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FEDERAL RESERVE statistical release -\t H.3(902) Tablet For n s l w s at 4:30 Eastern Time JANUARY AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 16, 1906 1 Adjusted for changes in reserve requirements Averages of dally figures, eeeeooelly adjusted unless noted otherwise Millions of dollars Date tota|Z Reserves of depository Institutions non borrowed nonborrowed plus required extended credit* I excess NSA4 Monetary base* Borrowings of depository institutions from the Federal Reserve, NSA total seasonal extended credit* 1984—DEC. 39,081 35,895 38,499 38,229 853 199,032 3,186 113 2,604 1985--JAN. FEB. MAR. APR. MAY JUNE JULY AUG^ SEPT. OCT. NOV. DEC. P 39,635 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,651 44,377 45,197 38,240 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,218 42,464 42,636 43,079 39,290 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,874 43,093 43,167 44,378 38,890 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,898 43,449 44,130 745 903 766 738 804 905 855 827 666 753 928 1 ,067 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,154 212,384 213,456 215,255 216,939 1 ,395 1 , 289 1 ,593 1 ,323 1 , 334 1 ,205 1,107 1 ,073 1 ,289 1 ,187 1 ,741 1 ,318 62 71 88 135 165 151 167 221 203 172 107 56 1 , 050 803 1 , 059 868 534 665 507 570 656 629 530 4 99 ! TWO WEEKS ENDING 1985-DEC. 4 18 45,057 44,720 42,130 43,879 42,632 44,403 44,005 43,892 1 ,052 828 | 216,213 216,497 2,928 841 84 53 503 524 1986-JAN. 1 P 15 PE 45,754 45,693 44,417 45,080 44,888 45,550 44,424 44,442 1 ,330 1 ,252 217,638 218,347 1 ,338 614 51 28 472 471 P —-PRELIMINARY PE--PRELIMINARY ESTIMATE 1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF -SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCH VAULT CASH CONSISTS OF 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. 3/ 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. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES 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. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THF FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20,:>51 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements^' Averages of daify figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base 2 ' Date total nonborrowed Reserve balances, with F.R. BanksMI used to satisfy required reserves' I required 1984 — DEC* 40,696 37,509 39,843 202,586 21,738 22,316 18,958 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. P 41,125 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,154 39,730 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,835 40,380 39,370 39,728 40,914 40,247 41,447 41 948 42 135 43,782 44,716 45,454 47,086 201,353 199,937 201,287 203,814 204,944 208,386 210,654 211,600 213 038 214 690 217 400 221 725 21,577 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,626 23,044 23,927 21,863 21,567 21,898 22,180 22,530 22,839 22,465 22,724 22,457 22,956 19,547 19,857 18,429 18,435 18,666 18,985 19,300 19,548 19,475 20,038 19,997 20,528 surplus8 TWO WEEKS ENDING 1985—DEC. 4 18 47,057 47,702 44,129 46,861 46,005 46,875 218,657 221,126 27 029 27 503 22,543 22,464 20,028 20,199 2,515 2,265 1986--JAN. 1 P 15 PE 48,978 49,741 47,640 49,127 47,648 48,489 223,314 222,974 27 943 28 471 23,612 23,591 21 035 21 270 2,577 2,322 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. 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 INST H U T IONS 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 Date total Reserves of depository institutions nonborrowed Monetary base required 1 984—DEC. 40,129 36,943 39,277 202,020 1985 — J A N . FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. P 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 44,625 46,416 39,308 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 42,884 45,098 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,994 43,697 45,349 200,931 199,542 200,859 203,417 204,535 207,992 210,260 211,233 211,811 212,967 215,643 219,987 TUO WEEKS ENDING 1985—DEC. 4 18 45,259 45,976 42,332 45,135 44,207 45,149 216,860 219,400 1986--JAN. 1 P 15 PE 47,245 48,336 45,908 47,723 45,915 47,084 221,582 221,569 P- PRELIMINARY PE—-PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY^CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER