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FEDERAL RESERVE statistical release ••SjWF' MS (SOU T«M*1 For M H M « 4:30 C JANUARY 1 7 , AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Tkn* 1985 AvefOQSS Of deity n0Wfee« SeeSOnSlty edfUStSd IMllSeS noted OfhefWtSS fc.»««» ^ a rill I I • •!• enmone ot QoiMre I 0a» | Sit? nseerves of depository Institutions nonborrowed plus noftbofrowod required oxtended credit* 35,364 35,366 35.578 185,486 Borrowings of depository Institutions from tnt Fedsrsi WssefwL MSA totl ' seasons! I extended credit* 774 2 | _ 613 942 709 490 577 767 607 683 620 607 680 854 187,469 189,277 189,4'7 190,357 191,977 193,858 194,755 195,980 195,992 196,375 197,022 197,866 715 567 952 1,234 2,988 3,300 5,924 8,017 7,242 6,017 4,617 3,186 86 103 133 139 196 264 308 346 319 299 212 113 5,008 7,043 6,459 5,057 3,837 2,604 37,215 37,753 902 514 197,410 197,533 4,251 3,231 184 115 3,488 2,774 38,251 39,257 1,229 714 198,444 200,689 2,691 1,631 81 58 2.038 1,371 1983—DEC- 36,138 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. P 36,357 37,025 37,097 37,109 37,447 38,282 38,233 38,380 38,135 37,745 38,099 38,712 35,642 36,458 36,145 35,875 34,459 34,982 32,309 30,363 30,894 31,728 33,482 35,526 35,646 36,463 36,172 35,919 34,496 36,855 37,317 37,406 37,352 36,785 37,319 38,130 35,744 36,083 36,388 36,619 36,870 37,516 37,626 37.697 37,515 37,138 37,419 37,859 3 19 38,117 38,267 33,866 35,036 37.354 37,810 2 P 16 PE 39,480 39,971 36,790 38,340 38,827 39,711 | \ excess N8A4 561 [ Monetsry bfts#* I 4 5 27 44 37 1,873 TWO UEEKS ENDING 1984-DEC. 1985-JAN. p 1/ j I PRELIMINARY PE—PRELIMINARY ESTIMATE 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. 3/ 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 THE FEDERAL RESERVE SYSTEM. WASHINGTON, D.C. 20551 H.3 (502) Table 2 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted'tor changes ^ r e w ^ r e q u i r e m e n t ^ 4 ^ Average* UMfifiTy figures, not aeasonaliy adjusted ^ : r% Millions of dollar* '" Vault cash4 Aeeerves of depository Institutions Monetary baee'i Data teteJ nonborrowed Reserve balances, with F.R. Banks* required total used to satisfy required reservoe*j eurplue'/ Net carryover of exoeeaor deficit Hi reeerve balance* M 1983—DEC. 38,894 38,120 38,333 192,359 20,986 20,755 17,908 2,847 1984—JAN. FEB. MAR. APR. 40,120 36,365 36,278 37,134 36,319 37,318 37,464 37,238 38,033 38,499 39,222 40,699 39,405 35,798 35,326 35,920 33,531 34,218 31,540 29,241 30,793 32,482 34,604 37,512 39,507 35,423 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,845 192,301 186,672 187,813 190,344 191,080 193,962 195,525 195,697 196,232 196,678 198,758 202,439 21,325 18,414 19,484 20,351 19,560 20,210 19,885 19,263 20,135 20,086 20,829 21,741 22,578 22,269 20,396 20,152 20,446 20,770 21,134 21,688 21,232 21,873 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 18,957 3,782 4,318 3,602 3,349 3,486 3,461 3,555 3,694 3,333 3,462 3,434 3,359 19 39,503 40,131 35,253 36,900 38,602 39,617 199,511 201,951 21,184 21,584 21,705 21,667 18,320 18,547 3,385 3,120 68 172 2 P 1 6 PE 41,859 41,972 39,168 40,341 40,630 41,258 204,228 203,337 22,158 22,873 23,328 22,089 19,701 19,099 3,627 2,990 65 181 MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. P TUO WEEKS ENDING 1984—DEC. 1983—JAN. atfSSSSSHS^Sitt^SRfwf^^^Bi 5 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 UITH 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 UHICH 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. f 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. rV 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 http://fraser.stlouisfed.org/ MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. Federal Reserve Bank of St. Louis H.3(502) TaWa3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjustad for changas in rasarvs raquiramsnta' Avaragas of daily figures, not aaasonaily adjustad Millions of dollars Date total Rsssrvas of depository Institutions nonborrowad Monetary baa* raqulrad 1 9 8 3 - DEC. 36,859 36,085 36,298 188,758 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. P 38,181 36,610 36,613 37,476 36,768 37,793 37,847 37,691 37,873 37,940 38,674 40,132 37,466 36,042 35,662 36,242 33,780 34,493 31,923 29,675 30,632 31,923 34,057 36,946 37,568 35,667 35,905 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,279 188,633 186,875 188,148 190,666 191,329 194,237 195,908 196,130 196,071 196,119 198,211 201,873 TWO WEEKS ENDING 1984—DEC. 5 19 38,952 39,604 34,701 36,373 38,050 39,090 198,959 201,424 1985—JAN. 2 P 16 PE 41,240 41,577 38,550 39,946 40,011 40,863 203,610 202,942 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.
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