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o<2L»£&i FEDERAL RESERVE statistical release '•TffflB^ H.3(S02) T«Mt1 For fltHMa «t 4:30 Eastern Time AUGUST 1 6 , 1984 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE AdJUOtOd fOf ChOnQM in rOOOTVO rOQUtrOfnorttS Avorooot of dotty ftomoi, •ooeonolty odjuotod union notod othofwloo Doto toSF ' Reserves of depository tnotttutlono roqulrod nonboffowod oxionooo croofr 179,308 180,127 181,775 182,845 183,949 184,969 Borrowing* of dopoottory institution* from tho Federal Reserve, NSA total seasonal oxtondod credit* 171 1,453 578 198 491 1,546 1,441 190 515 256 844 142 906 121 6 96 774 2 613 942 709 490 577 767 604 186,940 188,582 188,715 189,662 191,262 193,121 194,023 715 567 952 1,234 2,988 3,300 5,924 86 103 133 139 196 264 308 4 5 27 44 37 1 ,873 5,008 36,316 37,074 1,058 451 193,315 194,669 3,909 5,358 289 284 2,846 4,614 36,101 36,956 630 618 193,545 195,060 7,155 7,987 340 338 6,098 6,976 OXOOM 1983—JULY AUG. SEPT. OCT. NOV. DEC. 35,194 35,218 35,307 35,31? 35,245 35,279 33,741 33,672 33,866 34,473 34,340 34,505 34,319 34,163 34,380 34,729 34,346 34,507 34,687 34,772 34,809 34,812 34,716 34,718 MSA4 507 446 498 505 529 561 1984—JAN. FEB. MAR. APR. MAY JUNE JULY 35,502 36,065 36,103 36,104 36,427 37,232 37,173 34,787 35,498 35,152 34,870 33,439 33,932 31,248 34,791 35,503 35,179 34,914 33,476 35,804 36,256 34,889 35,123 35,395 35,614 35,850 36,465 36,568 4 18 37,373 37,525 33,464 32,168 36,310 36,782 1 P 15 PE 36,731 37,574 29,577 29,587 35,675 36,563 ! — • » — TUO WEEKS ENDING 1984-JULY AUG. P 1/ 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, ALL 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) TaMe2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE readjusted for changes in reserve requirement's* Averages* o? dally figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base*! Date total nonborrowed Reserve balances with F.R. Banks* total required used to satisfy required reserve** surplus4 Net carryover of excess or deficit in reserve balance*7 1983—JULY AUG. SEPT. OCT. NOV. DEC. 38,948 38,661 37,916 38,137 38,144 38,894 37,495 37,114 36,475 37,294 37,239 38,120 38,440 38,214 37,418 37,633 37,615 38,333 185,303 185,398 185,112 186,598 188,971 192,359 22,139 21,965 20,585 21,059 20,943 20,986 20,413 20,035 20,798 20,471 20,558 20,755 16,808 16,695 17,331 17,078 17,201 17,908 3,604 3,340 3,467 3,393 3,356 2,847 1984—JAN. FEB. MAR. APR. MAY JUNE JULY 40,120 36,365 36,278 37,154 36,519 37,518 37,459 39,405 35,798 35,326 35,920 33,531 34,218 31,535 39,507 35,423 35,569 36,664 35,942 36,752 36,855 192,301 186,672 187,813 190,344 191,080 193,962 195,522 21,325 18,414 19,484 20,351 19,560 20,21© 19,880 22,578 22,269 20,396 20,152 20,446 20,770 21,134 18,795 17,951 16,794 16,802 16,960 17,308 17,580 3,782 4,318 3,602 3,349 3,486 3,461 3,554 4 18 37,702 37,950 33,793 32,593 36,645 37,499 194,268 196,965 20,189 20,546 21,121 20,708 17,513 17,404 3,608 3,304 108 252 1 P 15 PE 36,856 37,565 29,702 29,578 36,227 36,947 194,354 195,995 19,067 19,660 21 , l f 9 7 21,533 17,790 17,905 3,807 3,628 97 105 TUO WEEKS ENDING 1984—JULY AUG. P PRELIMINARY PE—PRELIMINARY ESTIMATE. REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE 1/ 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. 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 Reserves of depository institutions nonborrowed 33,525 33,167 33,567 34,469 34,445 35,223 I required 34,470 34,266 34,510 34,808 34,821 35,436 Monetary base 1983--JULY AUG SEPT. OCT. NOV. DEC. total 34,978 34,713 35,008 35,313 35,350 35,997 1984—-JAN. FEB. MAR. APR. MAY JUNE JULY 37,303 35,654 35,630 36,464 35,763 36,757 36,798 36,588 35,087 34,678 35,231 32,775 33,457 30,874 36,690 34,712 34,921 35,974 35,186 35,990 36,194 188,100 185,931 187,165 189,655 190,325 193,201 194,861 4 18 36,947 37,342 33,038 31,984 35,889 36,891 193,513 196,357 1 P 15 PE 36,168 36,970 29,013 28,983 35,538 36,352 193,666 195,400 I ! 180,182 180,140 181,238 182,672 185,035 188,231 TWO WEEKS: ENDING 1984—JULY AUG. 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.