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FEDERAL RESERVE statistical release H.3 (502) For - Table 1 AUGUST AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BAS&" at 4:30 Eaatem Time 2!:>, 1~86 }ld)ua1ed lor c.,.,.. In r . _ - 1 - ' s ' A-.gee ol dally llgurea, MUOnally ed)ua1ad unl- noted otherwlae Millions ol dollara .....,_ ol dapoaltory lnatltutlons nonbonowed plus required extended credit' Iota,. nonborrowed 1987--JULJ AUG. SEPT. OCT. IIOV. DEC. 58,1199 58,810 58,815 59,llb6 59,053 58,722 57,827 56,0~1 ~8.163 58,<!95 57,8711 58,523 58,1128 57,91111 58,973 58,82.< 58,1128 1988--JAN. FEB. 59,458 59,573 59,760 60,3711 60,365 bO, &37 61,239 58,376 59,177 58,009 57,380 57,787 57,555 57,799 13 21 61,117 61,350 1.0 p 24 PE bl,<t<lb «>1,095 Data !Alt. APR. IIA:i JUNE JULY p exceu NSA 4 Monetary-• --· 283 279 231 189 126 93 1911 132 1109 '149 3911 '183 39o 1,7':>2 2,993 2,578 3,083 J,li<IO 59 75 119 1llb 246 311 376 372 205 1,478 2,624 2,107 2,5511 2,538 270,170 270,9!>4 J,656 J,268 352 390 2,340 2,663 270,969 271,284 3,339 3,245 407 431 2,748 2,671 57,738 57,778 511,021 58,338 58,129 57 ,&93 761 1,032 793 1,129 923 1,029 250,1109 251,919 253,02'1 255,296 256,9J8 257,928 58,711tl 59,Jtl2 :>9,'187 &0,0114 59,1l9ll o0,10tl 60,337 58,163 58,440 58,832 59,515 59,325 59,750 60,231 1,295 1, 133 929 859 1,040 888 1,008 260,721 262,019 263,115 265,809 266,924 268,3119 270,627 57,1161 58,082 59,800 60,7115 o0,256 60, 147 861 1,203 57,907 !>7,850 b0,655 60,521 60,443 60.,070 801 1,025 58,~113 Borrowings ol dapc>altory lnatHutlona from the F-al Reaefva, NSA total extended credit b12 oll7 9'10 9'13 b25 117 1,011~ TIIO IIEEI(S EIID.IIIJG -------1988-JULI AUG. ----- II I -----·· P---?RELXIIIIIARY PB--PRELXIIIIARI ESTIMATE 1/ RESERVES AID !OBETABY BASE PXGUR&S liiCORPORATE AOJUSTIIEBTS lOR D.ISCOIIT.IHOlTXES ASSOCIATED WITd THE IMPLEIIEBTATIOB OF THE IIOBETARI COBTBOL ACT ABD OTHER IIEGULATOBI CHAH~~S TO BRSBBVE BEQUXBBIIEBTS•. TO ADJUST lOB DISCOBTIBUITIES DUE TO CHARGES Ill RESERVE BEQOIBEMEBTS ON BESEBVABLE IOBDEPOSIT LIABILITIES. THE SOli Ol SUCH BBQOXRED BESEBVBS ABE SUBTBACTED FROB THE ACTUAL SEBXES. SIMILABLt, XB ADJUSTIBG FOB DISCOBTIBUITIES 11 TH& IIOIET&Bt BASE, REQUIRED CLEABIRG BALANCES AID ADJOSTftEBTS TO COIIPEBSATE lOB PLOAT ALSO ARE SUBTRACTED FBOII THE ACTUAL SEBZES. 2/ TOTAL BBSEBVES BOT ADJUSTED lOR DISCOBTXBDITIES COBSISTS Ol RESERVE BALABCES liTH PBDEBAL RESERVE BABlS (IIHICH EXCLUDE REQUIRED CLEARING BALANCES A•u ADJUSTIBITS TO C04PERSAT& FOB FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE BEQUIBEREBTS. SUCH YAOLX CASH CONSISTS Ot' ALL VAULT CASH HEJ.u OUJIIBG filE LAGGED COIIPU7ATION J.>BRIOD BY IIISTITUTIONS HAYING BEQUBED RESERVE BALANCES AT F~DERAL B~EBVE BANKS PLUS THE AIIOUNT OF VAULT CASH EQUAL TO REQUIRED RESEBiES D081BG THE KAIHTEIANCE PERIOD AT INSTITUTIONS HAVIIIG NO REQUIRED BESEBVE BALANCES. 3/ EXTENDED CREDIT COBSISTS OF BOBROWIN~ AT THE DISCOUNT WINDOW ONDER THE TEBBS AND COHDITIOHS ESTABLISHED lOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITOTIOIIS DEAL .ITH SUSTAIBED LIQUIDITY PRESSURES. BECAUSE THERE lS BOT THE SAftE HEED TO REPAY SUCH BORROWING PROIIPTLY AS THEBE XS WITH TRADITIOBAL SHORT-TERM ADJUSTftHII! CREDIT, THE liONEl IIABKET I!PACT OF EXTENDED CREDIT IS SiftXLAB TO THAT 0? NONBOhROWED RESERVES. 4/ iESEBVE BALAHCES WITd FEDERAL RESERVE BAlKS PLUS VAULt CASH USED TO SATISFY RESERVE REQUIREftENTS LESS RE~UIRED RESERVES. 5/ THE !OBETABI ~ASE HOT ADJUSTED lOR DISCOBTIBUITIES CONSIStS OF TOTAL RESERVES PLUS BEQUIR~U CLEARING ~ALARCES AND ADJOSTftEBTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BAlKS PLUS THE CURREBCt COftPOHEIT OF THE ROBEl STOCK PLUS, FOB IHSTITUTIOIIS HOT HAVIHG RE~UIIIED BESEHV~ BALABCES, THE E~CESS 0~ ~UiBENT VAULT CASH OVER THE AIIOOHT APPLIED ro SATISFY CUBREKT RESERVE BE~UIBEftEHTS. AFTER TH~ I~TRODUCTIOH OF CCR, CURRENCY AID VAULT CASH FIGURES ARE ftEASUREU OVER THE !ONDAI-ENDING COMPUTATION PERIOD. THE SEASONALL:i ADJUSTED IIOHETAII:i BASE COKSISTS OF SEASONALLY ADJOSTEU TOTAL RESENYE (WHICH IHCLODES EXCESS RESERVES 01 A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURREKCI COftPONENT OF THE IIOBET STOCK PLUS THE BEIIAliiNG ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HXSTORICAL DATA ABE AVAILABLE i'ROII THE ROliEl ,UIU BESHkYES J.>ROJECTIONS SECTION, DIVISION Of MO~O:TARY AFFAIRS, BOARD Ol GOVERNORS OF THE FEDERAL RESERVE SYSTER, wASHIIIGTON, D.C. 20551 H.3 (502) Table 2 AGGitEq~TE RI;$E~V_ES NO!~~tadtfo.~..changes OF.DEPOSITORY INSTITUTIONS AND THE MONETARY BASE In reserve reouirementj Averagea of daily figures, not seasonally adjuste , ~ • !lions of dollar~ Monetary base! Date 58,838 58,361 59,813 61,106 &1,205 62,123 58,166 57,714 58,873 60,163 60,580 61,3il& 58,078 57,329 59,020 59,977 60,282 61,094 254,671 254,360 255,691 258,076 261,674 266,161 36,110 35,616 36,685 37,249 37,4153 37,673 211,613 24,6441 2i1,85il 25,587 25,1131 26,155 2:J.,7il5 23,128 23,857 241,4119 1 ,l'85 1,899 1, 726 1,730 1,679 1, 70<; 62,640 60,0117 b0,076 62,0611 bO,b81 1>1,991 62,756 1>1,558 59,650 58,324 59,011 58,103 58,908 59,316 61,345 58,9111 59, 11f7 61,205 S9,61ll 61,103 61,7418 265,789 262,59& .263,979 21>8,127 268,899 272, 65" 215,592 37,1185 34,211 36,027 38,1129 36,509 37,907 37,993 26,919 28,119 25,926 25,200 25,873 25,111 26,4179 25,155 :J.S,836 24,049 23,636 24,112 24,084 241,763 •• 7611 2,283 1,877 1,564 1,700 1,b32 I, 715 27 63,460 62,288 59,8011 59,020 62,59S 61,0115 27b, 908 27il,i171 38,831 37,399 26,270 26,6417 241,629 24,889 1,6411 1,758 19il 32 10 p 24 PE b:J.,107 62,0410 58,768 58,795 61,JOS 61,015 27!>,237 275,1f20 37,3416 36,11911 26,511 27,400 211,762 25,546 1,810 1,8511 282 86 1987--JULJC AUG. SEPT. ocr. IIOV". DBC. 1988--JAII. l.'EB. liAR. APR. IIAl' JUliE JULI p 2:J., 128 23,152 TIIO IIEEKS EIIDIIIG --------1988--JULY AUG. 13 P---PRELIJIIIIAil PE--PRELllll!IAIII ESTIIIATB. 1/ RHFLBCTS ACTUAL RESERVE REQOIREIIEHTS, IHCLUDIIIG TdOSE OK IIOHDEPOSIT LIABILITiES, !liTH HO ADJUSTSHNTS TO ELIIIIJATE THE EFFECTS OF DISCOIITIIOITIES ASSOCIATED !liTH IIIPLESENTATIOJ OF THE NOIBTAR! CONTROL ACT OR OTHEB REGDLATORI CHARGES TO RESERVE REUUIRE4EITS. 2/ CONSISTS Of TOTAL RESERVES PLUS REQUIRED CLBARIIG dlLASCBS AID ADJUSTNEIITS TO COIPEHSATE FOR FLOAT AT FEDERAL RESBBiE BANKS PLUS THH CURREICY COR.PONENT Of THE 60MEI STOCK LESS THE ABOUIT OF VAULT CASH HOLD~IIGS OF THRIFT INSTITUTIOJS THAT IS IICLUDED IN THE CURRENCY COIIPOI&IT OF THE IIOIEY STOCK PLUS, ,OR INSTITDTIOIS lOT HAVIIG REQUIRED R~S&BYE BALAJCES 0 THE EXCESS Of CUBREIT JAULT CASH OYBB TBE UOUJf APPUED TO SATISR'Y COUUT BESB&f! B!QUIBE.IIEJTS. ,AFTBB THE IITIIODUCTIOII OF CIIR, CORREIICI lHD VAULT CASH FIGURES liE JIE.t.SIIRI!O OVBI THB IIONDAI-!NDIIG COil-PUTATIOI PERIOD. 3/ HXCLUDES REQU~RED CL~ARIIIG BALAIC!S AID ADJOSTSEIITS TO COftPIIS£T& 101 FLOAT. . . ill DATES REFER TO THE IIAIITEIAIICE PERIODS IR WHICH THE fAULT CASH CAl BB OSBO TO SATISFI BBSEIV"E'REQUIIBSEITS. OlDER CONTEIIPORAIIEOOS RESERVE REQUIRESENTS, RAIJTJIAIIC& P&BIQDS END 30 DAIS AFTBB THE LAGGED CORPUTATIOI PERIODS IN WHICH THE B.lLAICES AaE HELD. 5/ EQUAL TO ALL VAULT CASn HELD DORIIG TIE LAGGED COIIPU~ATIOI PERIOD BY IISTITDTIOIS HlfiiG IBQUIBED RESBBVE BALANCES AT FEUEHA1 RESERVE BANIS PLUS THE AIIOUNT OF fAULT CASH EQUAL TO REQUIRED RESERVES DORING THE IAIIITENANCE PERIOD AT lHSTITUTlORS HAVING 110 REQUIRED BBSERJE BALANCES. 6/ TOTA~ VAULT CASH AT IIST~TOTIOHS HlilNG NO iEUDLRED RESERVE BALAICES LESS THE AAOOHT OF VAULT CASH EQUAL TO THEii REUUIHtD iESEiVES DURING THE IIAliTEIAICE PERIOD. 1/ CONSJ~TS Of CARRIOVER OILY AT DEPOSITOR! IISTITUTIOIS RAINTALIIHG RBSEiV"ES OR THE BASIS OF TWO-IIEEK ftliNTBHA•cE PEBIODS. REfLECTS EXCESS (+) OR DEFICIT (-) RESERVES ELIGitiLB TO BE CARRIED FOBIARD INTO THE TIIG-WEEK iESBRfg ftAI5TEIIAhCE P~BIOD BHD~IG OR THE DATE SHOVJ. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changer in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date total 1987--JULI AUG. SEPT. OCT. NOV. DEC. 19!:18--JU. l'EB. lUR. APR. ttAY JUNE JULY p nonborrowed Monetary base required 59,2165 57,956 57,336 57,718 57,944 58,211 58,994 252,308 252,JOd 25.2, 445 254,119 257,651 41!ol,05J 61,199 58,663 58,851 60,94 7 59,454 60,679 61 ,4b8 60,117 58,267 57,099 57,954 56,876 57,596 58,028 59,904 57,530 57,922 60,088 58,414 59,791 60,460 262,.006 259,010 62,153 61,025 58,497 57,757 61,292 59,822 21J,111 60,791 &0,652 51,1652 57,408 59,988 59,627 271,916 .0.!,035 56,717 58,369 58,512 59,073 59,136 o0,02J 58,044 57,721 57,571 58,130 58,511 260,712 265,007 2b5,132 2b9,442 272,412 TWO iEt!KS ENDINu -------------H 1~!:18--JULI 27 AUG. 10 p 24 PE l71,J4J P--- PllEL lKlN A RY ;3--~HiLIMlNAkY 1~ E~TlttATE. FI~UiLS hEFLE~T ADJUSTftENTS POR .3J1 !1 OtH~Ii REGULA1'0RY CHAI!IGES '10 DISCONTINUITIES ASSOCIATED WITH THE IftPLEftENTATION OF THE 8ESERV J:: ~EQIJltUfiENTS. ftOM~TAHY CONTROL ACT