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»••.— FEDERAL RESERVE statistical release For Aetesss at 4:30 H.3(S02) TaMel APRIL 4, Time 19*85 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjust** for change In reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise 1 Date total1 Reserves of depository institutions 1 nonborrowsd plus1 required nonborrowsd extended credit* 1984—FEB. MAR. APR. HAT JUNE JUL! AUG. SEPT. OCT. NO?. DEC. 37,026 37,099 37,110 37,450 38,290 38,239 38,386 38,143 37,758 38,113 38,709 36,459 36,148 35,876 34,462 34,989 32,315 30,369 30,902 31,741 33,495 35,523 1985—JAN. FEB. P 39,713 40,366 38,318 39,077 13 27 40,343 40,374 13 P 27 PB 40,556 40,653 j 1 36,464 36,175 35,921 34,499 36,862 37,323 37,412 37,360 36,798 37,332 38,127 | I Monetary base' sxcsss NSA4 Borrowings of depository institutions from the Federal Reserve , NSA total I extended credit' 1 seasonal 36,083 36,388 36,619 36,870 37,516 37,626 37,697 37,515 37,138 37,419 37,857 943 711 492 580 774 613 689 628 620 693 853 39,368 39,881 38,968 39,463 745 903 200,067 202,104 1,395 1,289 62 71 1,050 38,975 39,200 39,962 39,803 39,331 39,563 1,012 812 201,723 202,375 1,369 1,174 60 81 988 603 38,692 39,364 39,916 40,203 39,774 39,845 782 808 203,270 202,929 1,865 1,289 69 98 1,224 ! ! 189,026 189,902 190,587 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 567 I I 952 1,234 2,988 3,300 5,924 8,017 7,242 6,017 4,617 3,186 j 103 133 139 196 264 308 346 319 299 212 113 5 27 I 44 37 1,873 5,008 7,043 6,459 5,057 3,837 2,604 803 TWO IEEKS ENDING 1985-FBB. HAR. 839 I -PRELIMINARY PE—PRELIBINART ESTIMATE RESERVES AND BONETART BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED BITH THE IflPLBBEBTATIOI OF THE MONETARY CONTROL ACT AND OTHER REGULATOR! CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERIE REQUIREMENTS ON RESERFABLE 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 RESERFES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES NITH FEDERAL RESERVE BANKS (WHICH EICLUDE 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 BAVING REQUIRED RESBRVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OP 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 WINDOH UNDER THE TERMS AND CONDITIONS ESTABLISBED FOR THE EITENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL NITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO REPAI SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE HONEY BARRET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF RONBORROWED RESERVES. 4/ RESERVE BALANCES RITH 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 HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE BXCESS 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, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESEFVES ABE 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 CF GOVERNORS OF THE http://fraser.stlouisfed.org/ FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 Federal Reserve Bank of St. Louis 1/ H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements , Averages of daily figures, not seasonally adjusted ' Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2' Date total nonborrowed Reserve balances with F.R. Banks3.; required total used to satisfy required reserves5' surplus6 ' 198 4 — F E B . MAR. APR. HAY JUNE JUL! AUG. SEPT. OCT. NOV. DEC. 1985—JAN. FEB. P 36,366 36,280 37,156 36,522 37,526 37,<*71 37,264 38,043 38,512 39,235 40,696 35,799 35,329 35,922 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 35,423 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 186,672 187,815 190,344 191,084 193,971 195,516 195,677 196,229 196,688 198,771 202,586 18,415 19,486 20,353 19,562 20,217 19,891 19,270 20,143 20,099 20,843 21,738 22,269 20,396 20,152 20,446 20,770 21,134 21,688 21,232 21,875 21,827 22,316 17,951 16,794 16,802 16,960 17,308 17,579 17,995 17,900 18,413 18,392 18,958 4,318 3,602 3,349 3,486 3,461 3,555 3,694 3,333 3,462 3,434 3,358 41,125 40,273 39,730 38,985 40,380 39,370 201,353 199,937 21,577 20,416 23,044 23,927 19,547 19,857 3,497 4,070 TWO WEEKS ENDING Net carryover of excess or deficit in reserve balances7 t |i t 13 27 HAB. 13 27 * P PE '» ' \ 40,548 40,002 39,180 38,828 39,537 39,191 200,133 199,663 19,924 20,731 24,893 23,203 20,624 19,272 4,269 3,931 117 176 40,501 40,290 38,637 39,001 39,720 39,482 201,218 201,042 22,408 21,465 21,518 22,353 18,093 18,825 3,425 3,528 77 75 P PBELIHUARY PE—PRELIMINARY ESTIMATE. 1/ BEFLECTS ACTUAL BESERVE REQUIREMENTS, INCLUDING THOSE ON HONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OB OTHER BEGULATOBI CHANGES TO BESEBVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT AT FEDEBAL BESEBVE BANKS PLUS THE CUBBENCT COMPONENT OF THE HONET STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THBIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOB INSTITUTICNS NOT HAVING BEQOIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT BESERVE BEQUIREHENTS. AFTER THE INTRODUCTION OF CBR, CURRENCY AND VAULT CASH FIGURES ARE MEASUBED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLCAT. 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 ABE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDEBAL 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 (-) RESEHVES ELIGIBLE TC BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. .. I 1985—FEB. J-J 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 I nonborrowed Monetary base required 1984—FEB. MAR. APR. NAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 36,616 37,478 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 36,043 35,664 36,244 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 35,667 35,905 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 186,875 188,150 190,666 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 1985—JAN. FEB. P 40,703 39,878 39,308 38,589 39,958 38,975 200,931 199,542 13 21 40,166 39,597 38,797 38,423 39,154 38,786 199,750 199,258 13 P 27 PE 40,078 39,851 38,213 38,562 39,296 39,042 200,794 200,603 36,611 TWO WEEKS ENDING 1985—FEB. BAR. P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.