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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars A ug uste, 1998 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 - June 46871 4 6 504 4 6 5 04 45591 1280 461746 367 243 0 J u ly A u g. Sap. 46 7 17 46 9 39 4 6 2 40 4 6 308 4 6 3 41 45 8 02 4 6 308 46341 45 8 02 4 5 516 4 5 6 86 44944 1201 1253 1295 4 6 4 42 7 466711 469406 409 598 438 330 385 368 0 0 0 O c t. Nov. D ec. 4 5 9 58 4 6 3 10 4 6 6 69 45 6 88 46157 46345 4 5 688 46157 4 6 345 4 4 562 44693 44986 1396 1617 1683 4 7 1 98 3 4 7 6 18 7 4 8 0 15 2 270 153 324 227 115 79 0 0 0 1998-Jan. Feb. Mar. 46501 45722 4 6 0 47 4 6 292 4 5 664 46 0 06 46 2 92 4 5 664 46 0 06 44721 44 1 98 44731 1780 1524 1316 482838 484226 485862 210 58 41 18 12 22 0 0 0 Apr. May J un e 4 5 9 59 45591 45391 4 5 887 4 5 4 38 4 5 1 40 45 8 87 45 4 38 4 5 1 40 4 4 614 44441 43771 1345 1150 1620 487203 489102 491634 72 153 251 41 94 159 0 0 4 5 9 08 4 5 1 79 45 7 30 44 9 43 4 5 7 30 44 9 43 44 6 38 43 6 49 1270 1530 490692 491287 178 236 123 14 5 0 0 45501 44990 44 5 84 4 5 2 16 4 4 7 92 4 4 2 70 4 5 2 16 4 4 7 92 44 2 70 4 3 7 04 4 3 6 68 4 3 1 75 1797 1323 1410 492224 492868 494280 285 198 314 184 196 233 0 0 0 J u ly 3. 4. 5. 6. p pe " nonborrowed3 .fad in g 1998-Jun e 3 17 1. 2. Monetary base6 total2 1 15 29p total seasonal extended credit4 0 Reserves and monetary base figures incorporate adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. (For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 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 simitar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the “Report of Transaction Accounts, Other Deposits and Vault Cash” and for all those weekly reporters whose vault cash exceeds tneir required reserves, the seasonerily adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 1997-Juna 46610 4 6 243 4 5 3 30 468778 J u ly A u g. Sap. 46380 4 6 6 45 46056 45971 46047 45 6 18 45 1 79 45 3 92 44761 O ct. Nov. Doc • 45621 46451 47 8 80 45351 46 2 98 47 5 55 1 9 9 8 -Jan. Fob. Mar. 4 7 4 95 4 4 9 74 4 5 5 09 Apr. May Juno Two wooko e n d i n g 1 9 9 8 - Juno 3 17 J u ly 1. 2. 3. 4. 5. 6. 7. 8. p pe 1 15 2 9p Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 1 0 2 91 4 2 5 47 3 6 3 19 6228 472582 4 7 4 00 5 475316 9 851 10489 9742 4 3 3 13 42 5 87 4 3 2 64 3 6 5 29 3 6 1 56 3 6 314 6784 6 432 69 5 0 4 4 2 25 4 4 8 34 4 6 196 4 7 7 27 9 483495 491919 9990 10559 10673 42211 42851 4 4 7 07 35631 35 8 92 3 7 206 65 8 1 6959 7500 4 7 2 85 4 4 9 16 4 5 4 68 4 5 7 14 4 3 4 50 4 4 1 93 491608 488411 490964 9733 9394 1 0 140 47336 4 3 1 67 41598 3 7 7 62 3 5 5 80 3 5 3 70 9574 75 8 7 6228 4 6 4 75 4 4 8 05 45095 4 6 4 03 44652 44 8 44 45131 43 6 55 4 3 4 75 494109 494953 497929 11053 9646 9668 41214 41481 42634 3 5 4 23 35 1 59 3 5 427 5 791 6322 72 0 7 4 4 8 67 45206 4 4 6 89 4 4 9 70 43 5 97 4 3 6 76 496048 498146 9898 9340 41276 43591 3 4 9 69 35 8 67 6306 77 2 4 145 9 4 5 0 29 4 5 3 25 4 3 7 64 44 7 44 45 1 27 4 3 4 50 43232 4 4 0 02 4 2 3 54 498130 5 0 3 14 9 5 0 1 24 3 9969 1 0 225 8991 41918 42100 41984 35060 3 5 1 00 34773 6858 7000 72 1 0 187 296 207 surplus7 Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing Dalances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which, the vault cash can be used to satisfy reserve requirements. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by monbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 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. preliminary preliminary estimate 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 Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 1 9 9 7 - J une 4 6 660 46293 45380 461636 J u ly Aug. Sap. 46437 4 6 709 46127 46028 4 6 1 11 45689 45 2 36 4 5 4 56 4 4 8 32 465348 467004 468370 O ct. Nov. D ac. 4 5 693 46530 4 7 9 71 45424 46377 47647 4 4 2 97 44 9 13 4 6 2 88 470406 476615 485113 1 9 9 8 -Jan. Fab. Mar. 47487 44 9 93 45 5 45 47277 44935 45504 45706 4 3 4 69 44228 484408 481347 484001 Apr. May Juna 46 5 25 44 8 65 45171 4 6 453 4 4 7 12 4 4 920 45181 4 3 7 15 43552 487361 488278 491177 4 4 9 33 4 5 2 80 4 4 755 4 5 044 4 3 6 63 43750 489394 491532 4 5 1 09 4 5 4 14 4 3 8 50 4 4 825 4 5 2 16 43 5 36 43313 44091 42440 491206 496249 494459 Two waaka a n d i n q 1 9 9 8 - Juna 3 17 J u ly 1 15 2 9p Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p pe Figures reflect adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adiusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adiusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the “Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate