90-119 d^y dealer placed commercial paper rate 4/ 3-month CD r a t e (secondary market > 5/ 3-month Euro-dollar rate U.S. Government bond r a t e 6/ NSA—Not S e a s o n a l l y A d j u s t e d . V Oct. 3 34.60 33.18 34.25 32.63 4 Wks. ended I S e p t . 2 6 I Oct. 3 I S e p t . 5 ($ B i l . SA) 34.38 34.15 34.05 32.53 32.65 32.16 34.23 34.00 33.82 32.14 32.37 32.28 4 Wks. ended 2filRi.pt. 1Q I fippt. 5 1 ($ Bi 1 . , SA) 261. 8 263.3 264.0 263.5 Sept 550. 9 444. 8 356. 0 5. 1 551. 3 446. 6 355.9 5.0 Oct. 3 1 Sent.26 1519 144 10.72 7.22 9.63 9.63 10.38 7.12 2191 150 10. 7. 10. 10. 10. 7. 84 53 10 37 80 21 551.6 550.4 445.8 443.7 355.7 353.6 5.0 4.2 4 Wks. ended Oct. 3 I Sfipt. 5 1726 145 10..78 8..10 10..18 10..47 11..01 7,.24 Average of 4 Weeks Ended October 3 13 weeks previous | 26 weeks previous - 7.8 11.2 9.1 11.1 7.3 14.5 . 7.8 11.6 Average of 4 Weeks Ended September 26 13 weeks previous | 26 weeks previous 0.0 from 4 Week Averages | 52 weeks previous 9.7 6.5 9.4 11.6 | from 4 Week Averages 52 weeks previous 5.3 14.0 2243 166 10.,62 8.,75 10.,36 10.,85 11..46 7.,52 SA—Seasonally Adjusted 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 P r i v a t e Nonbank D e 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 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, w h i c h 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, w h i c h 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 . E f f e c t i v e J u l y 12, 1 9 7 3 , 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 t 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 . Per 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 h a v e 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 s t r u c t u r a l c h a n g e s . 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 w h i c h p e n a l t i e s c a n b e w a i v e d 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 i o n t o R e g u l a t i o n J a s amended 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 28 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 J u n e 2 8 , 1973 t o S e p t e m b e r 2 6 , 1973; and $84 m i l l i o n . thcrc&ftcr* 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 S e p t e m b e r 2 6 , 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 $5284 m i l l i o n . • \ 5 / A v e r a g e of r a n g e of o f f e r i n g 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 n 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. .j
@FedFRASER