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FEDERAL RESERVE statistical release For release at • 4:30 PM EDT H.3(502) February 9, 1989 ROTIC& 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 15021 Table 1 For Release at 4:30p.m. Eastern Time AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s in reserve re~irements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date nonborrowed 3 9, 1989 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions total 2 FEBRUARY nonborrowed plus extended credit 4 required e~A~s Monetary base 6 total seasonal extended credit4 1988-JAN. .FEB. MAR. 59458 59573 59760 58376 59177 58009 58748 59382 59487 58163 58440 58832 1295 1133 929 260856 262068 263301 1082 396 1752 59 75 119 372 205 1478 APR. MAY JUNE 60374 60365 60637 57380 57787 57555 60004 59894 60108 . 59515 59325 59750 859 1040 888 265606 266816 268267 2993 2578 3083 146 246 311 2624 2107 2554 JULY AUG. SEP. 61238 61090 60995 57798 57849 58156 60336 60502 60Zl5 -·~gn} 60024 1007 953 972 270503 271144 272467 3440 3241 2839 376 423 421 2538 2653 2059 OCT. 60956 61055 60979 58657 58194 59264 60438 60516 60508 59894 59936 59939 1062 1119 1040 273772 274659 275811 2299 2861 1716 332 186 130 1781 2322 1244 60557 58893 59939 59431 1126 276541 1663 76 1046 1988-DEC. 14 28 61195 60835 59182 59488 60710 60456 60219 59754 976 1081 275576 276032 2014 1347 131 137 1529 968 1989-JAN. 11 25p 60646 60341 58598 58812 59806 59840 59499 59394 1147 947 275881 277080 2048 1529 94 61 1208 1028 60897 59625 60416 59392 1504 276494 1272 79 792 NOV. DEC. 1989-JAN. pe Two weeks ending FEB. 8pe p--prel iminary 1. 2. 3. 4. 5. 6. pe--preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I for more information, see Table 3. l 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. J Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository inst1tutions 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 depo~itory insti~u~ions deal with sus~ained liquid~ty pressures. Becaus~ there is not the same_ne~d t9 repay such borrowing promptly as there 1s w1th trad1t1onal short-term adJustment cred1t, the money market 1mpact of extended cred1t 1s s1m1lar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves !Table 2, column 11 less unadjusted required reserves !Table 2, column 31. The seasonally adjusted, break-adjusted monetary base consists of I l l seasonally adjusted, break-adjusted total reserves plus 121 the seasonally adJusted currency component of the money stock plus 131, for institutions whose vault cash exceeds their required reserves, the seasonally adJusted, break-adjusted excess of currenl vault cash over the amount applied to satisfy current reserve requirements. !Also, see footnote 3 on Table 2 and footnote 4 on Table 3. l H.3 1502) Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve re~irements Averages of daily figures, not seasonally adjusted Millions of dollars · Vault cashs Reserves of depository institutions Date total 2 nonborrowed required Monetasy base Reserve balances with F.R. Banks 4 1988-JAN. FEB. MAR. 62640 60047 60076 61558 59650 58324 61345 58914 59147 265789 262598 263979 37485 34211 36027 26966 28165 25960 25155 25836 24049 1811 2329 1912 APR. MAY JUNE 62064 60681 61991 59071 58103 58908 61205 59641 61103 268127 268899 272654 38429 36509 37907 25208 25882 25730 23636 24172 24084 1573 1710 1646 JULY AUG. SEP. 62756 61965 62153 59316 58724 59314 61749 61012 61181 275591 275033 274874 37992 36911 37213 26459 26895 26727 24763 25054 24940 1696 1841 1787 OCT. NOV. DEC. 61915 62407 63739 59616 59546 62023 60853 61287 62699 275775 278653 283176 36421 36997 37830 27198 26745 27197 25494 25410 25909 1705 1335 1288 63480 61816 62354 281121 36494 28376 26986 1390 1988-DEC. 14 28 63491 63631 61477 62284 62515 62550 281758 284188 38363 37106 26316 27927 25128 26525 1188 1403 12 147 1989-JAN. 11 25p 65403 62756 63355 61227 64256 61809 285079 279995 38724 36516 27904 27414 26679 26240 1225 1174 146 143 FEB. 61642 60370 60138 276493 32354 31488 29289 2199 69 1989-JAN. pe total used to satisfy requireCl reserves 6 surplus 7 Net carryover of reserv~ balances Two weeks ending Spa p--preliminary pe--preliminary estimate 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. 2. The monetary base, not break-adjusted and not seasonally adjusted, consists of total reserves plus required clearing balances and adjustments 3. to compensate for float at Federal Reserve Banks plus the currency component of the money stock plus, for institutions whose vault cash exceeds their required reserves, the excess of current vault cash over the amount applieCl 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. 4. Oates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve 5. reguirements, maintenance periods end 30 days after the lagged computation periods in which the balances are held. 6. All vault cash held during the lagged computation period by "bound" institutions I i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions li.e., those whose vault cash exceeds their re~ired reserves) to satisfy current reserve requirements. http://fraser.stlouisfed.org/ Total vault cash held by depository institutions minus the amount applied to satisfy reserve requirements. 7. Federal Reserve Bank of St. · Louis · · · utions maintainina reserves nn thA h~~;c n~ ~wn-woo~ M~;~~A~---- ---=-~- n-L•--~1. M1i11ons of dollars Reserves of depository institutions Date tota-12 nonbol"rowed "requ'i red 3 Monetary base 4 1988-JAN. FEB. MAR. 61199 58663 58851 60117 58267 57099 59904 57530 57922 262006 259010 260772 APR. MAY JUNE 60947 59454 60679 57954 56876 57596 60088 58414 59791 265007 265732 269442 JULY AUG. SEP. 61467 60591 60654 58027 57350 57815 60460 59638 59683 272411 271734 271567 OCT. NOV. DEC. 60541 61155 62427 58241 58294 60711 59479 60035 61387 272442 275482 279891 62289 60625 61163 277890 1988-DEC. 14 28 62206 62253 60193 60907 61230 61172 278363 281006 1989-JAN. 11 25p 64265 61549 62217 60020 63118 60602 281814 276827 60390 59118 58885 273179 1989-JAN. pe Two weeks ending FEB. 8pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes 1n 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 discontinuities 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 includes required reserves against transactions deposits and nonpersonal time and sav1ngs deposits !but not reservable nondeposit liabilit1es. J Break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for institutions whose vault cash exceeds their required reserves, the break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. 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