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rqfcow FEDERAL RESERVE statistical release For flslssss at 4:30 Eastam Tima H.3<502) Tabial FEBRUARY AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 28, 1985 Adjusted for changes in r«t«rv« raqulramants1 Avaragas of daily flguras, seasonally adjustad unlaas notad otftarwtaa Millions of dollar* Baaarvaa of dapoattory Institution! raqulrad nontoorrowsd nonborrowad plus axtandad cradlt' total1 Data | I Monatary bass' axcaas NSA4 Borrowings of dapoaltory Institutions from tha Fadaral Rassrvs, NSA total | aaaaonal I axtandad cradlt* 1 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 36,357 37,026 37,099 37,110 37,450 38,290 38,239 38,386 38,143 37,758 38,113 38,709 35,642 36,459 36,148 35,876 34,462 34,989 32,315 30,369 30,902 31,741 33,495 35,523 35,646 36,464 36,175 35,921 34,499 36,862 37,323 37,412 37,360 36,798 37,332 38,127 35,744 36,083 36,388 36,619 36,870 37,516 37,626 37,697 37,515 37,138 37,419 37,857 613 943 711 492 580 774 613 689 628 620 693 853 187,484 189,026 189,902 190,587 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 715 567 952 1 ,234 2,988 3,300 5,924 8,017 7,242 6,017 4,617 3,186 86 103 1 33 139 196 264 308 346 31 9 299 212 1*13 27 44 37 1,873 5,008 7,043 6,459 5,057 3,837 2,604 1985—JAN. 39,712 38,317 39,367 38,968 744 200,066 1 ,395 62 1 ,050 2 16 30 39,453 39,824 39,594 36,763 38,193 38,618 38,800 39,564 39,211 38,246 39,190 38,823 1 ,207 634 771 199,190 200,317 199,824 2,691 1 ,631 976 81 58 63 2,038 1 ,371 593 13 P 2 7 PE 40,328 40,412 38,960 39,238 39,947 39,841 j 39,336 39,592 201,711 201,919 1 , 369 1 ,174 60 81 988 603 4 TWO WEEKS ENDING 1985-JAN. FEB. 992 820 P — - PRELIMINARY 1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS PEFOR DISCONTINUITIES ASSOCIATED WITH THF TMPi FMFNTATTnw nc rue 2/ 3/ 4/ 5/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESFRVF RANK? muTrw cvn unr C^PVOSVH^^ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RFSFRVE REQUIREMENTS LESS RFOIITRFn KFfFBVF? THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVFS PLUS REQUIRED CLFARING BAl ANPFI ANn A^fl^MFMT^ TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THF MONEY STOCK L^V? TSF AMHUKI? nr WA ifl rA 2 HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONpf STO^^PL JS FOP TNt?T?MT?n^ «^T S^ur& REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THF AMOUNT APPIIFD TO SATISFY r RRFN? RF^rRVF p r n n f ^ L r v T C C E V Ul T CASH PRIOR T O ^ R R T r ^ P O N F N T f o F r ^ ^ - ^ v ? , " « * « "* " « ™ R « OVER'THE^ONDIY-ELXCOMPSTA ON P I K ^ " ' PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONAL I Y AD lll'CTFn AT ft uum r c-ATurc- t Ui y BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONAI I Y AD JUSTFD .AST S AFTFR rRR THF VFAvLSiI Y A n ^ f ^ n Irrrrr CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES FX FSS RFSFRVf V ON A NOT VFAS NAI [1 AD jivrrn BA1II> f L SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PIUS THE RFMATNTNG T T E M A F A S O N A I I? AD s n Suni f ^ ^ ^ ^ ^ r i ^ l ^ ZT LH5E5rKINC SECTI0N ' ^ ^ °F - - - : ™ ^ ^ r ^ . ^ o ^ S / ^ ^ - o P THE H.J (t>U2) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2 Date total nonborrowed Reserve balances with F.R. Banks?' required total used to satisfy required reserves5 surplus6 Net carryover of excess or deficit in reserve balances7 :: 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 40,120 36,366 36,280 37,156 36,522 37,526 37,471 37,264 38,043 38,512 39,235 40,696 39,405 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 21,325 18,415 19,486 20,353 19,562 20,217 19,891 19,270 20,143 20,099 20,843 21,738 22,578 22,269 20,396 20,152 20,446 2 0 , 7 70 21,134 21,688 21,232 21,875 21,827 22,316 18,795 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 i 3,333 ! 3,462 3,434 3,358 1985—JAN. 41,124 39,729 40,380 201,352 21,577 23,044 19,547 3,497 j 2 16 3© 41,832 41,820 40,369 39,141 40,189 39,394 40,625 41,187 39,599 204,589 203,099 199,232 22 1 29 22,819 20,375 23,328 22,089 23,828 19,703 19,002 19,994 3,625 3,087 3,834 65 193 153 13 P 2 7 PE 40,534 40,040 39,166 38,866 39,543 39,219 200,122 199,205 19,911 20,687 24,893 23,203 20,623 19,352 4,270 3,850 117 179 Kill!l illlSli 1 i TWO WEEKS ENDING 1985—JAN. FEB. P—PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7/ 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. 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 total | nonborrowed I I 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 38,181 36,611 36,616 37,478 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 1985--JAN. 40,702 39,307 39,958 2 16 30 41,213 41,426 39,944 38,523 39,795 38,969 40,006 40,793 39,173 13 P 27 PE 40,151 39,635 38,782 38,461 39,159 38,815 I I 37,466 36,043 35,664 36,244 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 I Monetary base required 37,568 35,667 35,905 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 I 188,648 186,875 188,150 190,666 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 200,930 TWO WEEK5 ENDING 1985—JAN* FEB. j 203,970 202,705 198,807 199,738 198,801 I P PRELIMINARY PE--PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS •OR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.