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RESERVE statistical release For nelsw at 4:30 Eastern Time H.3(902) Tab* 1 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE AUGUST 2 8 , 1*86 Adjusted for changM inraservtrequirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars total1 Date J-9B5 43,083 43,654 43,882 44,244 44,847 45,612 JULY AUG. SEPT. OCT. NOV. DEC. 1986—JAN. FEB. MAR. APR. MAY JUNE JULY P Reserves of depository Institutions required nonborrowed plus nonborrowed extended credit1 41,976 42,483 42,227 42,581 43,151 42,826 42,593 43,249 43,216 43,056 43,685 43,491 43,106 43,637 43,919 44,294 44,554 44,793 excess NSA4 855 827 666 753 928 1 ,058 Monetary base* 209,105 211,208 212,289 213,566 215,253 216,721 Borrowings of depository Institutions from the Federal Reserve, NSA extended credit9 seasonal total 1 1 1 1 1 1 , 107 ,073 ,289 ,187 ,741 ,318 167 221 203 172 1 07 56 507 570 656 629 530 499 45,881 46,370 46,865 47,275 48,577 49,445 50,489 45,111 . 45,486 46,104 46,383 47,701 48,642 49,748 45,608 45,978 46,622 47,017 48,285 49,172 50,127 44,771 45,272 45,968 46,474 47,739 48,514 49,579 1,111 1 ,097 896 801 838 931 910 218,404 219,788 221 2 6 2 222,359 224,904 226,631 228,301 770 884 761 893 876 803 741 36 56 68 73 94 108 116 497 492 513 634 584 531 378 16 30 50,246 50,809 49,488 50,107 49,930 50,401 49,567 49,692 679 1,117 227,786 228,889 758 702 104 127 442 294 13 P 27 PE 50,834 51,639 50,075 50,729 50,448 51,244 50,252 50,849 229,734 231,528 759 910 134 152 373 515 TWO WEEKS ENDING 1986-JULY AUG. 582 790 P-—PRELIMINARY PE--PRELIMINARY ESTIMATE 1/ 2«fl^E5 ™ L ? 2 f * E T A R Y B A 5 E F I G U R E S 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 S£f2r E 2fS¥. IR r HENTS 0 N R E S E R V A B L E 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/ I?I A .L!?F ERVE * N 0 T A D J U S T E D F 0 R 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 RFIERVE ? A . ^ r ^ T S L F E . D E R A L R E S E R V E B A N K 5 P L U S T H E AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 3/ 5I5TS 0E ^ ! n r ? E L JC^ E D I T C 0 NHELP BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS. AND CONDITIONS ESTABLISHED FOR THE EXTENDED »rlll cnn2 5£5J[F. DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO E C H B 0 R R 0 W I NTG ^ ^I^ PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. F E D E R A L RE ER ¥, ^ f E 2 « L ? A ^ NRC EBA5E f W NI0™T ADJ * VE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. ™ r.«2^J.5 L USTED FORR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS F Jn. S?NG^ nF THP??T T2rTT$MTtnSr ?L?EIS ?|RI^NEC L,UBDAEND^ IPN±US ™ E C U R R E N C Y COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH F I UT S THE S ^ m S r S 2r J S 5 r L , A f J H i S 2 ^ ^ I CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING r rr S!LB f ' J H E E X C E ME ° FA NC U R RVEANUTL TV AC UA L TH CFAI*G HU R OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. E5 ARE PRTHP rn rJp 2 ^ C r n 2 L 2EL ? r R A c C r S c ^ L ? * MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. THE M 0 N E T A R Y B A S E 0 T H E R T H A N E X C E 5 S Iv rnuln^r' T tun rSn^ ?JL?wr RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN X :? R R ES ADDEI> 0 N A N T EA5: NALLY PLC?CTC ;«r5S " ° ^ ° ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES MA, fv fn n^ n E L A J TE T TAL RE5ERV (WHICH rrAciSIf, 2 A n , n ^ ^ L L , ^ S ° « INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE KIHTP Sf2?noTL A I > nArI E LE U ^ E N F Y C 0 M P 0 N E N T OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE, E BANKING SECTI0N FFDFRAL^RESERVE SY^TFM UA^HTNCTON ^ ^ ™ ' DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE 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 r.)ate Monetary base* Reserve balances with F.R. Banks3') Net carryover of excess or deficit in reserve beiancesl? total used to satisfy required reserves5 \ surplus6 23,503 23,415 24,972 25,431 26,385 27,620 22,530 22,839 22,465 22,724 22,457 22,956 19,300 19,548 19,475 20,038 19,997 20,522 3,230 3,291 2,990 2,686 2,460 2,434 221,588 219,568 221,703 224,879 226,118 229,676 232,546 26,373 24,700 27,114 28,892 28,279 29,499 30,313 24,245 24,962 22,688 22,231 22,474 22,805 23,098 21 , 6 8 7 21,952 20,160 19,990 20,140 20,439 20,716 2,559 3,010 2,528 2,241 2,334 2,366 2,382 233,929 231,529 31,267 29,549 22,466 23,644 20,283 21,095 2,183 2,549 .>v> 233,392 233,326 30,196 29,808 23,323 23,792 20,985 21,334 2,338 2,458 250 total nonborrowed required 1985—-JULY AUG. SEPT. OCT. NOV. DEC. 42,803 42,963 44,447 45,469 46,382 48,142 41,696 41,890 43,158 44,282 44,641 46,824 41,948 42,135 43,782 44,716 45,454 47,085 212,269 213,156 214,501 216,192 218,962 223,534 1986—JAN. FEB. MAR. APR. MAY JUNE JULY P 48,060 46,652 47,274 48,882 48,419 49,938 51,029 47,289 45,768 46,513 47,989 47,543 49,135* 50,288 46,949 45,555 46,378 48,081 47,581 49,007 50,119 <: : «s.t : /it si s ,:|: :: !:« : 'h : t : » : : s : J J : : ' : TWO WEEKS ENDING 1986—-JULY AUG. i 16 30 51,550 50,644 50,792 49,942 50,871 49,528 13 P 27 PE 51 , 1 8 1 51,142 50,423 50,232 50,600 50,351 P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT 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 10 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, ,!, -i i -6 «i 1* 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 ^1 nonborrowed i 1 Monetary base required 1985---JULY AUG. SEPT . OCT. NOV. DEC. 42,896 43,069 43,676 44,207 45,082 46,839 41,789 41,996 42,388 43,020 43,341 45,520 42,040 42,241 43,011 43,454 44,154 45,781 210,555 211,514 212,157 213,357 216,038 220,362 1986--JAN. FEB. MAR. APR. MAY JUNE JULY P 47,113 45,684 46,338 47,936 47,712 49,198 50,319 46,342 44,800 45,578 47,044 46,836 48,395 49,579 46,002 44,587 45,442 47,135 46,874 48,267 49,409 218,741 216,784 218,985 222,134 223,608 227,037 230,020 ! TWO WEEKS ENDING 1986 P PE 1/ JULY 16 30 50,845 49,938 50,087 49,236 50,166 48,821 231,469 228,963 AUG. 13 P 27 PE 50,507 50,491 49,748 49,581 49,925 49,701 230,891 230,707 PRELIMINARY P R E I... IMIN A R Y ESTIMATE. FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS, OF THE MONETARY CONTROL ACT