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FEDERAL RESERVE statistical release HJCNQ ToMot »«t4:K>E-t_*nTlm» AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE DECEMBER 19, 1985 M ^ ^ W | ^ B v i w QBfVy n J M _ W ^ ^^WB^B^i_wy _N^p^_^^H lV^RNoW l__^^HB ^H^OTvM^V HHHDHIOHPIHI, [ 1984—NOV. DEC. 38,466 39,081 Wooowoo of dopoottoiy imtHuttooi nofiboffowsd ptuo wtjyiwd ^ > I oxtondod cwwMt* 33,849 f 37.686 37,773 35,895 | 38,499 38,229 1985--JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. P 39,635 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,651 44,369 38,240 39,143 38,878 39,387 39,989 -.u,972 41,500 42,121 42,218 42,464 42,629 6 20 43,831 44,125 42,756 42,947 4 P 18 PE 45,034 44,732 42,107 43,891 Out 155F— iWtoW 39,290 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,874 43,093 43,159 \ _____ 4 MtA 693 853 j I I 1 »"»»-* •offowMQf of _opooHofy Inottt-tlofio mini PW n p w i i m u m , w_w l^_M___i_f___f_4t______#S^ I oo-oonoi total 197,672 199,032 _ _ 38.890 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,898 43,443 745 903 766 738 804 905 855 827 666 753 927 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,154 212,384 213,456 215,249 43,028 43,231 802 893 214,370 214,950 43,986 43,935 1,048 797 216,194 217,123 — 113 3,837 2,604 1 ,395 1 ,289 1,593 1,323 1 ,334 1,205 1,107 1 ,073 1 ,289 1,187 1 ,741 62 71 88 135 165 151 167 221 203 172 107 1,050 803 1,059 868 534 665 507 570 656 629 530 1 ,075 1 , 1 78 151 104 3,186 | TUO WEEKS ENDING 1985-NOV. DEC. j 43,354 43,468 42,609 44,415 I | 2,928 841 84 53 i 598 522 503 524 P — -PRELIMINARY P E — P R E L I M I N A R Y ESTIMATE 1/ 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 10 COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH 2?tP,JNS£ ? F T H R I F T 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 SEASONALLf ADJUSTED TOThL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE 5 E O N A L L Y ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. i M r r ^ I ^ H I i l o f < I C A L DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION Of RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 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 "' *' Reserves of depository institutions Monetary oate2! Date total nonborrowed Reserve balances, with F.R. Banks!* required • total Vault cash4 used to satisfy required reserves'1 Net carryover of excess or deficit in reserve balances' surplus* ? IHPNt iiflliSSSl 1 9 8 4 - NOV. DEC. 39,235 40,696 34,618 37,509 38,542 39,843 198,771 202,586 20,843 21,738 21,827 22,316 18,392 18,958 3,434 3,358 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. P 41,125 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,469 46,374 39,730 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,634 40,380 39,370 39,728 40,914 40,247 41,447 41,948 42,135 43,782 44,716 45,4*48 201,353 199,937 201,287 203,814 204,944 208,386 210,654 211,600 213,038 214,690 217,394 21,577 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 26,376 23,044 23,927 21,863 21,567 21,898 22,180 22,530 22,839 22,465 22 724 22^457 19,547 19,857 18,429 18,435 18,666 18,985 19,300 19,548 19,475 20,038 19,998 3,497 4,070 3,434 3,132 3,231 3,196 3 , 230 3,291 2,990 2,686 2,459 lilllilllllli ppijjiijpp;P|!pPilij!| lljiiiiiffilll | |lli||j||ll|l[ i!iiiiyipl|:ilii}}inyilp |:tt|||:i|||iij£||t|tj||^t||tji:siH||t| TWO WEEKS ENDING 1985—NOV. DEC. p PE 1/ 2/ 3/ 4/ 5/ 6/ 7/ 6 20 45,310 46,359 44,235 45,181 44,508 45,466 214,493 217,748 25,643 26,242 22,151 22,528 19,667 20,117 2,484 2,412 112 99 4 P 18 PE 47,034 47,724 44,107 46,883 45,987 46,927 218,639 221,773 27,002 27,564 22,543 22,464 20,032 20,160 2,511 2,304 128 76 PRELIMINARY PRELIMINARY ESTIMATE. 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. 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. EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 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. EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY. INSTITUTIONS HAVING REQUIRED RESERVF 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. TOTAL VAULT CASH rtT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE. BASIS OF TWOWEEK MAINTENANCE PERIODS. REFLECTS EXCESS (+) OR DEFICIT ( ) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVF MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. H.3<502) TaM*3 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adfrifd for chawQti in PNWV* requJfwiMntt' KM 1984--N0V. ttrtrt FW—cv— of dfwltory tntltuHont HOftSOffOWEJ , ! MoittUtfy teM ftqutotd 38,687 40,129 34,070 36,943 37,994 39,277 198,224 202,020 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 44,617 39,308 38,5.89 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 42,876 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,994 43,690 200,931 199,542 200,859 203,417 204,535 207,992 210,260 211,233 211,811 212,967 215,637 6 20 43,604 44,609 42,529 43,431 42,802 43,716 212,787 215,998 4 P 18 PE 45,236 45,990 42,308 45,149 44,188 45,193 216,840 220,039 D£C 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. P TWO WEEKS ENDING 1985—NOV. DEC. 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.
@FedFRASER