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FEDERAL RESERVE statistical release t-or Helease at 4:30 Eastern Time H.J (502) Table 1 UhClillBhH 1, 19du AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Ra$erve& total Date 1987--IIOT. DEC. 1988--JAII. PBB. lUI!. API!. IUY JUI!l JOLY lOG. SEPT. OCT. IIOY. PE nonborro- of depository Institutions required ~plus -..ilita ..,.. exceoo Moneta.y base5 59,053 58,722 58,1128 57,944 58,822 58,428 58,129 57,693 923 1,029 256,938 257,928 59,458 59,573 59,760 1>0,374 1>0,365 1>0,637 1>1,238 61,090 60,995 60,956 61,074 58,376 59,177 58,009 57,380 57,787 57,555 57,798 57,849 58,156 58,657 58,213 sa. 7118 59,38l 59,1187 60,004 59,894 60,108 60,336 60,502 60,215 60,418 60,535 58,163 58,440 58,832 59,515 59,325 59,750 60,231 60,137 60,0211 59,8911 59,960 1,295 1,133 929 85!1 1,040 888 1,007 953 972 1,062 1,114 1>0,901 61,0119 58,41>3 58,8115 1>0,167 60,526 59,7!>3 60.q74 St,74~ Borrowings of depository inatltutlons from the Federal Reserve, NSA .... __. exl8ndod oredit' 625 777 126 93 3!14 483 260,721 262,019 263,315 265,809 266,94!4 268,309 270,626 271,200 272,441> 273,731 2711,689 1,082 396 1,752 2,!193 2,578 j,083 3,1140 3,241 2,839 2,299 2,8C.1 59 75 119 146 246 311 423 421 332 185 372 205 1,478 2,624 2,107 2,5511 2,538 2,653 2,059 1,781 2,322 1,148 975 273,183 273,631 2,438 2,21111 331 1, 704 1,681 1,128 1,670 555 2711,076 2711,713 274,753 2,353 3,233 2,562 285 180 176 1,931 2,838 1,863 316 TIIO IIEEKS EIIDIIIG --------19U8-0CT. 5 19 ·~ NOV. ---- 2 1b p 30 PE bO,U70 b1,538 1>0,638 58,511 58,305 58,076 1>0,4118 1>1,1113 59,939 ~9.868 60,083 1133 -· P---PRELlllliiAlll PB--PiEJ.lllBlll IS1'lllTB 1/ Ji:ESE.BVES liiD IIOIIEUlif BASI! fiGURBS IICOIIPOUTB lDJOS1'1BirS POl DISCOiriiOiriBS lSSOCilTBD III1'B 1'1B IIPLBIBITlriOI OP r111 IIOBETAI!Y COITI!OL ACT AID OTHER &BGULl1'01!t CHAIGBS 1'0 BBSBBJB BBQOI&BIIIIS. 10 ADJUSt lOB DISCOIIIIOIIIBS DOB 10 CHAIGES II &BSEIIY~ tiEQOII!BftEITS 01 BESBBYlBLB IOIDBPOSII LIABILITIES, 1'HB SOB OP SOCK HBQDIBBD IBSBMYES ABB SOB!I!&C~BD·PBOI IHB lCTOlL SERIES. SI!ILli!Lt, II AUJOS~IIG POB DISCOITIIOITIBS II IHB BOIBrllt BASI, I!BQUII!BD CLIAI!IIG BlLAICIS liD lDJUS~IBI1'S !0 COIPIMSATB POl! PLOAT ALSO ARE SOBTI!ACTBD li!OI THB lCTOlL SIBIBS. 2/ TOTAL RESERVES lOT ADJOS~BD POB DISCOITIHOIIIIS COISIS~S or BBSIBYB BlLliCBS II~H PBDBI!lL I!BSBBVB B&IIS (IHICB BICLUDB RBQUiti~D CLEAHING BALAICES AND ADJOSTBENTS TO C08PBHSA1'E POR rLOl~) PLUS VAULT ClS& US!D TO SlTISPI aBSEI!YI aBQUIBIIIBITS. SUCH VAULT CASH CONSISTS OP ALL VAUL~ CASH HELD DURIIG THE LAGGED COBPUTlTIOI PERIOD BY INSTltUTIOHS HAVING REQUIRED BBSEBYE BALA~C~S AT PBDERAL RESEIIVE BANKS ~LOS THE AIIOUNT OP YlOLT CASH EQUAL TO REQOIBED RBSEPYAS DURING THE BliNTENANCE PERIOD AT INSTITOTIONS HAYING NO REQOII!ED aESERVE BlLAHCES. 3/ EXTENDED CREDIT CONSISTS OP BORROWING AT THE DISCOUNT WIHDOW OIIDER THE TER!S AND COHDITIONS ESTABLISHED POll THE BITBRDID CREDIT PROGRAM TO HEL~ DEPOSITORY INSTI~OTIONS DEAL WITH SOSTliiED LIQOIDITI PBESSOI!ES. BECAUSE THBI!E IS 1101' THE SAlE HEED TO REPAY SOCH BORROWING ~RO!PTLJ AS THERE IS WITH TRADITIONAL SHOI!T-1'ERB ADJOS!ftENT CBEDI~, THE KOBEl !ARKBT IIIPACT OP EITIBDED CI!Elllt IS SlftiLAR TO THAT OP NONBORROW<.D RESEiiYilS. ij/ RESilBY~ dALANCES WITH FRDENAL R~SERYE bANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUiuEII~NTS LESS REQUIRED RESERVES. 5/ THE !OMETARI dASil NOT ADJUSTED FOR DlSCONTIBDlllES CONSISTS OP TOTAL tiESEI!VES PLUS I!EQUl~llD CLEARING BlLlHCBS liD lDJOSTIBB1'S TO COMPENSATE POR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CUBREICI COMPONEBT OF TUB !OBEY STOCK ~~US, POW INS!ITOTIONS lOT HAVING I!EQUIR~D RESBRV~ BALANCES, THE EXCESS OP CUBREHT VlOLT CASH OYER THE A!OUHT APPLIED TO SATISPt CURRENT RESERVE REQUihl:;IIEIITS. H"I:t:n TH~ INTRODUCliOM OF CCII, CUBBENCI AND VAULT CASH FIGURES ARE IIElSUiilSD OVER 1'HE IOIDAI-EMDING COilPUXA:rlOII PilliiOD. 1'HE SEASONALLI ADJUSTilD llalfETAU BASE COifSISTS OP SEASOI!ALL! lDJUSUD TOTAL RESI!llYB (WHICH UCLODBS EXCESS BESERVBS ON A NOT SEASONALLY ADJUSTED bASIS) PLOS THE SEASOIALLY ADJUSTED CURRENCY COIIPONEIT OF !HE BONEt S~OCK PLUS 'flit; REI!AlNING ITJ::ftS S£ASONALLI ADJUSTED AS A WHOLE. NOTil: HIS~OKICAL DATA AKB AVAiLABLE FNOII THE "ONU .UD RESERVES ~BOJEC!IONS SECTION, DIYISIOII OP IIOB.O:TAI!I AFPAII!S, BOARD OP GDYt:RNORS UF THE fEDERAL nESERVE SYSTEII, WASHINGTON, D.C. 20~51 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adJliSted tor changes in reserve requirements Averages of daily hgures, not seasonally adjusted Millions of dollars Monetary base 2 Date total 1987--IIOY. DEC. 1988--J All. i'l!B. Ill B. Al'B. Ill! JUBE JULI lUG. SEPT. ocr. llOV. PE non borrowed Reserve balances with F.R. Banks· 3 required t.1,205 1>2, 123 60,580 1>1,346 b0,2t12 o1,09'1 2b1,6711 261>, 161 37,1153 37,673 25,11.:11 26,155 2J,752 211,11'19 1,679 1, 706 b2,6110 60,0117 b0,076 b2,0641 b0,681 o1,991 &2, 756 61,965 62,153 1>1,915 62,4117 61,558 59,650 58,3211 59,071 58,103 bl,3115 58,9141 59,147 b1,205 59,641 61,103 61,7'19 &1,012 61,181 60,853 o1 ,30J 2b5,789 262,598 263,979 2&8,127 268,899 272,65'1 275,591 275,033 2711,8711 275,775 278,872 37,1185 341,211 36,027 38,429 36,509 37,907 37,992 36,911 37,213 36,oi21 31,001 26,919 28,1111 25,92b 25,200 25,873 25,717 26,1179 26,8115 26, 721> 27,196 26,7411> 25,155 .:5,831> 2'1,0419 2J, 636 2'1,172 2'1,084 2<1, 71>3 25,05'1 24,9110 25,1191& 25,4110 1, 7611 2,283 1,877 1,564 1, 700 1,632 1, 715 1, 841 1, 786 1, 702 1,336 58,~08 59,316 58,721t 59,314 59,616 59,556 tWO WEEKS EIIDliiG -------1988--0CT. IIOV. 5 19 61,590 62,11811 59,152 oo.~8o 6il,<ili<! 61,509 273,1>75 277,3417 36,527 36,678 26,9211 27,612 25,063 25,806 1, 861 1,806 133 2 16 p 30 PE b1,387 b3,188 61,792 59,035 59,955 59,HO 60,2&0 b1,518 61,2l8 2711,818 279,356 278,968 36,078 38,166 35,980 26,825 26,221 27,259 25,309 25,023 25,812 1, 516 1,199 1,11'17 82 221 316 P---l'RELIIIliiAill ESTIMATE. REFLECTS aCTUAL BESEBVE kEUUlllEftEHTS, lHCLUDIMG THOSE 01 IOIDIPOSIT LilBILitiES, WITH 10 lUJUSTKEITS TO ILlftiiATE THE EYYIClS or DISCOHUIIUITIIS ASSOCIATED IIITH IaPLIIII!'lTIO> OP THE IIOIErAU COMTROL ACT 011 OTBEii liiGUL&TOHI CHANGES TO RESIIiYE REUUIBEftE>TS. 21 CONSISTS OF TOTAL RESERVES PLUS RIUUIBED CLElliiiG BALAICES liD lDJUSTIEITS tO CONP!HSATE POR fLOAT AT FEDERAL RBSIBVE bANKS PLUS THE CORRENCI COIIPOIE>T or THE IIO>Ef StOCK LESS THE liOUIT OP VAULT CASH HOLDINGS Of THBIFT IISTITOTIOHS THAT IS IHCLUDBD II THE CURRENCY COIIPOHB>T OF THE IIOIEI STOCK PLUS, FOR liSi'ITUTIOHS HOT RAYING RIUUIRBD RESERVE BALAICIS, tHE ~XCBSS OF COBRE>T VAULT CASH OVER THE AftOUIIt l~~LIED TO SlTISPY CURREIT RESERVE REQUIBBftEHTS. APTIH THE INTIODUCTIO> OP CRR, CUBBEHCI AND VAULT CASH FIGURES ABE IIElSUBED OVEB THE ftOIDll-EIDIIG COftPUTlTIOH PEBIOD. 1/ EXCLUDES REQUIBED CLEABIHG BlLl>CES AND &DJUSTftEHTS TO COftPBISlTB FOB FLOAT. ~I DATES BEYER TO THE IIAIH~BHlHCB PERIODS IR WHICH THE VAULT CASH ClH BE USED TO SATISFY BESBRfB BBQUIHEftEHTS. OlDER CONTEftPORANBOUS RESEBVE BEQUIBEBEITS, llliRTENANCB P~BlODS EHD 30 DAIS lPTBB THE LAGGED COBPUTATIOI PERIODS 111 WHICH THE BALANCES AUE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURIRG TH~ LAGGED COftPUTlTIOI PERIOD B! I>STITDTIONS HAYIIG BEUUIREU BBSBBYB BlLliCBS lT FEDERAL BESEBVE BlHK~ PLUS THE A!OOIT OP JADLT CASH EQUAL TO REQUIRED RESBBVBS DURIJG THE IIAI>TENANCB PEHIOD AT lNSTIXUTlO!IS HAVING >O liBUUlBED RBSEBVB BALUCES. 6/ TOTAL VAULT CASH AT IISTITDTIOIS BlJIMG 10 BE~UlH~D RBSEHVB BALAWCES LESS TBE &ftOUNT OP VlDLT CASH ~QUAL TO THBIIi RBQUIBED BESBBVES OURING THE 41INT!IAICB PERIOD. 71 COISISTS OF CARRYOVEB OILJ lT DBPOSITOBl IISTlTUTIOIS ftAINTliiiNG BBSEIYES 01 THE BASIS OP TIO-WEEK ftliHTBW&>CB PBBIODS. RBFLEC!S EXCESS (+) 08 DEFICIT (-) BBSEBJBS ELIGIBLE TO BE CABBIE& POBIABD I>TO THE TWo-iEEE BESERYE IIAIITEUICE PEBIOD EHDlRG 01 THE DATE SHOll. P~--P&ELlHI>ABY 1/ K.3 (181) Table 3 c..,... o:l.tlatllEGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY lASE A•••••• ter In ,...,.,. requirementa1 A....- of dally flgwes, not Meaonatly adjuated ~of clollara AeHrvea of diliOiftory Date total ~ noMorrowef Monetaty bue Nqttlred 1987--ROY. DEC. 59-136 60,023 58-511 59,2465 58,213 58,994 257,651 4!62,053 1988--JAI. FEB. 61,199 58,663 58,851 60,947 59,454 60,679 61,467 60,591 60,654 60,541 61,173 60,117 58-267 57,099 57,954 56,876 57,596 58,027 57,350 57-815 58,241 58-312 59,904 57,530 57,922 60,088 58,414 59,791 60,460 59,638 59,683 59,479 60,060 262,006 259,010 260,172 2b5,007 265,732 269,442 272,411 271,7Jil 271,567 272,442 275,698 19 60,041 61,199 57,603 58,995 58,893 60,224 270,289 274,105 2 16 p JO PE 59,981 62,000 60,517 57,628 58-761 57,955 58,853 60,330 59,962 271,39~ ft u. APR. ftli JUIB JULY AUG. SEPT. OCT. ROY. PE 'riO WEEKS BIDING -------------1988--0CT. 5 NOY. P---P&BLiftiiARY PB--P&BLIMIIABY ESTiftATE. 1/ PIGU&BS REFLECT ADJDSTMEITS FOB DISCOHTINDITl~S ASSOCIATED WITH THE AID OTHER REGULATORY CHANGES TO RESERVE BEQUikEftEITS. IftPLE~ENTATION 276,260 275,7:;1 OF THE IOMITARI COHTROL ACT