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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 February 5, 1998 Borrowings of depository Institutions from the Federal Reserve, NSA Reserves of depository institutions Date total2 nonborrowed3 nonborrowed plus extended credit4 19 96 -D ec. 50063 49908 1 9 97 -J a n . Feb. Mar. 49517 49008 48312 Apr. May June excess NSA5 49908 48639 1424 452471 155 68 0 49472 48966 48155 49472 48966 48155 48293 47977 47151 1223 1031 1160 454121 455651 457011 45 42 156 19 21 37 0 0 0 47430 47048 47108 47170 46805 46741 47170 46805 46741 46420 45808 45828 1010 1240 1280 458178 459575 461719 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 464460 467017 469675 409 598 438 330 385 368 0 0 0 O ct. Nov. Dec. 46454 46865 47196 46184 46712 46872 46184 46712 46872 45058 45248 45513 1396 1617 1683 472317 476604 480588 270 153 324 227 115 79 0 0 0 47388 46207 48145 47269 45968 47691 47269 45968 47691 45655 44734 46262 1733 1473 1883 478810 479094 482464 119 240 454 95 85 71 0 0 0 47030 45859 46821 45617 46821 45617 45132 44151 1897 1708 483195 482786 209 242 22 16 0 0 T n p w l i e n d in g 19 9 7 -D e c . 3 17 31 19 9 8 -J a n . 1. 2. 3. 4. 5. 6. p pe Monetary base8 required 14 28p total seasonal extended credit4 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 non borrowed 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 me “Report of Transaction Accounts, Other Deposits and Vault Cash and for alt those weekly reporters whose vault cash exceeds their required reserves, tne seasonally ac|usted, 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 1 9 96 -D ec . 51243 51088 49819 463491 13395 44379 37848 6532 19 9 7 -J a n . Feb. Mar. 50642 48043 47543 50597 48001 47387 49419 47012 46383 462712 459638 462216 11710 11455 11515 47200 43562 42226 38932 36588 36029 8268 6974 6197 Apr. May June 47879 45997 46610 47618 45754 46243 46869 44757 45330 465062 465219 468778 12308 10916 10291 41479 41179 42416 35571 35081 36319 5908 6097 6097 J u ly Aug. Sep. 46380 46645 46056 45971 46047 45618 45179 45392 44761 472582 474005 475315 9851 10489 9742 43145 42379 43056 36529 36156 36314 6616 6224 6742 O ct. Nov. D ec. 45621 46451 47880 45351 46298 47555 44225 44834 46196 477251 483458 491932 9990 10559 10673 41730 42114 43970 35631 35892 37206 6099 6222 6763 47090 46643 49286 46971 46403 48833 45357 45170 47403 486350 488724 496337 11022 9678 11595 42175 44267 44058 36068 36965 37692 6108 7302 6366 78 120 68 49546 45973 49337 45732 47649 44265 495678 488714 11572 8131 44958 48838 37974 37842 6984 10996 147 276 1 9 9 8 -J a n . 4. 5. 6. 7. 8. p pe Net carryover of reserve balances8 Monetary base3 Two weeks ending 1 9 9 7 -D e c . 3 17 31 1. 2. 3. Reserve balances with F.R. Banks4 14 28p total used to satisfy required reserves6 surplus7 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 Casn" 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 wnich the vault cash can be used to satisfy reserve requirements. Starting with the maintenance period ended November 2 5 ,19 9 2 , 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 computation 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 MHHons of dollars Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 19 9 6 -D e c . 51522 51368 50098 456721 19 9 7 -J a n . Feb. Mar. 50665 48122 47687 50620 48079 47531 49442 47091 46527 455551 452560 455259 Apr. May June 48089 46259 46931 47828 46016 46564 47079 45019 45651 458168 458287 461805 J u ly Aug. Sep. 46759 47085 46549 46350 46487 46111 45558 45832 45254 465546 467238 468630 O ct. Mov. D ec. 46161 47053 48555 45891 46901 48231 44765 45436 46872 470669 476903 485484 47718 47297 49993 47599 47057 49540 45985 45824 48110 479779 482345 489845 49534 45982 49325 45740 47637 44274 488768 481237 Pro wafca ending 19 9 7 -D e c . 3 17 31 1 9 9 8 -J a n . 14 28p Note: 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 1. 2. 3. 4. p pe 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 dtocontinuities 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-adjusted 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, O ther Deposits and vault Cash and for ail those weekly reporters whose vault cash exceeds their required reserves, tne break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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