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FEDERAL RESERVE statistical release at 4:30 Eastern Tlnle For - OECtftBER 22, 1988 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reeerve raqulrements' Averages of dally figures, eeaaonally adjusted unless noted otherwise Millions of dollars totat• Date Reserves of depository Institutions nonborrowed nonborrowed plus required extended credit' excess NSA4 Monetary baee1 Borrowings of depository Institutions from the Federal R-rve. NSA total eeaaonal extended credit 1987--lfOl. 1987--DEC. 59,053 58,722 58,428 57,944 58,822 58,428 58,129 57,693 923 1,029 256,938 257,928 625 777 126 1988--JU. PEB. 59,458 59,573 59,760 60,374 1>0,365 60,&37 61,238 61,090 60,995 60,956 61,070 58,376 59,177 58,009 57,380 57,787 57,555 57,798 57,8119 58,156 58,657 58,209 58,7118 59,382 59,487 60,001f 59,894 60,108 60,33& 60,502 60,215 60,438 60,532 58,163 58,1140 58,832 59,515 59,325 59,750 60,231 60,137 60,0211 59,894 59,950 1,295 1,133 929 859 1,040 888 1,007 953 972 1,062 1, 120 260,721 262,019 263,315 265,809 266,924 268,309 270,626 271,200 272,4146 273,7J1 274,487 1,082 39o 1, 752 2,993 2,578 3,083 3,4110 3,241 2,839 2,299 2,861 59 75 119 146 2146 311 2 16 30 p 60,870 61,508 60,661 58,511 58, :.!15 58,099 &0,1148 61,113 59,962 60,' 2S i9,74 2 sg.go5 1,128 1,603 636 2711,076 274,669 274,364 14 PB 61,199 59,185 60,714 60,216 983 275,753 nu. APR. liAr JUBB JOLt lUG. SEPT. OCT. IIOl. p 93 394 483 1123 421 332 186 372 205 1,478 2,624 2,107 2,5514 2,538 2,653 2,059 1, 781 2,322 J,2.H 2,562 285 180 178 '. 931 2,838 1,863 2,014 131 1,529 31b TIIO VBBltS EIIDIIIG ---------1988-JOl. DBC. ---~ - . I 2,353 ---·· P---PRBLIBIHABI PE--PRBLIIIIIAB! BSTIIIATE 1/ RESERVES liD !OIETII! BISB FIGURES IICORPORlTB IDJUSTKBMTS POl DISCOiTIHOITIES ASSOCIATED liTH TUB IKPLE!EITITIOI OF THE IIOifETIRY COifTROL ACT liD OTHER REGULATOR! CHIIGES TO IBSBIYE BEQOIRE!BRTS. TO ADJUST FOR DISCOITIIUITIBS DOE TO CHIIGBS II BESEIYB REQOIREIIBBTS OJ RBSERYIBL! IOIDEPOSIT LIABILITIES, THE SON OP SUCH REQUIRED BESBBVBS ARB SUBTRACTED FBON THE lCTOAL SERIES. SIRILIBL!, II IDJUSTIJG FOB DISCONTIIUITIES Ilf THE ROJETIR! BASE, BEQOIBED CLEARING BlL.lJCES AND ADJUST!ENTS TO COIIPEMSlTB FOB FLOAT ALSO ARB SUBTRACTED FROB THE ACTUAL SERIES. 2/ TOTAL RBSBBYES JOT ADJUSTED FOR DISCOITINOITIBS COISISTS OP RBSEBYE BALANCES liTH FED~RAL RBSBBYB BIJltS (WHICH BXCLODE REQUIRED CLEARING BALANCES lMD ADJUSTRENTS TO CONPENSlTB POR FLOAT) PLUS YIULT CASH USED TO SlTISF! BBSE~YB REQUIRBIIBNTS. SOCH VAULT CASH COISISTS OF ALL fAULT CASH HELD DORING THE LAGGHD CO"PUTATtON P~RTOD BT IISTITUTIOIS BAYING REQUIRED BESBBYB BALANCES lT FEDERAL RESERVE BANKS PLUS THE AROUNT OF YAULT CASU EQUAL TO REQUIRED RESERJES DURING THE 1AINTENAMCE PERIOD AT INSTITUTIONS HAJING BO REQUIRED RESERVE BALAICES. l/ ElTEifDED CREDIT COISISTS OP BORROWING AT THE DISCOUNT WINDOW UNDER THE TERIIS liiD CONDITIONS ESTABLISHED POR THE EXTENDED CREDIT PROGR.lll TO HELP DEPOSITORY INSTITUTIOIIS DEAL liTH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS JOT THE SANE lfBED TO HEPAr SUCH BORROIIIRG PBORPTLY AS THERE IS 111'11 TRADITIONAL SHORT-T&RN ADJOSTIIEJT CREDIT, THE I'IOIIEJ IIAU'!!T INPlCT OF EXTEifDBD CREDIT IS SINILAR TO THAT OF NOBBORROWED RESERVES. Ql RESERVE BALAifCES IIITH FEDERAL RESERVE UAHKS P~US VAO~T CASH USED TO SATISFY RESERYE REQUIRBftBMTS LESS REQUIRED RESERYBS. 5/ THE ftONEilRY BASE HOI ADJUSTED FOR DISCOHTINULTIES CONSISTS OF TOTAL RESERYES PLOS REQUIRED CLEARIIG dALliCBS llfD ADJUSTftEifTS TO COKPEISATE FOR FLOAT AT FEDERAL RESERJE BANKS PLUS THE CURRENCI COftPONENT OF THE liONEl STOCK PLUS, POR INSTITUTIONS NOT HAYING IIEQUIBED RESEIIVB BALANCES, THE EXCESS OF CURRENT VAULT CASH OYER THE AftOUifT APPLIED TO SATlSPI CURRENT RESERYE REQUIBEKENTS. APTER THE INTRODUCTION OF CCR, CURRENCY AND VAULT CASH FIGURES ARE REASOR~D OVER THE KONOAY-ENDIIfG COKPOTA1'I01f PERIOD. THE SEASONALLY ADJUSTED IIONETARI BASE CONSISTS OP SEASOifALLY ADJUSTED TOTAL !IBSEIIYE (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED uA~lS) PLUS EHE SEASONALLY AOJUSTEn CURFEifCY CO"PONENT OF THE liONEl STOCK PLUS THE RENAINING lTEKS SEASONALLY ADJUSTED AS A WHOLE. NOTE: IIISTOIIICAL DATA ARE AVAiLABLE fROII THE I!OIU::l AIID l<ESEllVES PROJECTIONS SECTION• OIYISIOM 01' ftONETAII.I' ArPAIRS, BOARD OF GOVERNORS UP THE FEDERAL RES~hVE SYSTEII, WASHINGTON, U.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No I adjusted for changes in reserve requirements· Averages of daiiy ligures, not seasonally adjusted Millions of dollars Monetary base~ Date Reserve balances. with F.R. Banks" total non borrowed required 1987--JOf. 1987--DBC. 61,205 62,123 60,580 61,346 60,282 6\,0911 261,6H 266,161 37,453 37,673 25,431 26,155 23,152 211,449 1,679 1, 706 1988--Jll. FBB. 62,640 60,047 60,076 62,064 60,681 61,991 62,756 61,965 62,153 61,915 62,422 61,558 59,650 58,324 59,071 58,103 58,908 59,J16 58,724 59,314 59,616 59,561 61,345 58,9111 59,147 61,205 59,641 61,103 61,71f9 61,01.l 61,181 60,853 61,302 265,789 2b2,598 263,979 268,127 268,899 272,654 275,591 275,033 2H,874 275,715 278,667 37,485 34,211 36,027 38,429 36,509 31,901 37,992 36,911 37,213 36,421 37,018 26,919 28,119 25,926 25,200 25,873 25,717 26,479 26,895 26,726 27,196 26,746 25,155 25,836 24,049 23,636 21f,172 211,081f 24,763 25,054 24,91f0 25,494 25,401f 1,764 2,283 1,877 1,564 1,700 1,632 1,715 1,81f 1 1,786 1,702 1,342 2 16 30 p 61,387 63,165 61,828 59,035 59,932 59,266 60,260 61,562 61,192 274,818 279,320 278,565 36,078 38,143 36,028 26,825 26,221 27,259 25,309 25,022 25,800 1,516 1,200 1,1t60 308 14 PB 63,495 61,481 62,51.2 281,751 38,368 26,316 25,127 1,189 15 ua. APR. ItA I JUliE JULI AUG. SEPT. OCT. JOY. p surplu.- total 1'10 IBBitS BIIDIIG --------1988--IOf. DBC. P---PRELIIIIIARI PE--PRELIBIIABI BSTIIIATB. 1/ REPLBCTS ACTUAL RBSERfB BBQUIRBBEifS, IBCLODIIG THOSB 01 JOIIDBPOSIT LilBILITIES, liTH 10 ADJGSfiiiiTS TO BLI!IIATB THE BPPECTS OP OISCOITIJUITIBS ASSOCIATED liTH 18PLEIIBJTA1'1011 OP THE IIOIBTABI COITBOL ACT 08 OTBBB BEGULATOBI CHARGES TO RESERYE REQOIREBBITS. 2/ COJSISTS OP TOTAL BESEBfBS PLUS BEQOIBED CLIABIIG BlLAICBS liD ADJOSTBERTS 1'~ COBPEIS11'1 POl PtOlT 11' PBDIIlL IISEBYE BAlKS PLUS TBB CUBRBIC! COIIPOIIEIT OP TBI 110111 StOCK LESS THE &BOUlt OP fAULT CASB HOLDIIGS OP THBLPT IJSTITUTIOIS 1'811' IS IICLUDED Ill THE COBRBICt CO!POIEIT OP THE IIOIIEY STOCK P£0S, POB IISTITUTIONS JOT BAVIJG REUUIRID RBSBBYI BALAJCBS, TBI EXCESS OF CURRENT fAO£T CASH OYER THE AIIOUIT APPLIED TO SATISFY CURSBIT RESEBYE BEQOIREBBITS. APTER TBB IITRODOCTIOI OP CRR, CURRIICI lND fAULT CASH FIGURES ABE NElSUBED OYER THE NOIDlt-EIDING COIPUTATIOJ PERIOD. 3/ EXCLUDES REQUIRED CLBARIIG BlLliCES liD ADJUStftEITS TO COIIPBJSATE FOR FLOAT. -/ DATES RIPER TO THE IIAIITBiliCE PERIODS IN WHICH TnE flULT ClSH CAl Bl USBD 1'0 SATISFY RBSIRYI RIQUIBBIBITS. UJDBR CONTEIIPORANEOUS RESERfE RBQUIREftENTS, ftAINTBIAICE PERIODS !liD 30 DAIS APTER 1'8E LAGGED COIPOTATIOI PERIODS IN WHICH THE BALANCES ARB HELD. 5/ EQUAL TO lLL VAULT CASH HELD DORING THE LAGGED CONPUTATIOI PBRIOD Bl IIISTITUTIOIS BAfiiG BEUUIRID RESBRYB B1LliCBS AT FEDERAL RESERVE BAllS PLUS THE ABOONT OP YAOLT CASH EQUAL TO RBQUIRID BBSERYES DORING THE NAIIITBNANCI PIRIOD 11' INSTITUTIONS HAfiiiG NO RBUUIRED RISERYE BALliCBS. . 6/ TOTAL VAULT CASH AT IHSTITUTIOIS HAfiHG NO REQUIRED RISIBYB BlLAICBS LISS THE AIIOUIT OP fAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE IIAIITENAICE PERIOD. 7/ COIISISTS OF CARRYOVER ONLY AT DEPOSITORY IJSTITUTIOIS ftAIITAINIIG RBSERfES 01 THE BASIS OF TWO-WEEK ftliiiTIIAJCE PERIODS. REFLECTS EXCESS (+) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED PORVARD INTO THE 1'16-WEEK RBSBRYB IIAIHTEIAICE PERIOD ENDIIG ON THE DATE SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reMrve requirements• Averages of dally flgurea, not Maaonally adjuated Mllllona of dollar• Date total 59,136 1987--HOY. 1987--0EC. 60,023 61,199 58,663 58,851 60,9117 Reservea of depository institutions nonborrowed Monetary baM required 58,511 59,245 58,213 58,994 257,651 2b.l,053 59,9011 571530 57,922 60,088 58,4111 59,791 60,460 59,638 59,683 59,479 60,050 262,006 259,010 260,771. 265,007 265,732 269,442 lUI 59,45~ JUliE JULY lOG. SEPT. OCT. IIOf. p 60,679 61,1167 60,591 60,654 60,5111 61,110 60,117 58,267 57,099 57,954 56,876 57,596 58,027 57,350 57,815 58,241 58,309 59,981 61,970 60,51f0 57,628 58,737 57,978 58,853 60,367 59,904 ..t71,J99 62,210 60,196 61,228 27ij,35o 1988--JlJI. PEB. 1!18. APR. 212 1 1U1 271,734 271,567 272,442 275,49b TWO WEEKS EHD.IHG -------------1988- HOY. 2 16 JO DBC. p 14 PE 216,211 275,3o1 P--- PkEL IlllN lRY PE--PRELiftlHlRY ESTIMATE. 1/ FIGURES REFLECT ADJOSTI!EHTS POP DISCOHTlBOITI~S ASSOCIATED WITH THE II!PLBI!EITATIDII OP TUB I!DIBTlif COKTRDL ACT AND OTHSR REGULATOR! CHANGES Tu RESERVE RBQUIREI!EHTS.