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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 December 29, 1997 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 6 -N ov. D ec. 49811 50063 49597 49908 49597 49908 48776 48639 1035 1424 449365 452669 214 155 109 68 0 0 1 9 97 -J a n . Feb. Mar. 49517 49008 48312 49472 48966 48155 49472 48966 48155 48293 47977 47151 1223 1031 1160 454137 456284 457623 45 42 156 19 21 37 0 0 0 Apr. May June 47430 47048 47108 47170 46805 46741 47170 46805 46741 46420 45808 45828 1010 1240 1280 458235 459602 461401 261 243 367 88 173 243 0 0 0 J u ly Aug. Sep. 46885 47414 46666 46476 46816 46229 46476 46816 46229 45683 46161 45371 1201 1253 1295 464212 466456 469353 409 598 438 330 385 368 0 0 0 O ct. Nov. 46454 46868 46184 46715 46184 46715 45058 45248 1396 1620 472022 476487 270 153 227 115 0 0 45418 45177 45177 44217 1201 471245 241 220 0 Two week* ending 1 9 9 7 -O c t . 22 1. 2. 3. 4. 5. 6. p pe Monetary base6 total2 total seasonal extended credit4 Nov. 5 19 47318 46293 47080 46144 47080 46144 45657 44783 1661 1510 474341 475463 238 149 167 112 0 0 D ec. 3 17p 47395 46246 47276 46006 47276 46006 45656 44763 1739 1482 478766 479592 119 240 95 85 0 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 similar 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 their required reserves, the seasonally 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 1996-Nov. Dec. 49756 51243 49542 51088 48721 49819 455902 46349 1 1997-Jan. Feb. Mar. 50642 48043 47543 50597 48001 47387 49419 47012 46383 Apr. May June 47879 45997 46610 47618 45754 46243 July Au g. Sep. 46380 46645 46056 O ct. Nov. Two weeks ending 1 9 9 7 - O c t . 22 1. 2. 3. 4. 5. 6. 7. 8. p pe Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 12895 13395 42745 44426 36862 37848 5883 6578 462712 459638 46221 6 11710 11455 11515 47172 43375 42116 38932 36588 36029 8240 6788 6087 46869 44757 45330 465062 465219 468778 12308 10916 10291 41381 41111 42398 35571 35081 36319 5810 6030 6079 45971 46047 45618 45179 45392 44761 472582 474005 475315 9851 10489 9742 43129 42363 43052 36529 36156 36314 6600 6208 6738 45621 46454 45351 46301 44225 44834 477251 483457 9990 10561 41730 42114 35631 35892 6100 6222 44932 44692 43731 477612 9756 41098 35177 5921 116 surplus7 Nov . 5 19 46168 46051 45930 45902 44507 44540 478510 48295 4 10451 10234 41940 42129 35718 35817 6222 6312 19 69 D ec. 3 17p 47097 46681 46978 46442 45358 45199 486347 488763 11029 9706 42175 44266 36069 36975 6107 7291 78 119 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. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Dates refer to the maintenance periods in which the vault casn can be used to satisfy reserve requirements. Starting with the maintenance period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period. All vault cash held during the lagged compulation 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 "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash held by depository institutions minus the amount applied 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 1996-N ov. D ec. 50006 51522 49792 51368 48971 50098 449201 456721 1997-Jan. Feb. Mar. 50665 48122 47687 50620 48079 47531 49442 47091 46527 4 5 5551 452560 455259 Apr. May June 48089 46259 46931 47828 46016 46564 47079 45019 45651 45816 8 45828 7 46180 5 J u ly Aug. Sep. 46759 47085 46549 46350 46487 46111 45558 45832 45254 465546 46723 8 468630 O ct. Nov. 46161 47056 45891 46903 44765 45437 470669 476905 45467 45226 44266 471033 Two Wttofrg e n d in g 1 9 9 7 - O c t . 22 Note: 1. 2. 3. 4. p pe Nov. 5 19 46735 46645 46497 46496 45074 45134 47196 2 476408 Dec. 3 17p 47726 47336 47607 47097 45986 45854 47978 6 482384 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 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-adjusted 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
@FedFRASER