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For-.. at 4:30 &atwn Time
H.3 CI02I
T-1
APIIIL
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
21, 1!188
Adjueted for cllangea In , . _ - l - a1
A--aea of dally flgurea, - ' l y edjuated unleaa noted otherwl•
Millions of dol'lnatltutlona
required
nonbonowed plus
ext- credit'
5b,589
55,936
57,231
57,127
57,6011
57,273
51,203
5b,516
57,1211
56,8111
57,360
51>,81111
57,2911
57,032
58,003
57,368
57,756
57,0611
57,1112
56,1107
~of ~tory
total
nonborrowed
5b,852
57,9511
56,352
57,706
57,o02
57,876
57,825
58,1196
57,987
57,1136
56,325
56,961
57,317
56,930
56,929
57,229
56,885
57,553
57,362
56,658
58,316
58,1139
58,620
57,2311
58,0113
56,868
57,o06
58,2118
58,3116
9
23
58,139
58,723
57,602
56,799
6 p
20 PE
58,980
59,1811
56,163
55,566
Dete
1987--IIAB.
APR.
lilY
JUliE
JULY
AUG.
S!!Pl'.
ocr.
liOV.
DEC.
1988--JA 11.
EBB.
IIAB.
p
excess
Monetary bate'
llom>wiiiQ8 of ~tory lnstltutlona
lfom the Federal ~. NSA
total
NSA•
...aonal
e x t - crec11tr
916
827
1,079
1,190
761
1,032
793
1, 129
923
1,029
21111,3119
2116,5..!6
2118,2311
2118,1181
2119,511
250,997
252,252
2511,5611
256,04!5
256,6811
5:l7
993
1,035
71b
67..!
6117
9110
9113
6..!5
177
91
1..!0
196
259
..!83
279
231
189
1..!6
93
1109
4119
3911
1183
57,021
57,306
57,697
1,295
1,133
922
260,2<15
4!61, 259
262,396
1, Oil..!
39o
1, 75..!
59
75
119
372
205
1,1178
57,il57
51:1,11811
57,173
57,812
966
911
260, 5..!11
262,6<16
531
1, 9211
111
123
255
1,685
58,657
58,8113
51:1,087
58,386
893
798
2611,01>5
265,20..!
..!,1117
3,619
1.l2
1211
..!,11911
3,278
2611
270
288
273
1911
132
1'10 lEEKS
EliDING
-------1988-IIAB.
APR.
P---PRELIIIIJIABY
PE--PBELIIIINA RY ES1'llll1'E
1/ RESERVES AND IIONETARJ BASE FIGURES IIICORPORATE ADJUS1'!EITS FOR DISCOITINUITIES ASSOCIATED WITH TilE IIIPLEIIEIITATIOII OF THE
!OIIETABY COITBOL ACT AIID OTHER REGULATORY CHANGES TO RESERVB RBQDIRE!EBTS. TO ADJUST POR DISCOITIIIDITIES DOE TO CHANGES II
RESERVE REQDIRE!EIITS OR RESERVABLE IOBDEPOSIT LIABILITIES, THB SOli OF SUCH BBQUIRED RESEIVBS ABE SU8TBACTBD FRO! THE ACTUAL
SERIES. SIBILARLY, IN ADJUSTIRG POB DISCOITIIUITIES II THE IIOIIBTARI BASE, REQUIRED CLEARING BALAICES AID ADJOSTIIBIITS TO
COIIPBISATE lOR FLOAT ALSO ABE SUBTRACTED FROII THE ACTUAL SERIES.
2/ TOTAL RESERVES IIOT ADJUSTED FOR DISCOI1'IIUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUD~
REQUIRED CLEARING BALAICES AND ADJUS'l'NERTS TO COIIPERSATE FOB FLOAT) PLUS VAULT CASH USED 1'0 SATISFY R~SEHVE REQUIRENENTS.
SUCH VAULT CASH COISISTS OF ALL VAULT CASH HELD DURING THE LAGGED COIIPUTATIOR PERIOD BY liSTlTUTlONS HlYIRG REQUIRED RESERVE
BALAIIC~S AT FEDERAL RESERVE BANKS PLUS THE ANOUNT OF VAULT CASH EQUAL TO REQUIRED RESERV~S DURING TH~ IIAlNTENANCE PERIOD AT
lNS'UTUTIONS HAVIHG 110 REQUIRED RESERVE BALANCES.
3/ EXTEBDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERNS AND CONDI1'IOIIS ~STABLISHED FOR THE EXTENDED
CREDIT PROGBAH TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUS1'AINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SANE NEED TO
REPlY SUCH SORROWING PROBPTLI AS THERE IS WITH TRADITIONAL SHORT-TEBB ADJUSTMENT CREDIT, THE HOllEY IIARKE1' IMPACT OF EXTENDED
CREDIT IS SIIIILAR TO THAT OF NONBORRONED RESERVES.
II/ RESERVE BlLABCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES.
5/ THE IIORETlRJ BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BlLARCES AND ADJUSTMENTS
TO COIIPENSlTE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONEBT OF THE NOllEY STOCK PLUS, FOR IISTITUTIONS NOT
HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT AP.PLUID '.1'0 SAl'l:illf• CURiiiD'l' itESERV·cl
RE\<UIBEMENTS. APTER THE INTRODUCTION OP CCR, CORIIENCI AND VAULT CASH FIGURES ARE IIEASURl!IJ OVER THE IIOND'll-ENDlNG
.
COIIl?U1'U'IOII PI>RIOD. l'HE SEASONALLY lDJUSTEIJ !I()NETARX BASE CONSIS1'S OF SEASONALLY ADJUSTED TOTAL RES~!(VE (WHICH INCLUDES
EXCESS RESERVJ>S ON l NOT SEASONALLY ADJUSTEU nASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COdPOHENT Of THE HONEY STOCK
PLUS THE REMAlNlNG ITEIIS SEASONALLY lDJUSTEIJ AS l WHOLE.
NOTE: HISTOHICAL DATA ARE AVAILABLE PROft THl! MONBY AND RESERVES PROJECTIONS SECTION, DIVISIO~ OF MOII~TARY AfYAIRS, BOARD of
GOVERNONS OF THE FEDERAL RESERVE SlSTEM, WASHINGToN, D.C. 20551
H.J (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
1\jot adjusted for changes in reserve require~~"~.
A'le'l'age& of da1iy figures, not seasonally a~j~~~~d
Millions of dollars
Monetary
base~
Date
total
non borrowed
total
required
19(l1--MAli.
AP!l.
!lAY
JUNE
JUU
AUG.
SEPT.
OCT.
NOV.
DEC.
57,061
59,393
58,339
58,784
58,838
S8,J61
59,813
61,106
61,205
62,123
56.5311
58,1100
57,303
58,008
58,166
57,714
58,873
60,163
60,580
61,3116
56,1116
511,566
57,260
57.5911
58,078
57,329
59,020
59,971
60,282
61,0911
21111.978
2119,2111
249,940
252,539
2511,671
254.360
255,691
258,076
261,6711
266,161
35,318
31,801
36,466
36,309
36,110
35,616
36,685
37,249
31,1153
37,673
23,765
23,348
23,681
211,369
211,613
211,6411
24.854
25,587
25,1131
26,155
21.743
21,587
21,873
22,1115
22,728
22,7115
23,128
23.851
23,15:.1
211,11119
2.022
1,762
1,808
1.893
1.885
1,899
1, 726
1, 730
1.679
1,706
1968--JAN.
62.6110
oo.o47
60,068
61,558
59,650
58,317
61,345
58,914
59,1116
265,789
2o2,598
263,970
37.485
311,211
36,021
26,919
28,119
25,926
25,155
25.836
211,047
1,7611
2,283
1.878
9
23
59,573
60,093
59,036
58,169
58,607
59.182
262,1150
2611. 1112
35,575
35,761
25,987
26,2211
23,9911
24,332
1,989
1,892
152
31
6 p
20 PB
60,!>83
62,838
57,766
59.219
59,691
62,0110
265,382
270,456
36,978
39,121
25,336
25,205
23,605
23,111
1,731
1,1189
86
39
l'EB.
lUlL. p
TIIO liBBKS
I!IDIBG
--------1988-IUL
APL
P---PRELIJIXJIAii
PE--PRELIIIIARI &STIIIATE.
11 R&rLECTS ACTUAL RESERVE &EQUIREIIEITS, IICLUDIHG THOSE ON IOIDEPOSIT LIABILITIES. IIITH 10 ADJUSTIIBITS TO ELIIIIlTE
THE EFFECTS OF DISCOITIIUITIES ASSOCIATED IIITII IIPLEBBITATIOI OP THE IONETlBI COITROL lCT OK OTHER BBGOLlTORI
CHAIGBS TO RESERVE RBQOIBBftENTS.
21 COISISTS OF TOTAL RESERVES PLUS REQUIRED CLEAkiiG BALAICES AND ADJOSTBEITS TO COBPBISlTE FOR FLOAT AT FEDERAL RBSBRVB
BliKS PLUS THE CURBBICI COIIPONEIT OF THB BONBI STOCK LESS THE AIIOUIT OP VAULT CASH HOLDIIGS OP THRifT IISTITUTIOIS THAT
IS IICLODED II THE CORBEICI COIIPOIEIT OF THE IIOIEI STOCK PLUS, FOB IISTITDTIOIS lOT HliiiG BEQUIRBD BESBBVB BALAICES, THE
EXCESS OF CURRBIT VAULT CASH OVBR THB AIIOUIT APPLIED TO SlTISPI CORBEll' RESERVE REQUIREIIEITS. APTER THE IITRODUCTIOI OP
CRB, CURREICI liD VAULT CASH PIGUBES liE REASUBED OYER THE IIOIDli-ENDIIG CORPUTATIOI PERIOD.
31 EXCLUDES BEQUl:RED CLBARl:NG BALANCES AID ADJUSTftBITS TO CORPUSATB FOB PLOAT.
. .
. .
' I DATES REFBR TO THE Ul:ftBUIICE PERIODS II IIBICB THB V.\ULT CASH CAl BE USED TO SATIStl": tJisu.n 'iBQOIB·EIJiiTS. UN DEB
COirBIPOUIBOUS RBSERYB REQUIREIEITS, II&IIITEI&IICB PllaiODS BID 30 DAIS lF'rBR THE LlGGJD··CpttPf:r&TlQI PBIUODS
IN WHICH THE BALAICBS AB.B HBLD.
·'
·' ·' r·· ,. '. . ' ··
51 EQUAL !0 ALL V&OLT CASH HELD DUBIIG THE LAGGED COftPUTATIOI PERIOD 81 IISTITUTIONS BlVIIG BEQOIBED BBSBRVB BlLAICES
AT FBDBBAL RESERVE BAI&S PLUS THE AftOOIT DP VAULT CASH EQUAL TO BBQOIRBD iBSEBVBS DURING THB IIAIITEIAIICE PBBIOD AT
IISTITDTIOIS HUIIG 10 IU:QUIBED BBSBBY.B BALUCBS.
; .": . . '
6/ TOTAL VAULT CASH lT IISTITUTIOIS HAVIIG NO REQUIRED RESE~VE BALliCES LESS THB ARDUHT OP ~AULT CASH EQUAL TO THEIR
&BQUIBED RESERVES DUBIIG THE IIAliTBilNCE PERIOD.
11 COISISTS OP CARRYOVER OILY AT DEPOSITORY IISTITUTIOIS IIAIITAIIIIG RESERVES 01 THB BASI& 0,. JIIV-,IIBJK IIAI,TEIAICE
PERIODS. REFLECTS EXCESS (•) OR DEFICI! (-) RESEIIVES ELIGIBLE TO BE CABRIBD PORII&IID IITCf"'ifl~ D-",IIEEl liBSBIIYE
BAIITBilBCE PERIOD EIDIIG Olf THE DATE SHOIII.
;•
'. > ' ·
••
.'
H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes In rtMrve requirements'
Averages of dally flgurea, not Maaonally adjueted
Millions of dollars
Date
total
1987-ua.
ua.
Monetary bau
required
56,068
58,372
57,299
57,625
57,743
57,390
57,496
58,037
58,093
58,965
55,541
57,379
56,264
56,849
57,071
56,743
5,,556
57,094
57,468
58.188
55,152
57,544
56,221
56,U5
56,983
56.358
56,703
56,909
57,170
57,936
:.t41,925
24o,066
246,832
249,286
251,424
251,420
251,603
253,287
256,821
261,214
60,170
57,646
57,804
59,089
57,250
5,,052
58,875
56,513
56,881
261,202
258,193
259.924
23
57,232
57.820
56,695
55,896
56,266
56,909
258,079
260,200
6 p
20 Pll
58,411
60,689
55,600
57,0·70
57,525
59,891
261,516
266,339
Ill!
olDIE
·.JUL!
lOG.
SBP'f.
ocr.
JOV.
D.BC.
1988-JU.
FEB.
Ill. p
IBBKS
BIDZ.JG
Reurvea of depository Institutions
nonborrowed
~110
----
1988-11111.
lPB.
-9
P---PREL.ItiUlBI
PB--PBBLIBZilBI BS'lllll'll.
1/ FIGUBBS BBFLBCT lDJUS'lllEI'lS •oa DZSCOI'liiUITZBS lSSOCilTID WITH 'lHB IllPLBftBI'llTZOI OP 'lHB llOIB'llil COI'lBOL lC'l
liD OIKBB BBGULl'lOBl CHliGIS 'lO BBSIBJB BBQUZBBilBI'lS.
@FedFRASER