Bank Borrowings Dip But Level Still Is High
Member bank borrowings from the Federal Reserve system tapered off a bit in the week ended May Û÷23, but continued, at high levels, according to figures released yesterday.</br></br>Member banks borrowed $1,548 billion last week, compared with $1,816 billion the week before. The federal funds rate, the interest banks charge each other for loans, climbed above 8 per cent to 8.06 per cent. That rate remains well over the rate the system charges member banks to borrow from it.</br></br>The money supply averaged $259.3 billion in the four weeks ended May 16, compared with $257.5 billion in the four weeks ended April 18.</br></br>M (Currency plus demand deposits) . M CM plus time deposits at commercial banks other than large time</br></br>Time deposits, all commercial banks U.S. Government demand deposits, member banks .....................