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FEDERAL RESERVE statistical release For Immediate Release H.9 (511) WEEKLY SUMMARY OF BANKING AND CREDIT MEASURES Averages of daily figures October 9, 1981 Levels Week ended 4 weeks ended Sept. 9p Sept. 30p Oct. 7p Oct. 71 Millions of dollars, seasonally adjusted Reserve aggregates1 Total reserves2 Nonborrowed reserves Nonborrowed reserves plus extended credit3 Required reserves Monetary base4 Reserve aggregates (adjusted)5 Total reserves Nonborrowed reserves Nonborrowed reserves plus extended credit Required reserves Monetary base 40,512 39,366 41,636 40,188 41,092 39,745 41,564 40,010 39,779 40,357 163,594 40,575 41,112 165,070 40,098 40,775 164,493 40,170 41,299 165,542 40,083 38,937 41,258 39,810 40,673 39,326 40,192 38,638 39,350 39,928 163,100 40,197 40,734 164,629 39,679 40,356 164,011 38,798 39,927 163,618 Week ended 4 weeks ended Sept. 30p Sept. 23p Sept. 30p Sept. 2p Billions of dollars, seasonally adj 3ted Monetary aggregates M1-A (Currency plus demand deposits) M1-B (M1-A plus other checkable deposits) 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 paper* 3-month CD rate (secondary market) 3-month Eurodollar rate U.S. Government bond rate7 1 361.8 359.5 358.4 358.9 432.5 431.8 429.3 431.4 4 weeks ended Week ended Oct. 7 1 Sept. 9 Oct. 7 I Sept. 30 Not seasonally adjusted 1146 156 413 15.46 14.25 15.44 16.04 17.03 15.22 1448 231 387 15.00 14.23 15.46 16.19 17.61 15.49 1347 206 353 15.47 14.33 15.66 16.35 17.39 15.07 Percent change8 Average of 4 weeks ended October 7, 1981 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonally adjusted annual rates 12.1 19.2 9.0 7.4 7 . 1 (5.6) 7.8 (6.2) 22.9 9.2 8.6 (7.0) 12.1 8.3 7 . 1 (5.5) 4.9 5.6 5.9 (5.6) Average of 4 weeks ended September 30, 1981 from 4 weeks averages 26 weeks 52 weeks 13 weeks previous previous previous Seasonally adjusted annual rates -2.1 3.1 -3.3 2.8 -7.1 4.7 1554 235 160 17.25 15.61 17.13 17.91 18.65 14.83 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 September 30, 1981 bank-related commercial paper outstanding was $32,587 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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