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FEDERAL RESERVE statistical release
F o r R e le a s e a t 4 : 3 0 p . m .
H .3 ( 5 0 2 )
T a b le 1
A G G R E G A T E RESERVES O F DEPO SITO RY IN STITU TIO N S AND TH E M O N E TA R Y BASE
JANUARY 1 7 , 1991
A d ju s t e d f o r c h a n g e s i n r e s e r v e r e q u i r e m e n t s 1
A v e r a g e s o f d a i l y f i g u r e s , s e a s o n a ll y a d j u s t e d u n le s s n o te d o t h e r w is e
M illio n s o f d o lla rs
R e s e rv e s o f d e p o s it o r y
to ta l2
D a te
n o n b o rro w e d 3
B o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s
fro m th e F e d e r a l R e s e r v e , NSA
in s t it u t io n s
n o n b o rro w e d
p lu s e x te n d e d
c re d it4
re q u ire d
E a s t e r n T im e
excess
NSA 5
M o n e ta ry
base6
to ta l
seasonal
e x te n d e d c r e d i t 4
60033
59767
59787
59110
922
284946
265
84
20
1 9 9 0 -J A N .
FEB.
MAR.
59896
60215
60297
59456
58768
58173
59482
59302
60123
58880
59227
59436
1016
989
861
287509
289714
291820
440
1448
2124
47
51
78
26
535
1950
APR .
MAY
JU N E
60275
59783
59732
58647
58448
58850
60051
59324
59196
59379
58820
58958
897
962
774
293540
294401
296276
1628
1335
881
122
244
311
1403
875
3 46
JU L Y
AUG .
SEP.
59322
59746
60082
58565
58819
59457
58845
58947
59464
58460
58879
59173
862
297860
301121
304780
757
9 27
624
389
430
4 18
280
127
909
O C T.
NOV.
D EC . P
59609
59763
60564
59199
59532
60239
59217
59557
60262
58763
58816
58858
847
947
1707
306545
307678
309524
410
230
326
335
162
76
18
24
23
14
28
59733
59906
59451
59713
59476
59738
58751
58940
982
966
307297
308107
282
193
195
140
25
25
12
58968
61077
58838
60573
58862
60595
58407
59145
561
1932
307339
309890
130
50 4
87
79
25
62959
62664
62686
59134
3825
313741
295
41
22
1 9 8 9 -D E C .
868
6
Tw o w eeks
e n d in g
1 9 9 0 -N O V .
DEC.
26
1 9 9 1 -J A N .
9p
p — p re lim in a r y
1.
2
.
3.
4.
5.
6.
22
p e — p r e l i m i n a r y e s t im a t e
R e s e rv e s a n d m o n e ta ry b a s e f i g u r e s i n c o r p o r a t e a d ju s tm e n ts f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y c h a n g e s i n r e s e r v e
r e q u i r e m e n t s . ( F o r m ore i n f o r m a t i o n , see T a b le 3 . J
S e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d t o t a l re s e r v e s e q u a l s e a s o n a ll y a d j u s t e d , b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s p l u s u n a d ju s t e d e x c e s s
r e s e r v e s . ( A l s o , see f o o t n o t e 2 on T a b le 2 and f o o t n o t e 2 on T a b le 3 . )
S e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d n o n b o rro w e d re s e rv e s e q u a l s e a s o n a ll y a d j u s t e d , b r e a k -a d j u s t e d t o t a l r e s e r v e s l e s s u n a d ju s t e d t o t a l
b o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s from th e F e d e r a l R e s e rv e .
E x te n d e d c r e d i t c o n s i s t s o f b o r r o w in g a t th e d is c o u n t w indow u n d e r th e te rm s and c o n d i t io n s e s t a b l i s h e d f o r th e e x te n d e d c r e d i t p ro g ra m t o
h e l p d e p o s i t o r y i n s t i t u t i o n s d e a l w i t h s u s t a in e d l i q u i d i t y p r e s s u r e s . B ecau se th e r e i s n o t th e same n e e d t o re p a y s u c h b o r r o w i n g p r o m p t ly
a s t h e r e i s w i t h t r a d i t i o n a l s h o r t - t e r m a d ju s tm e n t c r e d i t , th e money m a rk e t im p a ct o f e x te n d e d c r e d i t i s s i m i l a r t o t h a t o f n o n b o rro w e d
re s e rv e s .
E x c e s s r e s e r v e s NSA e q u a ls u n a d ju s t e d t o t a l r e s e rv e s ( T a b l e 2 , c o lu m n 1 ) le s s u n a d ju s te d r e q u i r e d r e s e r v e s ( T a b l e 2 , c o lu m n 3 ) .
T h e s e a s o n a ll y a d j u s t e d , b r e a k - a d j u s t e d m o n e ta ry base c o n s is t s o f ( 1 ) s e a s o n a lly a d j u s t e d , b r e a k - a d j u s t e d t o t a l r e s e r v e s p l u s ( 2 ) t h e
s e a s o n a l l y a d j u s t e d c u r r e n c y com ponent o f th e money s to c k p lu s ( 3 ) , f o r a l l q u a r t e r l y r e p o r t e r s on t h e " R e p o r t o f T r a n s a c t i o n A c c o u n t s , O t h e r
D e p o s it s a nd v a u l t C a s h " ana f o r a l l th o s e w e e k ly r e p o r t e r s w hose v a u l t c a s h e x ceeds t h e i r r e q u i r e d r e s e r v e s , th e s e a s o n a ll y a d j u s t e d , b r e a k a d i u s t e d d i f f e r e n c e b e tw e e n c u r r e n t v a u l t c a s h and th e am ount a p p l i e d t o s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . ( A l s o se e f o o t n o t e 3 o n T a b l e 2
a n a f o o t n o t e 4 on t a b l e 3 . )
Table 2
A G G R E G A T E RESERVES OF DEP O SITO R Y IN STITU TIO N S AND THE M O N ETA R Y BASE
N o t a d j u s t e d f o r ch a n g e s i n r e s e r v e r e q u i r e m e n t s 1
A v e r a g e s o f d a i l y f i g u r e s , n o t s e a s o n a ll y a d ju s t e d
M illio n s o f d o lla r s
R e s e rv e s o f d e p o s i t o r y
V a u lt ca sh5
in s titu tio n s
M o n e ta ry
to ta l2
D a te
n o n b o rro w e d
re q u ire d
R e se rv e
b a la n c e s
w ith
F . R . B anks 4
to ta l
u s e d to
s a tis fy
re q u ire d
re s e rv e s 6
s u r p lu s 7
1 9 8 9 -D E C .
62810
62544
61888
292554
35436
29812
27374
2439
1990-J A N .
FEB.
MAR.
62931
60623
60658
62491
59175
58535
61914
59634
59797
292131
290025
292377
34090
30929
33407
31301
32489
29581
28841
29693
27251
2461
2795
2330
APR.
MAY
JUNE
62512
60232
61197
60884
58897
60315
61615
59269
60423
296872
297034
300985
35409
32771
33878
29281
29812
29632
27103
27461
27318
2178
2351
2314
JU L Y
AUG.
SEP.
60943
60728
61452
60185
59801
60828
60081
59860
60544
303387
304995
307211
32946
32448
33303
30457
30843
30622
27996
28280
28149
2460
2563
2473
O C T.
NOV.
DEC. p
61052
62045
59159
60642
61815
58833
60206
61099
57452
308854
312689
313733
32127
33382
30275
31515
31085
31776
28925
28663
28884
2590
2422
2892
Net
c a rry o v e r
o f re s e rv e
b a la n c e s 8
Tw o w eeks
e n d in g
1 9 9 0 -N O V .
14
28
62114
61972
61832
61779
61132
61006
312236
312958
33821
32848
30652
31632
28293
29125
2360
2508
69
185
DEC.
12
26
62073
58045
61943
57541
61513
56114
313975
313827
34046
28422
30293
32689
28027
29623
2266
3066
268
4
55280
54985
51455
312888
26409
32782
28872
3911
255
1 9 9 1 -J A N .
9p
p — p re lim in a r y
1.
2.
3.
4.
5.
6.
7.
8.
p e — p r e l i m i n a r y e s tim a te
R e f l e c t s a c t u a l r e q u i r e d r e s e r v e s , w i t h no a d ju s tm e n ts t o e l i m i n a t e th e e f f e c t s o f d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y
changes in re s e rv e re q u ire m e n ts .
.
R e s e rv e b a la n c e s w i t h F e d e r a l R e s e rv e Banks p lu s v a u l t c a s h u se d t o s a t i s f y r e s e r v e r e q u ir e m e n t s .
.
,
T h e m o n e ta ry b a s e > n o t b r e a k - a d j u s t e d and n o t s e a s o n a lly a d j u s t e d , c o n s is t s o f ( 1 ) t o t a l r e s e r v e s p lu s ( 2 ) r e q u i r e d c l e a r i n g b a la n c e s a n d
a d ju s t m e n t s t o com pen sate f o r f l o a t a t F e d e r a l R e s e rv e Banks p lu s (3 ) th e c u r r e n c y com ponent o f th e money s t o c k p lu s ( 4 ) , f o r a l l q u a r t e r l y
r e p o r t e r s on th e " R e p o r t o f T r a n s a c t i o n A c c o u n t s , O th e r D e p o s its and V a u l t C ash " and f o r a l l th o s e w e e k ly r e p o r t e r s w hose v a u l t c a s h e x c e e d s
t h e i r r e q u i r e d r e s e r v e s > th e d i f f e r e n c e betw ee n c u r r e n t v a u l t c a s h and th e amount a p p lie d t o s a t i s f y c u r r e n t r e s e r v e r e q u i r e m e n t s . A f t e r t h e
i n t r o d u c t i o n o f CRR, c u r r e n c y and v a u l t c a s h f i g u r e s a r e m easured o v e r c o m p u ta tio n p e r io d s e n d in g on M o n d a ys.
,
E x c lu d e s r e q u i r e d c l e a r i n g b a la n c e s and a d ju s tm e n ts t o com pen sate f o r f l o a t and in c lu d e s o t h e r o f f - b a l a n c e s h e e t " a s - o f ' a d j u s t m e n t s •
D a te s r e f e r t o th e m a in te n a n c e p e r io d s i n w h ic h th e v a u l t ca sh ca n be u sed to s a t i s f y r e s e r v e r e q u ir e m e n t s . U n d e r co n te m p o ra n e o u s r e s e r v e
r e q u i r e m e n t s , m a in te n a n c e p e r io d s end 30 d a ys a f t e r th e la g g e d c o m p u ta tig n p e r io d s in w h ic h th e b a la n c e s a r e h e ld .
.
A l l v a u l t c a s h h e ld d u r in g th e la g g e d c o m p u ta tig n p e r io d b y "b o u n d " i n s t i t u t i o n s ( i . e . , th o s e w hgse r e g u i r e d r e s e r v e s e x c e e d t h e i r v a u l t
c a s h ) p lu s th e am ount o f v a u l t c a s h a p p l ie d d u r in g th e m a in te n a n c e p e r io d b y "nonb ou nd" i n s t i t u t i o n s ( i . e . , th o s e whose v a u l t c a s h e x c e e d s
t h e i r r e q u i r e d r e s e r v e s ) t o s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s .
T o t a l v a u l t c a s h h e ld b y d e p o s i t o r y i n s t i t u t i g n s m inus th e am ount a p p l ie d to s a t i s f y r e s e r v e r e q u ir e m e n t s .
C ons i s t s o f c a r r y o v e r o n l y a t depo s i t o r y i n s t i t u t i o n s ma i n t a i n i n g r e s e r v e s on th e bas i s o f tw o -w e e k ma m t e n a n c e p e r i o d s . R e f l e c t s e x c e s s ( + ) o r
d e f i c i t { - ) r e s e r v e s e l i g i b l e t o be c a r r i e d f o rw a rd i n t o th e tw o -w e e k r e s e r v e m a in te n a n c e p e r io d e n d in g on th e d a te show n.
H .3 ( 5 0 2 )
T a b le 3
A G G R E G A T E RESERVES OF DEPO SITO RY IN STITUTIO NS AND TH E M O N ETA R Y BASE
A d ju s t e d f o r c h a n g e s i n r e s e r v e re q u ire m e n ts *
A v e r a g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s t e d
M illio n s o f d o lla r s
R e s e rv e s o f d e p o s it o r y i n s t i t u t i o n s
to t a l2
D a te
n o n b o rro w e d
re q u ire d 3
M o n e ta ry b a s e 4
1 9 8 9 -D E C .
61669
61404
60747
289447
1 9 9 0 -J A N .
FEB.
MAR.
61579
59199
59234
61139
57751
57110
60563
58210
58373
288671
286502
288864
APR.
MAY
JUN E
61047
58742
59610
59419
57408
58729
60150
57780
58836
293354
293520
297372
JU L Y
AUG.
SEP.
59471
59212
59813
58713
58285
59189
58609
58345
58905
299897
301462
303563
O C T.
NOV.
D EC. P
59245
60024
62221
58834
59794
61895
58398
59078
60514
305001
308711
3140 6 4
Tw o w eeks
e n d in g
1 9 9 0 -N O V .
14
28
60102
59942
59820
59749
59120
58976
308 2 68
308972
D EC .
12
60060
62518
59930
62014
59499
60586
309982
315551
66575
66280
62749
31969 5
26
1 9 9 1 -J A N .
9p
p — p r e lim in a r y
1.
2.
3.
4.
p e — p r e l i m i n a r y e s t im a t e
F i g u r e s r e f l e c t a d ju s tm e n ts f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n r e s e r v e
re q u ire m e n ts .
B r e a k -a d j u s t e d t o t a l r e s e r v e s e q u a l b r e a k -a d j u s t e d r e q u ir e d r e s e r v e s ( T a b l e 3 , co lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA
( T a b l e 1 , c o lu m n 5 ) .
T o a d j u s t r e q u i r e d r e s e r v e s f o r d i s c o n t i n u i t i e s due to r e q u l a t o r y ch a n g e s i n r e s e r v e r e q u ir e m e n t s , a m u l t i p l i c a t i v e
p r o c e d u r e i s u s e d t o e s t im a t e w h at r e q u i r e d r e s e r v e s w o u la h a ve been i n p a s t p e r io d s had c u r r e n t r e s e r v e
re q u ir e m e n t s be e n i n e f f e c t . B r e a k -a d ju s t e d r e q u i r e d re s e r v e s i n c lu d e s r e q u i r e d r e s e r v e s a g a i n s t t r a n s a c t i o n s
d e p o s it s a nd n o n p e rs o n a l tim e and s a v in g s d e p o s it s ( b u t n o t r e s e r v a b l e n o n d e p o s it l i a b i l i t i e s . )
T h e b r e a k -a d j u s te d m o n e ta ry base e q u a ls ( 1 ) b r e a k -a d ju s t e d t o t a l r e s e r v e s p lu s ( 2 ) th e ( u n a d ju s t e d ) c u r r e n c y com pon ent
o f t h e money s t o c k p lu s ( 3 ) , f o r a l l q u a r t e r l y r e p o r t e r s on th e " R e p o r t o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s it s and
V a u l t C a s h " an d f o r a l l th o s e w e e k ly r e p o r t e r s whose v a u l t c a s h e x ce e d s t h e i r r e q u i r e d r e s e r v e s , t h e b r e a k - a d j u s t e d
d i f f e r e n c e b e tw e e n c u r r e n t v a u l t c a s h and th e am ount a p p lie d to s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s .
Note: Hist o r i c a l data are a v ailable from the Money and Reserves Projections Section, Division of Monetary Affairs, B o ard
of G o v e r n o r s of T he Federal Reserve System, Washington, D.C. 20551
@FedFRASER