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FEDERAL RESERVE statistical release
For...._ It 4:30
H.3 t11CJ21
~Time
T..,._l.
PBBBUlBY
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
12, 19H7
1
Aclluatecllor cllanOM In requl-11
A........ of dally flgurw, - ' I Y adjuetecl unleu noted OlilefwiM
MIIIIOna of doll.,.
total"
Date
198o-Jlll.
1't:B.
Ill&.
lPB.
Ill I
JUME
JULY
lUG.
san.
OCT.
IIOV.
DBC.
1987--Jlll. PE
......,_of ~ory lnatltutiOna
requiNd
ROIIbonowecl
no~lbonowecl plua
extended CNdlt'
45,782
46,2o5
46,786
lf7,192
48,553
49,352
50,483
51,318
51,849
52,401
5J,82J
55,638
45,012
45,381
lf6,025
46,300
47,617
118,5119
'49, 742
50,446
50,801
51,559
53,071
54,811
45,509
45,8H
46,5•U
41»,934
118,:-!ol
49,079
50,1-'!1
50,911
51,371
5.2,05o
53,489
55,114
44,771
45,272
lf5,968
4o,4711
47,739
48,514
49,579
50,579
51,083
51,655
52, HitS
54,2119
56,657
56,017
56,3CJ2
5b, 798
56,4,59
5b,293
55,771
56,921
56,496
--
Monetely . . . .
NSA•
Borrowlllfll of depoeltory lnatHutiOna
from 1M Federal ....._ N8A
10181
-'
extlnded cr.dlt"
821
310
56
68
73
94
108
11b
144
137
99
70
38
lf97
492
518
634
584
531
378
lfft5
570
497
IJ18
303
580
34
.l25
241,248
2112,502
505
689
28
36
215
227
2U,912
425
5ft
265
1,011
992
818
718
814
838
904
740
126
7116
978
1,369
218,1-lO
219,507
221,2Jo
222,260
224,807
226,51-'!
228,352
230,599
231,691
233,1U>U
236,067
238,845
55,590
1,066
242,078
51>,508
55,997
55,953
55,2110
81f5
1,219
56,761
55,534
1,387
770
8HII
7o1
893
6111
8U:J
741
au.
1,008
841
752
TIIO IIB!KS
IIIIDIIIG
-------1987-Jlll.
I'BB.
1/4
28
p
11 PB
P---. . an:ular
Pa--•uuunar Bsrnar•
aas&lf.S liD IOIKr&ll BLSI P.IGUIIS liCOIPO&lrl lDJ8STI&ItS 1'01 DJ$COITIIUITIIS lSSOCiltiD IIT8 t81 XBPLIIIITltiOI 0P tU
IOIITlll tOitlO~ lCT liD orHil IIGU~&tOBt CBliGIS tO IIS&Ifl IIQRillllltS. ro lDJ-S~ toa DlSCOITllllTXII DDI to ClliGIS 11
IISKlfl IIQII&&IIITS 01 IISIIflBLI IOIDBPOSlt LllBlLlttiS, taa Sl8 OP SOCK I&QDIIBD IISiafBS AI& SOitiiC~ID 1'101 tl& &crolL
SllliS. Sll~~~. 11 A8JUSTIIG POl DlSCOitliUITliS Ill t81 10181&11 BlSB, IBQDIIBD CLI&IIIG BALl8CIS liD lDJOSTBBI~S ro
COBPIIS&TB 1'01 PLO&I' ALSO &II SDBTilCTBD PIOI ~BI ACtUAL SB&IIS.
.
Zl rorl~ IISBIIIS lOT lOJUSI'8D POl DlSCOITIIUitXBS COISlStS OP &ISI&fl B&~ICIS ezra PBDIIlL &BSIIfB Bli&S (181CI IIC~UDI
IIQUIIBD CLilll8a B&Ll8CIS AID lOJUSIWIItS TO COIPBISAI'B POl P~A~J PL8S flULT CASK DSID ~0 SlTISPI &ISBill IIQUII&B881'S.
SUCI flll~t C&SB COISISI'S OP lLL flDLI' CASB B&LD DGIIBG til LAQG&D COBPUT&riOI PIIIOD 81 18STITlltl08S.8&fiiG IBQDIIID IISIIfl
B~ICBS l~ PIDBilL IBSI8YB"BliiS PLUS TBI A80011' 01' fAU~r ClSI IQDlL TO IIQUIIID B.sllfiS DDIIIG TAB BAIItBiliCB IIIIOD A~
IISTITIIrlOBS BUIIG 80 8&QDXUD IISUfl M~liCBS.
3/ BltiiDBD CIIDxt COISIS~S OP BOIIOBIIQ AT tBB DISCOIIT 811001 188&1 fBI tillS liD C08Dli'I08S BSI'lB~SIID POl TBB lltiiDID
CIIDir PIOQIAB tO I&LP D&tOSli'Oit IISTII'lltXOIS DB&~ liTH SDSI'liBID LIQUIDITI PIISSDIBS. BBCAUSB tBIBI IS lOt I'll SlBI IIID ro
81PAI SUCH 8081U.IIQ P801Pr~l AS TIIIB IS 8Itl t&lDII'lOilL SBOII'-I'BIB &DJOSta&~ CIIDIT, TBI BOlli Bllllt IBPlct OP Blti18BD
CIIDlt IS SIBI~I ro I'BlT OP 80880110888 IBSBIJIS.
4/ IISBIII B&~BCIS 8Itl P&I&BlL IISBifl 8A8&S PLUS f&U~t CAS8 USID to SlTISPI RISIIfB 81QDliBI&ItS LISS IIQDI&ID IISIIfBS. .
51 TBI 801~&11 BASI lOt l8JDStBD 1'08 DlSCOII'IIIITliS COISISTS OP I'Or&L IIBIIfBS PLUS IIQUliBD C~Bl&ll& B&L&ICIS liD &DJDSI'IIItS
1'0 COI.BISll'l POl !'LOll' &I' PBDIIlL 81S. . II BMI&S PLUS til CDII&IC! COBPOIBIT or TBB 80111 stOCI LBSS taB lBODIT OP f&DLr Cl$8
IOLDIIGS OP TBilPt liSTlT8tiOIS l'llT IS IICLUD&D II Til CU81&1CI COII'OIIIT OP TBI KOIB! STOC& PLUS• 1'01 liSTITUtlOIS lot B&fiiG
IIQUI81D IBS&Ifl BlLliCIS, TBB IICISS OP CUIIIIT fAULT ClSB 0111 fBI lBODIT APPLIID ro SATISP! CUBIIIT IISIIfB IIQUIIIIIITS. .
lPt81 Til 1~80DDCTIOI OP CIB, CUIBBICI AID fAULt C&SB PIGDIBS All BBlSDRID Ofll 1'81 801111!-BIIDIIG COBPDTlTIOI PBIIOD. ·PIIOI TO Cll, lL£ COBPOIIITS or TIB IOIIT&II BlSB OTBII I'Hll IIC&sS &BSBifiS liB SBASOIALLI ADJUSI'ID AS A IHOLI, I&THIR I'IAI
BJ COBPOIBII'• liD llCISS IISBifBS IS lDDBD 01 A 101' SllSOilLLt &DJDSTBD BASIS. li'TBR Cil, I'HB SBlSOIALLI ADdDSTBD SIRIIS
COISlSts or SBlSOI&LLY lDJUSYID rotlL IBSIBfBS (IHICH IICLUDBS IICBSS IBSIBfiS 01 A lOT SBASOilLLI lDdUStiD BASIS) PLUS raJ
SllSOBlLL! lDJDSTBD COBBBIC! COIIPOIBII' or TBB 80118! SI'OCI PLUS Til IERliiiiG ITIBS SEASOilLLI ADJUSTED lS l YBOLB.
IOtB: IISTOBICAL DATA ARB lfliLlBLE raoft TBB BliKIIG SBCTIOI, DlflSIOI OF IISBliCH AID STlTlSTl~S, SOliD or GOVERIOBS OP THI
PEDEilL BBSBIVB S!STBB, BlSHIIGTOI, D.C. 20551
1/
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Noi'adjusted for changes in re~rve requiref1!e_nt~,
Averages of daiiy figures, _not seasonl!il¥ adjusted
Millions of dollars
1
Monetary
basel!'
Date
total
non borrowed
47,960
4b,547
47,195
48,799
48,396
119,845
51,023
51,271
53,189
54,623
56,399
59,560
117,190
lt5,664
46,435
117,906
47,520
49,042
50,.282
50,405
52,180
53,782
55,647
58,733
llb,91t9
lfS,SSS
lt6,378
48,081
47,581
49,007
50,118
59,685
14
28 p
11 PI
1986--JAL
l'EB.
!IlL
APL
!Ill
JUJI:t;
JUJ.I
AUG.
SEPT.
OCT.
JIOf.
DEC.
1987--JU. PI
total
required
required
surplus•
reserves 5 ~
5.2,463
53,877
55,1l21
58,191
21t,2SO
21t,953
22,671
22,2J1
22,474
22,804
23,098
2J,451
23,384
23,753
23,51&3
24,071
l1,61H
226,089
2.29, 5b2
232,535
233,315
235,067
237,257
241,267
247,707
26,213
21f,S94
21,038
28,1i08
28,255
29,401
30,J06
30,165
3'1,922
32,947
34,803
J7,J60
22,199
2,563
3,000
2,519
2,21t0
2,333
2,360
2,381
2,3J9
2,117
2,078
1,947
1,872
59,105
58,618
246,812
36,598
25,049
23,087
1,963
61,525
58,:.!57
61,020
57,568
60,680
57,038
2119,603
lltlt,364
38,710
35,21t5
24,583
25,028
22,815
:.!3,012
1,768
2,017
113
57,760
57,J36
56,373
21t5,212
33,055
21,321
211,706
2,621
137
5~,538
221,1t80
219,476
221,602
:.l24,826
11,~53
20,158
19,991
20,140
20,11411
20,111
21,11.2
21,2b7
:.!1,676
21,5~5
TWO IIIIKS
BIDING
--------1987--JAL
FIB.
&STZ!lTB.
BBSBBYI BIQOIBBIIll:ITS, IICLUDIIfG THOSJI Olf IIOfiDBPOSIT LIABILITIES, IIU'H 10 ADJUSTilEnS 1'0 ELllllMATE
THE &PfECTS OP DlSCOHTIIUITlBS ASSOCIATED IIITH IftPLEilEIITATIOI or THE ftOIIBTAi! CONTROL ACT OR OTHER RIGULATOBf
CHANGES TO BESERYE REQU~RXftERTS.
COISISTS OP TOTl~ BBSIRYES PLUS REQUIRED C~BARIIG BA~AICIS AND ADJUSTftBITS TO COSeBJISlTE POB ¥LOAT AT PEOI81L BESEBY&
BANKS PLUS THE CURBEICI COBPOJIEIT OF THE 80181 STOCl LESS THE AIOOIT OP VAULT CASH HOLDINGS OP THRIFT IISTITU'llONS rHAT
IS IICLUDBD II THE CURBEICJ COilPOJIEIT OP THB IOII&J STOCK PLUS, POl ZISTZTUTIONS NOT HAYING REUUIRBD BESEBYB BALAICES. THB
EXCESS or CURRENT JAULT CASH OYER THE ABOUIT lPPLIE~ TO SATISP! CUIBENT RESERVE BEQUlBEftENTS. AFTER THE INTRODUCTIOI Ol'
CRB, CURRENCY AND fAULT CASH liGURES AMI ll&ASURJD OJJB TBJ IIOIIDAf-JIDIIG COftPUTATION PERIOD.
EXCLUDES REQUIRED ~EABIIG B~LANCIS AND ADJUSTBJIITS TO COIIPBISATE lOR FLOAT.
DATES RIPER TO THE IAINTEIAICB PERIODS IN MBICH TB& VAULT CASH CAl BE U~ED TO SATISP! BBS&BY& RBQUIR&ftEITS. UIDEI
COJITiftPOBANEOUS RESERVE IEQUIBBftBITS, ftAINTBIIAICB PERIODS IHD JO OAfS APTER THE LAGGED COIIPUTATIOI eBBIODS
II MBlCH THE 81LAICBS ABE HBLD.
EQUAL TO ALL fAULT CASH HELD DUBIRG THE LAGGBD COSPUTlTIOI PERIOD BY INSTITUTIOBS HAYIIG REQUIRED RHSEBYB BALANCES
AI FEDERAL RESERVE BANKS PLUS THE lftOUNT OP JAULT CASH EQUAL TO REQUIRED RESERVES DUBIIfG TH~ ftAlNTBJIAICB PERIOD AT
IHSTITOTIORS HAYING NO REQUIRED RESERVE BALAJCES.
TOTAL VAULT CASH AT IISTITUTIONS HAYING RO REQUIRED BESBifE BlLARCIS LESS THE AftOUNT or ~AULT CASH EQUAL TO rHElB
REUUlRED RESBBYES DURING THE IIAINTBNANCB PERIOD.
CONSISTS OP CARBYOVBB ONLY AT OKPOSITORY INSTITUTIONS ftAINTAlNllfG RESERVES ON THE BASIS OF TWO-WBEK ftAINrBNANCE
PERIODS. REFLECTS EXC~S~ (+) OR DEFICIT {-) RES&RVES ELIGIB~E TO BB CARRIED FORIIARD INTO THE TWo-WEEK RESERVE
BAINTENANCE PERIOD ENDING ON THK DATE ~HONN.
PB--PBI~Ift~NlBI
1/
2/
3/
4/
5/
&/
1/
BEP~Il:TS
ACTUA~
H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes In reserve requirements'
Averages of dally figures, not seasonally adjusted
Millions of dollars
Date
total
198()--Jll.
l'BB..
IUB.
lPB.
!Ill
JOIB
JOJ.I
lOG.
SJP'f.
oa.
JIOV.
'
DBC.
1987-Jll. PB
Reserves of depository Institutions
nonborrowed
Monetary base
required
117,013
45,579
4b,260
47,853
47,688
49,105
50,313
50,622
51,546
52,341
54,107
57,1()5
46,812
48,301.
49,573
49,7'69
50,538
51,500
53,355
56,338
49,409
49,882
50,821
51,595
53,129
51,796
4!18,()43
216,678
4!18,876
J.J.4!,042
223,59-l
1.1.6,911.
230,008
230,755
231,51J.
233,040
236,914
243,041
58,266
57,686
57,200
242,86()
o0,200
56,754
!)9,695
56,066
59,355
55,535
2•b,650
240,51.5
56,296
55,872
54,910
240,801
46,21U
44,696
45,499
4~,961
46,002
44,587
45,442
47, 1J5
46,874
48,2b1
TiiO iBBltS
BIDIIG
---------1987-Jll.
F.BB.
14
28
p
11 PB
P---PJlBLIIIUIABY
PB--PRB~Ift~llRJ
1/
ISTI!IATE.
fiGUIBS 8BfL£CT ADJUST!IBBTS fOB DISCOMTIIUI'fl~S ASSOCIA~ID WITH TBB I!PL.BIBITA'fiOI OF THE !OIBTABI COI'fBOL ACT
AID O'fBBR BIGUJ.l'fOBI CHAIGES TO BESBBYB BBUUl~E!IIITS.
@FedFRASER