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FEDERAL RESERVE statistical release H.3(502) Table 1 For Rslssss at 4:30 Eaetem Time £?^?.EQ^ TE WESERVES 0F DEPOSITORY INSTITUTIONS AND THE MONETARY BASE FEBRUARY 14 , 1985 Adfueted for changes In reeerve requirements1 Averages of dally figures, eeaaonally adjusted unlees noted otherwise Millions of dollars Dete total* 1984-™JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 19 85— JAN. PE Reserves of depository Institutions nonborrowed plus required extended credit* excess Monetary baae* 36,3 57 37 ,0 26 37 ,0 99 3 7 ,1 10 3 7 ,4 50 38,2 90 3 8 ,2 39 38 ,3 86 38 ,1 43 37 ,7 58 3 8 ,1 13 3 8 ,7 09 35 ,6 42 36,459 36,1 48 35,8 76 34,4 62 34,989 32 ,315 30,3 69 30 ,9 02 31 ,7 4 1 33 ,495 35 ,5 23 3 5 ,6 46 36 ,4 64 36,1 75 35,921 34 ,4 99 36,8 62 3 7 ,3 23 37 ,4 12 37,3 60 3 6 ,7 98 3 7 ,3 32 38 ,1 27 35,744 3 6 ,0 83 36 ,3 88 36 ,6 19 36 ,8 70 37 ,5 16 37 ,6 26 37 ,6 97 37 ,5 15 37 ,1 38 37,4 19 3 7 ,8 57 613 943 711 492 580 774 61 3 689 628 620 693 853 187,484 189,026 18 9,902 190,587 191,689 193,984 194,617 195,784 196,253 196,185 19 7,427 198,736 715 56 7 952 1 ,2 34 2,988 3 ,30 0 5,924 8.0 1 7 7,24 2 6.017 4 ,61 7 3 , 186 39,7 15 38 ,3 20 3 9 ,3 70 38 ,9 64 751 20 0,056 TWO WEEKS ENDING ■JAN. FEB. 2/ 3/ 86 113 4 5 27 44 37 1 ,873 5,00 8 7,043 6 ,45 9 5 ,05 7 3,837 2,604 1 ,395 62 1 ,050 103 133 139 196 264 30 8 346 319 299 212 2 16 30 P 39,4 53 39,8 24 39,601 36 ,763 38 ,193 38,625 38,800 39 ,5 64 39 ,2 18 38 ,2 46 39,1 90 3 8 ,8 16 1 ,207 634 785 19 9,190 2 0 *,3 1 7 199,832 13 PE 2,691 1 ,631 976 81 58 63 40,316 2 ,03 8 1 ,3 71 59 3 38 ,9 4 7 39 ,9 3 9 39 ,3 03 1 ,0 1 3 201,268 1 ,3 69 60 9 92 P --- P R E L I M I N A R Y MONETARY Borrowings of depository Institutions from the Federal Reeerve, NSA NSA4 ________ _____ _______ _________________________ UI T H THE IMPLEMENTATION OF THE C O M P E N S A T E F O R F L O A T A L S O AR E S U B T R A C T E D F R O M THE A C T U A L S E R T F ? R E Q U I R E D C L E A R I N G B A L A N C E S A N D A D J U S T M E N T S TO ^ r S * S S i ^ J £ ^ S I ,>a S ra S 5 S ? ^ 5 S 1^ e S ^ S ? ? — — — — h exclude SUCH VAULT CASH CONSISTS OF ALL VAUL CASH H ^ D S u ^ N G THE ^ G r E D rnHPM?AT ? ^ T c ^ f H USED ™ SATI SFY RESERVE R E T I RE ME NT S . BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT fohS? t J I £ ™ « ERI0,> BY I N S T I T U T I °NS HAVING REQUIRED RESERVE I NSTI TUTI ONS HAVING NO REQUIRED RESERVE BALANCES'! REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT CREDI T^PROGRAM^TO^HELP^DEPOSITORY^INSTITUTIONS^DEAL^UITH^SUSTAINFD^LIQUIDITY^fcc" CONDITIONS ESTABLISHED FOR THE EXTENDED REPAY SUCH BORROWING PROMPTLY AS THERE I S WITH T R A D I T I O N A L ! h £ r ? ^ m J ™ £ 5 f SSURESBECAUSE THERE I S NOT THE SAME NEED TO CREDIT I S SIMILAR TO THAT OF NONBORROWED RESERVES SHORT TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED 4/ 5/ THEEMONETARYNBASEWNOT ADJUSTEDRF 0 l T D I S C 0 N T I N U n o r T O T A L ^ R E s f ^ F ^ * ^ REQUIREMENTS LESS REQUIRED RESERVES. TO COMPENSATE FOR FLOAT AT FEDERAL RESERVEBANKS P L S r ^ r c U R R E ^ c J c n « F n » r w T ^ r LV L REQUIRED F A R I N G BALANCES AND ADJUSTMENTS HOLDINGS OF THRI FT I NST I T UTI ONS THAT IS INCLUDED IN THE CURRENCY m M P n ^ r NL ° ^ J HE M0NEY ST0CK LESS THE AM0UNT OP VAULT CASH REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAUl T CAVH OVER THE AMnflNT * p J ^ T cn ° ?nV ST0CK PLUS, FOR I NST I T UT I ONS NOT HAVING AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CA^H FTril RF? L Z APPLIE1> t ° SATISFY CURRENT RESERVE REQUIREMENTS. PRIOR TO CRR, ALL COMPONENTS 6 f THE MONETARY BASE S ? ^ R J h a n « 5 ™ S L ° VER ™ E M^ D A Y - E N D I N G COMPUTATION PERIOD. BY CDItPONWT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY AD J L K T F n R A r f r A R E SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVFS (WHICH INCLUDES EXCrT? K r r r c u r r I R’ THE SEASONALLY ADJUSTED SERIES u n r r 2 ° ALLV ADJUSTED CURRENCY COMPONENT OF THE_ MONEY STOCK PLUV T H F R F H 4 T U T « r i ' ft„ N0T SEASONALLY ADJUSTED BASI S) PLUS THE NOTE: HISTORICAL DATA ARE AVAILABl E FROM T H F B A N K T N r J r r nu n i u i r T ™ REMAININC r T EMS SEASONALLY ADJUSTED AS A WHOLE. FEDERAL RESERVE SYSTEM, WASHINGTON, D C 2©5->? SECTION, DI VI SI ON OF RESEARCH AND S T A T I S T I C S , BOARD OF GOVERNORS OF THE H.3 <502) Tat>l« 2 AGGREGATE RESERVE5..QF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted foivchanges In reserve requirements^ Averages of daily figures, not seasonally adjusted * Millions of dollars ’ ' v ^ , Reserves of depository institutions Vault caslt4 Moneterv base2! Date nonborrowed 1 9 8 4 — JAN. FEB. MAR. APR. MA Y JU N E JU L Y AUG. SEPT. OCT. NOV. DEC. 1 9 8 5 — JAN. PE 40,120 Reserve balances, with F.R. B a n k e r required total used to satisfy required surplus* 36,280 37,156 36,522 37,526 3 7,471 37,264 38,043 38,512 39,235 40,696 39 , 4 0 5 35,799 35,329 35,922 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 39,507 35,423 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 192,316 186,672 187,815 190,344 191,084 193,971 195,516 195,677 196,229 196,688 198,771 202,586 2 1, 3 2 5 18,415 19,486 2 0, 3 5 3 19,5 6 2 20,217 19,891 1 9,270 20,143 20,099 20,843 21,738 22,578 22,269 20,396 20,152 20,446 20,770 21 ,134 21,688 21,232 21,875 21,827 22,316 18 , 7 9 5 17,951 16,794 16,802 16,960 17,308 17,579 17,995 17,900 18,413 18,392 18,958 3,782 4,318 3,602 3,349 3,486 3.461 3,555 3,694 3,333 3.462 3,434 3,358 41,126 39,731 40,375 2 01,341 2 1 , 5 80 23 , 0 4 4 19,547 3,498 2 16 30 P 41,832 41,820 40,374 39,141 40,189 39,399 40,625 41,187 39,590 204,589 203,099 199,238 22 , 1 2 9 22,819 20,379 23,328 22,089 23,828 19,703 19,002 19,995 3,625 3,087 3,833 65 193 153 13 PE 40,522 39,153 39,509 199,680 19,9 37 24,893 20,585 4,308 115 36,366 T W O WEEKS’ ENDING 1 9 8 5 — JAN. FEB. P --- P R E L I M I N A R Y P E — PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, I N C L U D I N G T H O S E ON N O N D E P O S I T L I A B I L I T I E S , JHANCESE? 5 \ E S E ^ f S R E i E ^ S A W 0 C I A r E D *-/ 3/ 4/ IMPLEMENTAT^ U I T H N O A D J U S T M E N T S TO E l I M I N A T F THE M O N E T A R Y C ^ N T R ^ L A C T O R O T H E R R E G U L A T O R Y C O N S I S T S OF T O T A L R E S E R V E S P L U S R E Q U I R E D C L E A R I N G B A L A N C E S A N D A D J U S T M E N T S TO C O M P E N S A T E F O R F L O A T AT FFDFRAI ftF^FRVF B A N K S P L U S T HE C U R R E N C Y C O M P O N E N T OF TH E M O N E Y S T O C K L E S S TH E A M O U N T OF V A U L T C A S H H O L D I N G S OF T H R I F T I N S T I T U T I O N S T H A T IN ™ E C U R R E N C Y C O M P O N E N T OF T HE M O N E Y S T O C K PLUS, F OR I N S T I T U T I O N S N O T H A V I N G R E Q U I R E D R E S E R V E B A L A N C E S THE E X C E S S OF C U R R E N T V A U L T C A S H O V E R THE A M O U N T A P P L I E D T O S A T I S F Y C U R R E N T R E S E R V E R F Q U I R E M E N T S AFTER THE INTRODUCTION I f CRR- C U R R E N C Y A N D V A U L T C A S H F I G U R E S A R E M E A S U R E D O V E R T H E M O N D A Y - E N D I N G C O M P U T A T I O N P E R I O D I N T R O D U C T I O N OF E X C L U D E S R E Q U I R E D C L E A R I N G B A L A N C E S AN D A D J U S T M E N T S TO C O M P E N S A T E FO R FL OAT. D A T E S R E F E R TO THE M A I N T E N A N C E P E R I O D S IN W H I C H TH E V A U L T C A S H CA N BE U S E D TO S A T I S F Y R E S E R V E R E Q U I R E M E N T S IINnrR 5 2 ; H ? c n H E 0 B A L A N C E S V A R E E S E ^ E M E N T S ' " A I N T E N A N C E P E R I 0 D S E N D 30 5/ A" E R THE L A G G E D C O M P ^ A T I o H e R ^ dI “^ A L L V A U L T C A * H H E L D D U R I N G THE L A G G E D C O M P U T A T I O N P E R I O D BY I N S T I T U T I O N S H A V I N G R E Q U I R E D RESFRVF RAl AMrrr ?NTS ^ ? ^ ? L ^ ^ ^ G B^ KR SE ^ ^ E S 1 , ? ^ lj r B ^ A ^ ^ ^ ^ " RB,UIRED RE— ^ ' S t^ ^ P e ’^ • i t • • • • • • • • 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 Date total 1 9 8 4 ...- J A N * FEB * MAR * APR * MAY JU N E JU L Y AUG. S E P T. O C T. NOV. DEC. 1 9 8 5 ” -J A N . Reserves of depository institutions nonborrowed Monetary base required 3 8 , 181 3 6 ,6 1 1 3 6 ,6 1 6 3 7 ,4 7 8 3 6 ,7 7 1 3 7 ,8 0 1 3 7 ,8 5 4 3 7 ,6 9 8 3 7 ,8 8 1 3 7 ,9 5 3 3 8 ,6 8 7 4 0 ,1 2 9 3 7 ,4 6 6 3 6 ,0 4 3 3 5 ,6 6 4 3 6 ,2 4 4 3 3 ,7 8 3 3 4 ,5 0 0 3 1 ,9 2 9 2 9 ,6 8 1 3 0 ,6 4 0 3 1 ,9 3 6 3 4 ,0 7 0 3 6 ,9 4 3 3 7 ,5 6 8 3 5 ,6 6 7 3 5 ,9 0 5 3 6 ,9 8 6 3 6 ,1 9 1 3 7 ,0 2 7 3 7 ,2 4 0 3 7 ,0 0 8 3 7 ,2 5 3 3 7 ,3 3 2 3 7 ,9 9 4 3 9 ,2 7 7 1 8 8 ,6 4 8 1 8 6 ,8 7 5 1 8 8 ,1 5 0 1 9 0 ,6 6 6 1 9 1 ,3 3 3 1 9 4 ,2 4 6 1 9 5 ,8 9 9 1 9 6 ,1 1 1 1 9 6 ,0 6 7 1 9 6 ,1 2 9 1 9 8 ,2 2 4 2 0 2 ,0 2 0 4 0 ,7 0 5 3 9 ,3 1 0 3 9 ,9 5 4 2 0 0 ,9 2 0 16 30 P 4 1 ,2 1 3 4 1 ,4 2 6 3 9 ,9 5 1 3 8 ,5 2 3 3 9 ,7 9 5 3 8 ,9 7 6 4 0 ,0 0 6 4 0 ,7 9 3 3 9 ,1 6 6 2 0 3 ,9 7 0 2 0 2 ,7 0 5 1 9 8 ,8 1 5 13 PE 4 0 ,1 3 9 3 8 ,7 7 0 3 9 ,1 2 6 1 9 9 ,2 9 7 PE TWO W EEKS E N D IN G 1985--J A N . FEB. p P ------- P R E L IM IN A R Y P E — P R E L IM IN A R Y E S T I M A T E * 1/ F IG U R E S R E F L E C T A D J U S T M E N T S FOR D I S C O N T I N U I T I E S A S S O C IA T E D AND O TH E R R E G U L A T O R Y CHA N G ES TO R E S E R V E R E Q U IR E M E N T S * W IT H TH E IM P L E M E N T A T IO N OF TH E M O N E TA R Y C O N TR O L ACT