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FEDERAL RESERVE statistical releas H.3 £02) «/fMr For Immedm^RelLfe Table 1 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS RY 1 2 , *%« Average of daily figures 1981 seasonal I \t adjusted 1979—DEC. 43,567 42,095 43,126 153.8 644.4 451.1 191.5 15.4 176.1 1.8 1980—JAN. fEB. MAE. APR. HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 43,441 43,350 43,669 44,846 44,446 43,959 42,781 40,749 41,517 41,727 41,227 40,131 42,200 41,695 40,846 42,391 43,427 43,580 42,386 40,090 40,206 40,417 39,168 38,441 43,191 43,139 43,483 44,649 44,268 43,756 42,497 40,447 41,262 41,521 40,730 39,579 154.7 155.6 156.6 157.9 158.5 158.9 158.8 158.2 159.5 160.9 160.6 159.8 643.7 647.2 649.1 655.4 656.8 658.0 658.5 667.8 678.2 684.7 694.5 701.8 451.9 454.4 457.9 464.2 467.7 467.9 467.0 474.2 482.0 486.7 494.2 503.9 189.5 190.9 189.4 188.7 187.3 188.4 189.1 191.5 194.5 195.6 198.2 195.9 13.6 14.5 15.6 17.2 17.1 16.9 16.6 14.4 15.9 16.5 17.4 17.5 176.0 176.4 173.9 171.5 170.2 171.5 172.5 177.1 178.6 179.1 180.7 178.4 2.3 1.9 1.8 2.4 1.8 1.7 2.5 2.1 1.8 2.4 2.2 1.9 P P P HIEK ENDINC 1980—NOV. 5 12 19 26 P P P P 42,669 42,426 40,195 40,408 40,791 40,359 38,216 38,193 42,102 42,022 39,691 40,091 162.3 162.5 159.2 159.5 688.3 696.0 694.5 695.7 488.5 492.0 494.3 497.7 197.5 201.8 197.7 196.3 17.1 19.2 17.2 17.1 180.4 182.6 180.5 179.2 2-3 2.2 2.5 1.7 DEC. 3 10 17 24 31 P P P P P 40,569 39,530 40,400 40,325 40,084 38,427 37,744 38,895 38,676 38,457 39,688 39,268 39,898 39,516 39,588 159.9 158.7 159.9 160.1 160.4 699.4 699.3 700.0 701.4 705.5 498.6 500.2 502.5 506.4 508.9 198.5 197.1 195.7 193.4 194.4 16.1 18.2 17.0 17.2 18.0 182.4 178.9 178.7 176.2 176.4 2.3 2.0 1.8 1.6 2.2 1979—DEC. 44,020 42,547 43,578 156.3 652.6 452.0 198.6 16.0 182.6 2.0 1980—JAN. fEB. MAR. AP.R. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 45,179 43,177 43,096 44,880 43,963 43,472 42,859 40,373 41,164 41,704 41,221 40,619 43,938 41,522 40,273 42,425 42,945 43,092 42,464 39,715 39,852 40,394 39,161 38,929 44,928 42,966 42,910 44,683 43,785 43,268 42,575 40,071 40,908 41,498 40,723 40,067 155.9 154.0 154.9 157.5 157.8 158.6 159.6 158.0 158.9 160.6 161.4 162.5 652.1 643.9 648.0 657.7 651-5 656.9 658.2 662.5 675.6 684.2 694.8 710.2 454.6 455.8 460.6 464.7 467.7 46 7 . 4 466.0 471.8 479.6 485.8 493.2 504.9 195.4 186.2 185.5 190.4 182.1 187.2 190.0 189.0 193.9 196.4 199.7 203.2 14.5 14.3 15.2 16.8 16.2 16.6 16.8 14.2 15.8 16.5 18.0 18.2 180.9 172.0 170.4 173.6 165.9 170.6 173.2 174.8 178.1 179.8 181.6 185.0 2.1 1.8 1.9 2.6 1.7 2.3 2.2 1.7 2.1 2.1 1.9 2.1 not seasonally adjusted P P P HIEK ENDINC 1980—NCV. 5 12 19 26 P P P P 42,599 42,090 40,521 40,312 40,721 40,023 38,542 38,097 42,032 41,686 40,017 39,995 162.2 163.4 160.5 160.1 690.1 694.4 695.5 693.9 487.0 490.6 493.4 497.1 200.9 202.1 200.0 195.2 18.3 18.8 17.9 16.9 182.6 183.3 182.1 178.3 2.2 1.8 2.2 1.5 DEC. 3 10 17 24 31 P P P P P 40,791 39,455 41,056 40,838 41,054 38,649 37,669 39,551 39,189 39,427 39,910 39,193 40,554 40,029 40,558 161.4 161.2 162.7 163.5 163.0 704.0 703.4 707.8 710.5 719.6 498.4 500.8 503.3 507.4 511.0 203.4 201.0 201.9 201.0 206.6 19.0 18.2 17.6 17.9 18.5 184.4 182.8 184.4 183.1 188.1 2.1 1.6 2.5 2.1 2.1 See reverse side for explanation of footnotes. | H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 4 Averages of daily figures ^ Reserves of depository institutions 2 required Period total ~ 1 nonborrowed millions of dollars seasonal 1/ adjusted Monetary base '* billions of dollars Reserves of depository institutions required total 2 | nonborrowed _ _ _ _ millions of dollars not seasonally adjusted Monetary base 3 n billions of dollars 1979—DEC- 37,506 36,033 37,064 146.8 37,918 36,446 37,477 149.3 1980—JAN. FEB. MAR. APR. 37,475 37,400 37,477 37,516 37,485 37,461 37,570 38,050 38,725 38,894 40,057 40,110 36,234 35,745 34,653 35,061 36,467 37,081 37,176 37,392 37,414 37,583 37,997 38,420 37,224 37,189 37,291 37,319 37,307 37,257 37,286 37,749 38,470 38,687 39,559 39,558 147.8 148.7 149.5 149.7 150.7 151.5 152.6 154.6 155.8 157.1 159.1 159.7 39,060 37,203 36,919 37,533 37,062 37,007 37,665 37,706 38,401 38,876 40,056 40,598 37,819 35,548 34,096 35,077 36,043 36,628 37,270 37,048 37,030 37,565 37,997 38,908 38,809 36,992 36,733 37,336 36,884 36,804 37,381 37,405 38,146 38,669 39,558 40,045 148.9 147.1 147.8 149-2 149.9 151.2 153.5 154.4 155.3 156.9 159.9 162.5 P P P P 39,786 39,532 40,168 40,382 37,908 37,465 38,189 38,167 39,219 39,128 39,664 40,065 158.5 158.7 159.2 159.5 39,725 39,217 40,495 40,286 37,847 37,150 38,516 38,071 39,1S8 38,813 39,991 39,969 158.4 159.6 160.5 160-1 3 P 10 P 17 P 24 P 31 P 40,548 39,509 40,379 40,303 40,063 38,406 37,723 38,874 38,654 38,436 39,667 39,247 39,877 39,494 39,567 159.9 158.7 159.9 160.1 160.4 40,770 39,434 41,035 40,817 41,033 38,628 37,648 39,530 39,168 39,406 39,889 39,172 40,533 40,008 40,537 161.4 161.2 162.7 163.5 163.0 MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. WEEK P P P ;: ENDINC 1980—NOV. DEC. 5 12 19 26 P - PRELIMINARY 1/ RESERVES OF DEPOSITORY INSTITUTIONS SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIOR TO NOVEMBER 13, 1980, THE DATE OF IMPLEMENTATION OF THE MONETARY CONTROL ACT, ONLY THE RESERVES OF COMMERCIAL BANKS THAT WERE MEMBERS OF THE FEDERAL RESERVE SYSTEM HERE INCLUDED IN THE SERIES. SINCE THAT DATE THE SERIES INCLUDE THE RESERVES OF ALL DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE IMPLEMENTATION OF-THE ACT, REQUIRED RESERVES OF MEMBER BANKS WERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED ABOUT $1.4 BILLICN. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS IMPOSED ON "MANAGED LIABILITIES". THIS ACTION RAISED REQUIRED RESERVES ABOUT $320 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT WAS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24, 1980, THE 5 PERCENT MARGINAL RESERVE REQUIREMENT CN MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS WERE REMOVED. THESE ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION. 2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH AT INSTITUTIONS WITH REQUIRED RESERVE BALANCES PLUS VAULT CASH EQUAL TO REQUIRED RESERVES AT OTHER INSTITUTIONS. 3/ INCLUDES RESERVE EALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREMENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS. 4/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT, MARGINAL RESERVE REQUIREMENTS, THE INCLUSIONS OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATIONS D AND K. 5/ RESERVE MEASURES FOR NOVEMBER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND AVOIDANCE ACTIVITIES OF A FEW LARGE BANKS. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TIME INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OF DEPOSITS ENTERING THE MONEY SUPPLY. IN NOVEMBER, THIS INCREASE IN REQUIRED RESERVES IS ESTIMATED AT $550 TO $600 MILLION. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C., 20551.
@FedFRASER