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JsSSfc. FEDERAL RESERVE statistical release ,- H.3 0OD TaMtl ^SuS?F" For RMMN • 4:30 Esstern Thvw AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE APRIL 24, 1986 Adjusted foe chsngss Inressrvsreojulremsnts Avsrsojss of dsHy figures, ssssonsJIy sdjusted untsss noted othorwiss Mllllont of dollars ^ Date toii? n m n w or qppowiory ifwmuitons rsquirsd nonborrowsd plus sxtendsd cisd»t* r nonborrowsd ~ " 1985—MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,651 44,377 45,186 38,878 39,387 39,989 40,972 41,500 42,121 42,218 42,464 42,636 43,867 1986—JAN. FEB. MAR. P 45,365 45,817 46,327 12 26 9 P 2 3 PE ; i sxosss NSA4 totsl I 202,958 39,937 40,256 40,522 41,638 42,006 42,690 42,874 43,093 43,167 44,367 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,898 43,449 44,128 44,594 44,934 45,567 45,091 45,426 46,085 44,254 44,720 45,430 1,111 1 ,097 898 218,038 219,412 220,930 45,936 46,557 45,232 45,788 45,706 46,322 44,960 45,631 976 926 46,624 46,736 45,751 45,875 46,327 46,546 45,994 45,779 630 956 i 766 738 804 905 855 827 666 753 928 1,058 Borrowfnos of depository Institutions from tns Fsdsrsl Rsssrvs, NSA ssssonsl sxtendsd credit' Monstsry boss 1,593 1,323 1,334 1 ,205 1 ,107 1,073 1 ,289 1,187 1 ,741 1 ,318 88 135 165 151 167 221 203 172 107 56 1,059 868 534 665 507 570 656 629 530 499 770 884 761 36 56 68 497 492 518 219,977 221,422 704 769 65 69 475 535 221,837 222,362 874 861 76 64 203,672 205,459 207,567 208,730 210,846 212,076 213,117 214,934 216,437 j TWO WEEKS ENDING 1986-MAR. APR. P 1/ j 576 671 PRELIMINARY PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 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/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. PRIOR TO CRR, AIL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted for changes in reserve requirements Averages of dairy figures, not seasonally adjusted Millions of dollars Vault cash 4 Reserves of depository Institutions Monetary base 2 ! Date total nonborrowed Reserve balances, with F.R. Banks 3 ^ required total used to satisfy required reserves8 { surplus 8 ' Net carryover of excess or deficit in reserve balancey7.' 1 1 9 8 5 - — MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,142 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 39,728 40,914 40,247 41,447 41,948 42,135 43,782 44,716 45,454 47,085 201,219 203,746 204,874 208,317 210,580 211,525 212,876 214,472 217,177 221,485 1986—JAN. FEB. MAR. 48,060 46,652 47,274 47,289 45,768 46,513 46,949 45,555 46,376 219,588 217,672 219,835 P , 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,620 21,863 21,567 21,898 22,180 22,530 22,839 22,465 22 724 22',457 22,956 18,429 18,435 18,666 18,985 19,300 19,548 19,475 20,038 19,997 20,522 26,373 24,700 27,114 24,245 24,962 22,688 21,687 21,952 20,160 3,434 3,132 3,231 3,196 3,230 3,291 2,990 2,686 2,460 2,434 2,559 3,010 2,528 TWO WEEKS ENDING 1986—-MAR. APR. X*f<fi sj ,' i%': t : » « \ ? «nt i\ l y i'« : '' ' \ ' '. .', i'J ;!•>•/•'; ^ ^ 12 26 47,118 47,113 46,414 46,344 46,142 46,187 219,010 219,838 27,102 26,704 22,577 22,986 20,016 20,409 2,56'1 2,577 91 109 9 P 2 3 PE 48,100 49,602 47,226 48,742 47,470 48,646 221,805 224,511 28,291 29,447 22,121 22,369 19,809 20,155 2,312 2,214 200 42 P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON N0NDEP0SIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7/ 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. ! l1«b,« '* H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1985--MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 44,625 46,404 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 42,884. 45,086 39,301 40.516 39,839 41,054 41,554 41,768 42,555 42,994 43,697 45,347 200,792 203,349 204,465 207,923 210,187 211,158 211,649 212,750 215,420 219,747 1986--JAN* FEB. MAR. P 46 , 633 45,175 45,832 45,862 44,292 45,072 45,522 44,078 44,935 213,161 216,195 218,393 TWO WEEKS ENDING 1986 P PE 1/ MAR. 12 26 45,701 45,662 44,997 44,893 44,725 44,736 217,594 218,337 APR. 9 P 23 PE 46,625 48,063 45,751 47,202 45,995 47,106 220,330 222 972 PRELIMINARY P R E LIMIN A R Y ESTIM A T E. FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. OF THE MONETARY CONTROL ACT