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FEDERAL RESERVE statistical release H.3 (502) Table 1 *A L AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date . 3. 4. 5. 6. p pe ' c „ ,, Borrowings of depository institutions from the Federal Reserve, NSA Monetary base6 total2 nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 -F o b . M ar. 49008 48312 48966 48155 48966 48155 47977 47151 1031 1160 455 65 1 457011 42 156 21 37 0 0 A pr. May Juno 47430 47048 47108 47170 46805 46741 47170 46805 46741 46420 45808 45828 1010 1240 1280 458178 459575 461719 261 243 367 88 173 243 0 0 0 J u ly A u g. Sop. 46885 47414 46666 46476 46816 46229 46476 46816 46229 45683 46161 45371 1201 1253 1295 464460 467017 469676 409 598 438 330 385 368 0 0 0 O ct. N ov. D oc. 46454 46865 47196 46184 46712 46872 46184 46712 46872 45058 45248 45513 1396 1617 1683 472345 476640 480575 270 153 324 227 115 79 0 0 0 1 9 9 8 -J a n . F ob. 46364 45818 46154 45761 46154 45761 44584 44297 1780 1522 482912 484319 210 58 18 12 0 0 45889 45647 45647 44099 1790 482771 242 16 0 Two wpefcs e n d in g 1 9 9 8 -J a n . 28 1 , APril 2 * 1998 Reserves of depository institutions 2. c For release at 4:30 p.m. Eastern Time total seasonal extended credit4 F ob. 11 25 45806 45710 45739 45651 45739 45651 44243 44225 1563 1485 482765 4 8 5151 67 59 9 13 0 0 M ar. 11 25p 46368 45975 46349 45941 46349 45941 44828 44807 1539 1168 486133 485672 19 34 17 23 0 0 Reserves and monetary base figures incorporate adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. (For more information, see Table 3T Seasonally ad usted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally ad usted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 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 llquktty 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. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the “Report of Transaction Accounts, Other Deposits and Vault C aslr and for all those weekly reporters whose vault cash exceeds their required reserves, tne seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H.3 (502) JgJjIg 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars __________ Vault cash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 1 9 9 7 -F e b . M ar. 48043 47543 48001 47387 47012 46383 459638 462216 A pr. May June 47879 45997 46610 47618 45754 46243 46869 44757 45330 J u ly A ug. Sep. 46380 46645 46056 45971 46047 45618 O ct. N ov. D ec. 4 5 621 4 6 451 47880 1 9 9 8 -J a n . F eb. Rgg-jggeftg e n d in g 1 9 9 8 -J a n . 28 1. 2. 3. 4. 5. 6. 7. 8. p pe Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 11455 11515 43562 42226 36588 36029 6974 6197 465062 465219 468778 12308 10916 10291 41479 41179 42416 35571 3 5 081 36319 5908 6097 6097 45179 45392 44761 472582 474005 475316 9851 10489 9742 43145 42379 43056 36529 36156 36314 6616 6224 6742 45351 46298 47555 44225 44834 46196 477279 483495 491919 9990 10559 10673 41730 4 2 114 4 3 970 35631 35892 37206 6099 6222 6763 47495 44974 47285 44916 45714 43452 491615 488429 9733 9394 46672 42562 37762 35580 8910 6981 46003 45762 44213 488696 8176 48839 37827 11012 275 surplus7 F eb. 11 25 45212 44618 45145 44559 43648 43132 486797 489205 8750 9726 44560 41199 36462 34892 8098 6307 281 185 M ar. 11 25p 45768 45045 45750 45011 44229 43877 490790 490714 10210 9927 41597 40594 35558 35119 6039 5476 226 168 Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Casn" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance period ended November 2 5,1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. preliminary preliminary estimate H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of dally figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 1 9 9 7 -F e b . M ar. 48122 47687 48079 47531 4 7 091 46527 452560 455259 A pr. May Juno 48089 46259 46931 47828 46016 46564 47079 45019 4 5 651 458168 458287 461805 J U ly A u g. S ep. 46759 47085 46549 46350 46487 46111 45558 45832 45254 465 54 6 467238 4 6 8631 O ct. N ov. D ec. 46161 47053 48555 45891 46901 48231 44765 45436 46872 470696 476939 4 8 5471 1 9 9 8 -J a n . F eb. 47495 44998 47285 44941 45715 43477 484423 481367 46012 45770 44222 4 8 1221 Two w eeha e n d in g 1 9 9 8 - J a n . 28 Note: 1. 2. 3. 4. p pe Feb. 11 25 45229 44644 45162 44585 43666 43159 479613 482232 M ar. 11 25p 45805 45091 45787 45057 44266 43923 483758 483748 Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 Figures reflect adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been In past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the “Report of Transaction Accounts, Other Deposits and vault Cash* and for all those weekly reporters whose vault cash exceeds their required reserves, tne break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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