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FEDERAL RESERVE statistical release For release at 4:30 PM EDT February 18, 1988 H.3(502) NOTICE Data for the monetary base have been revised owing to benchmark and seasonal factor revisions to the currency component of the money stock. FEDERAL RESERVE statistical release H.3(!1011 Table 1 For-..1114:30~~ PBBBUlRJ AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY lASE 16, 1988 Adjuated for c'*"" In requi-te' A-1111" of delly flO-. - l l y ecljuatecl un .... noted olllerwl• Mllllona of dollara o.te t~·· exceee NSA' Monetary baee1 llonowlnga of depo81tory lnatltutlona hom the Federal Anefve, NSA tote! MUOnal extanclacl credit• 56,884 56,873 56,852 57,954 58,352 57,701> S7,602 57,876 57,825 58,496 57,987 S7,436 56,3011 56,317 56,325 56,961 57,.J11 56,930 56,929 57,229 S6,885 57,553 57,362 56,658 56,529 51>,1>00 56,589 57,.231 57,1>04 S7,203 S7, 1211 57,31>0 57,2911 58,003 S7,7S6 57,1112 55,616 55,662 55,936 57, 1.27 51,213 Sb,516 56,841 51>,111111 57,032 57,368 57,0&4 56,1107 1,068 1,211 916 821 1,079 1,190 761 1, 032 193 1,129 923 1,029 242,581 243,755 244,349 246,5..11> 248,2311 2118,4111 249,511 250,997 252,2S2 254,564 256,02S 256,6114 580 551> 521 993 1,035 776 672 6117 940 943 6.lS 111 311 71 91 120 191> 259 28J 219 231 189 121> 93 225 283 264 270 288 213 194 132 409 4119 394 483 58,328 51 ,241> 57,1>111 57,019 1, 309 260,21>2 1,082 59 312 .27 57,964 58,1>011 5&,020 58,097 56,505 56,429 51>,657 57,304 1,307 1,300 259,089 260,9110 1,945 508 &6 54 485 332 10 p S8,54J S8,256 58,400 S7, 195 1,348 261,70..1 281 55 144 1987--JlL FEB. IIlli. lPB. lllf JUliE JOLt lUG. S.BPi'. oC'r. IIOJ. DEC. 1988--Jll. ...__ of depoelfory lnatltutlona required nonborfowed nonborfowed plus eX1anclacl credlt1 ~ TIIO IIE.BKS EIID.IIIG --------1988-Jlll. FEB. 1l P---PBELIIIIIlBJ PE--PBBLIIIIIIlBI BSTZIIlTE 1/ BESBBYBS liiD IIOIETlBY BlSB FIGURES IIICOBPOBlTB lDJUSTIIEITS POR DISCONTINUITIES ASSOCIATED IIITH THE I&PLBIBITlTION OP THE IOIIBTlBl COITBOL lCT liD OTHER REGULATOR! CllliiGBS TO RBSERJE RBQUIRBIIENTS. TO ADJUST POR DISCOITIIOITIBS DUB TO CHAIGBS II BBSBRYB BBQUIBBIIBIITS 01 RESBRVABLB IOIIDEPOSIT LIABILITIES, THE SUI! Ol' SUCH REQUIRED RESEBJBS liB SUBTMlCTED PROI THE ACTUAL SERIES. SIIIILlBLl, II lDJUSTIIG POR DISCOITIIUIXIES II THE IIOIBTlBY BASE, REuUIRBD CLEARliG BlLliCBS AND ADJUSTIIENTS TO COIIPEISlTB FOB PLOAT ALSO ARE SUBTRACTED PROM THE ACTUAL SERIES. 2/ . •TOTAL RESER YES IIOT ADJUSTED FOR DISCONTliiUil'IES CONSISTS Or BESERJB BALAIICES IIITH rEDEB.lL R.BSl!RfB BAIJtS (IBICH BICLODB laEQUIBBD CLBARI~ND lDJUSTIIEIITS TO COIIPEISlTB POR FLOAT) PLUS YlUL1' CASH USED TO SATISFY RESBBVE BEQUIREIIBITS. SUCH fAULT ClSH COIISISTS OP ALL YAULT CASH HELD DUBliiG THE LAGGED COIIPUTlTIOI PERIOD BI IISTITUTIOIS HAYIIIG REQUIRED RESERVE BALliiCES AT PBDBBlL BESEBYE BAlKS PLUS THE ABOUIT OP VAULT CASH EQUAL TO liEQUIBED RESERVES DURIIIG THE IIAIJTEJlJCB PERIOD AT INSTITUTIOIS HAVING NO REQUIRED RESERVE BALANCES. 3/ EXTENDED CREDIT CONSISTS OP BOWBOIIIHG AT THE DLSCUUHT liNDOW ORDER THE TEBIIS AND CONDITLOIS ESTABLISHED POR THE EXTENDED CREDIT PROGBAII TO HELP DEPOSITOR! INSTITUTIOIS DEAL WITH SUSTAIIED LIQUIDITJ PRESSURES. BECAUSE THEBE IS MOT THE SAllE NEED TO REPAI SUCH BORROWING PBOIIPTLI AS THEBE IS IIITH TBADITIONAL SHORT-TERN ADJUSTIIENT CREDIT, THE liONEl IIARKET IIPACT OP EITEIDED CREDIT IS SIIIILAR TO THAT OP NONBOBROIIED RESERVES. 4/ RESERVE BlLliCES IIITH FEDERAL RESEBVE BANKS PLUS VAULT ClSH USED TO SATISFY RESERJE REQUIBEIIEITS LESS REQUIRED RESERVES. 5/ THE IONETlBI BASE NOT AOJUSTED FOR DISCONTINUITIES CONSISTS OP TOTAL RESERYES PLUS REQUIRED CLEARING BALANCES AND ADJUSTIIENTS TO COIIPEHSATE FOB FLOAT AT PEDEBlL RESEBJE BAlKS PLUS THE CURREHCY CO"POIEIT OF THE "OHEl STOCK LESS THE AIIOUHT OP VAULT CASH HULDIHGS OP THRIFT IHSTITUTIOHS THAT IS INCLUDED IN THE CURRENCY COIIPONENT OP THE NONEI STOCK PLUS, POR INSTITUTIONS lOT HAYING REUUIBED RESERVE BALAICES, THE EXCESS or CUBR.BNT YAULT CASH OVER THE A"OUNT APPLIED TO SATISFI CURRENT BESEBYE REQUIREIIENTS. APTER THE IIITRODUCTlOH OP CRB, CURRENCY AND VAULT CASH FIGURE~ ABE IIEASURED OYER THE "ONDAI-EIDING CO"PUTATION PERIOD. PRIOR TO CRR, ALL COIIPOHENTS OP THE IIONETARl uASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BX COIIPOIEHT, AND EXCESS RESERVES IS ADDED OH A HOT SEASONALLY ADJUSTED BASIS. AFTER CkH, lHE SEASONALLI ADJUSTED SERIES COISISTS OP SEASOHALLI ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASOHALLI ADJUSTED &SIS) PLUS THE SEASOHALLI ADJUSTED CORBEHCI CO"PONEHT OP THE "OHEI STOCK PLUS THE BEIIAINING ITE"S SEASONALLY ADJUSTED AS A WHOLE. NOTE: HIStORICAL DATA ABE AVAILABLE PBOII THE BANKING SECTION, DIVISION OF RESEARCH AID STATISTICS, BOARD UP GOVERNORS OF THE FEDERAL BESEBVE SYSTEII, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1 No.t'adjustad for~ changes in re!!!rve requirement§, A-ages of dally figures, not seasonally adjustec Millions of dollars '· Monetary base~ Date total non borrowed required total 254,671 254,36Q 255,691 258,076 261,674 266,161 3a,584 33,625 35,318 37,807 36,466 36,309 36,110 35,616 36,685 37,249 37,453 37,673 25,901 23,765 23,3411 23,6111 24,369 24,613 24,644 24,854 25,587 25,431 26,155 61,343 263,806 37,499 62,168 61,350 62,805 &0,557 268,553 264,111 60,401 59,340 262,815 !)9,668 !)7,060 57,061 59,393 58,339 58,784 58,838 58,361 59,813 61,106 61,205 62,123 !)9,088 56,503 56,!)34 58,400 !)7,303 !»8,008 58,166 57,714 58,873 60,163 60,580 61,346 511,1>00 55,849 5lt,146 58,!»66 57,260 57,59<l 58,0711 57,329 !)9,020 59,977 60,282 61,094 246,7!»2 2411,220 244,978 21J9,241 249,91JO 62,652 61,570 13 27 64,112 61,857 10 p 60,688 1987--JlJ. PBB. Ill B. lPB. IIU JUifE .JULY lUG. SEPT. OCT. JOY. DEC. 1988--Ju. p 25~.539 2!»,05~ required reserves•! 23,084 23,435 .21. 7<l3 21,5117 .d,873 22,475 2.1.,7211 .1.2,745 23,1211 surplus 1,968 2,1J66 2,02l 23,752 24,449 1,762 1,808 1,893 1, 885 1,899 1,726 1,730 1,679 1, 706 26,919 25,1!»3 1, 766 39,175 37,017 26,561) 26,533 l4,937 24,841 1,629 1,693 169 72 33,739 29,411 26,949 2,468 268 23,851 TIIO IIBBKS EJDIIG ------1988--Jll. UB. P---PRELIIIIIlBI PB--PRBLIIIIIlBJ ES'fllllTB. 11 REFLECTS lCTUlL BESERYE REQOIBEIIEJTS, IJCLODIIG THOSE OJ IOIDBPOSIT LilBILI'fiES, IIITR 10 lDJUSTIIBITS TO BLIIIIJlTB rBB EFFECTS or DISCOJTIJUITIES ASSOCIATED liTH IllPLEIIBNTlTION OF THE IIONETlBI COJTROL lC'f 08 OTHBR BEGULATOBI CHAIGBS TO RBSBRYB BBUDIBEBBITS. 21 COJSISTS OF TOTAL RESERfBS PLUS REQUIRED CLElRIJG BlLAJCBS liD lDJOSTIIBJTS TO COBPEISATB roR FLOAT AT FEDERAL BESERYE BAlKS PLUS THE CURREJCI COIIPOIBIT OF THE liONEl STOCK LESS THE lllOUIT or fAULT CASH HOLDINGS or THRLPT INSTITOTIOJS THAT IS IICLUDED II THE CURBEJCI COIIPOJEIT OF THE 80111 STOCK PLUS, POR IISTITUTIOIS JOT BAYING BEUUIRBD BESBBYB BALANCES, THE EXCESS or COBREJT VAULT ClSB OYER THE AftOOIT APPLIED TO SATISFJ CURRENT RESERVE RBQUIREftEJTS. llTBB THE IJTBODUCTIOI OF CBB, COBBBBCY AND flOLT CASH liGURES ABE llElSUBID OYER THE BOlDlY-BIDING COftPUTATIOB PERIOD. 31 EXCLUDES REQUIRED CLEABIIG BALANCES liD lDJUSTftiiTS TO C08PENSlTB FOB PLOAT. 4/ DATES RBFIR TO THE 8AIITBIAICE PERIODS II WHICH THE fAULT CASH Cll BB USED TO SATISPJ RESERVE BIUOIBBftEITS. ONDER COITEftPOBliEOOS RESERVE BBQUIREftBITS, 8AIITBNANCE PERIODS END 30 DAYS AFTER TUB LAGGED COil~UTATION PERIODS II WHICH THE BlLAICBS ARB HELD. 5/ EQDlL TO ALL YlDLT CASH HELD DURIJG THE LAGGED COftPUTlTIOJ PERIOD BY IBSTITUTIOIS HlfiJG MBQUIBBD BESEBYB BlLliCBS lT PEDBBAL BESEBYB BlJKS PLUS THE AftOUIT 01 VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE ftliiTEilNCB PERIOD AT INSTITUXIOIS HAYING NO BEUUIRED RESERVE BALANCES. &/ TOTAL VAULT CASH AT INSTITUTIONS HAYING NO RE~UIRBD RESERVE BALAICBS LESS THE AllOUNT 01 VAULT CASH EQUAL TO THEIR BEyUIR!D BESEBYBS DURIIG THE SAINTEilNCE PERIOD. 11 CONSISTS OF ClBRJOYER ONLY AT DEPOSITORY INSTITUTIONS ftliNTAINING RESERVES ON THE BASIS or TWO-WEEK ftAINTBIAICB PERIODS. REFLECTS EXCESS (•) OR DEFICIT (-) dESgRVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WBEK RESERVE ftAIBTBNANCE PERIOD ENDING ON ~HE UAih SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Date total 58,151 55,53.! 55,541 57,379 56,2&4 Monetary base required 57,071 5&,743 56,556 57,094 57,468 58,188 57,6b3 54,877 55,152 57,544 56,221 56,435 56,983 56,358 56,703 56,909 57,110 57,936 246,83.2 249,286 251,424 251,420 .251,603 25.J,281 4156,821 261,214 60,183 59,101 58,874 261,219 27 b1,670 59,361 59,725 58,853 60,363 58,061 264,064 259,438 10 p 58,229 57,943 56,882 258,211 1987--Jll. FEB. UB. lPB. ftli JUIB JULI lUG. SEPT. OCT. IOV. DEC. 1988--JlJI. p 56,731 5b,088 56,068 58,372 57,299 57,625 57,743 57,390 57,496 58,037 58,093 58,965 Reserves of depository institutions nonborrowed 56,8~9 2~3,422 2~0,611 2~1.925 2~6,066 TIIO li.BBKS BMDIIG ---------1988-JU. 1J I'EB. P--- Pi BLI!IIUBf PB--PiBLI!IIIlRf ESriftlTE. 1/ FIGURES iBPLBCT lDJUST!IEITS POB DISCOITIIUITI8S lSSOCll~BD WITH rBE I!IPLBftBITlTIOI OP TBB !IOJjTlil COJTBOL lCT liD OTHER RBGULlTOBI CBlJGBS TO BBSBBVB BBQOiiB!IBITS.
@FedFRASER