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FEDERAL RESERVE statistical release For - . . al <4:30 Eastern Time H.3 (502) Table1 JAIOlBY ll, 1988 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In , _ ,..Orementa' Averages of dally figures, ..aonally ed]uated unless noted otherwlae Millions of dollars Date total Reeerves of depository Institutions required nonborrowed nonborfowed plus extended credit1 excess Monetary base' NSA• 198b- DEC. 51>,166 55,3441 55,643 54.798 1,369 239, su 1987--JAN. FEB. !lAB. lPB. !lAY JUNE JULY lOG. SEPT. OCT. NOV. DEC. p 56,884 56,873 56,852 57,954 58,352 57.706 57,602 57,876 !>7,825 58,496 57,987 57,447 56,304 56,317 56,325 56,961 57,317 56,930 56,929 51,229 56,885 57,553 57,362 56,669 56,529 56,64141 56,589 57.604 57,203 57,124 57,360 57,294 58,003 57,756 57.153 55,8H> 55,662 55,936 57. 127 57.273 56,516 56,841 56,844 57,032 57,36& 57,064 56,407 1,068 1,211 916 827 1,079 1.190 761 1,032 793 1,129 923 1,040 242,4Jt 243,9741 244,5&3 246,586 248,372 248,481 249,457 250,198 251.852 254,352 256,079 256. U9 2 16 30 57,846 57,1>65 57,134 57,163 56.850 56,464 57,oliJ 57.503 56,780 56,633 56.459 56,305 1.213 1,206 830 13 p 57,972 56,027 5o,S12 56,653 1,319 57,~31 Borrowings of depository lnatitutlons from the Federal Reserve, NSA aeaaonal extended credit total 8~1 38 303 580 521 993 1,035 716 672 647 940 943 625 111 34 71 91 120 196 259 283 279 231 189 126 93 225 283 264 270 288 273 194 132 40!) 449 394 483 256,291J 256,383 256.957 683 815 671 114 83 102 1165 653 316 259.251 1,945 66 485 55b TIIO WEEKS EID~NG ---------1987-DEC. 19i18-JAI. P---PREL~II~NlBY PE--PREUIIIHABY ESTIIIATE RESERVES liD IIOBETlRY BASE FIGURES INCORPORATE ADJUSTIIEITS FOR DISCONTIBUITIES ASSOCIATED IIITH THE I!RL£11EITlTIOI OF SHE IIOIETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQOIREMEITS. TO ADJUST FOB DISCOITIIUITIES DUE TO CHliGES II RESERVE REQUIBEIIENTS ON RESEBVABLE IONDEPOSIT LIABILITIES. THE SUII OF SUCH REQUIRED RESERVES ABE SUBTRACTED PBOII THE ACTUAL SERIES. SIMILARLY, II ADJUSTING FOR DISCOHTIHUITIES IH THE MOBBTABY BASE* REQUIRE» CLEA&IIG B&LABCES AND ADJUSTIIEN~ TO COIIPEHSATE FOR FLOAT ALSO ARE SUBTRACTED FROII THE ACTUAL SERIES. 2/ TOTAL RESERVES HOT ADJUSTED FOR DISCOITIBOITIES COBSISTS OF RESERVE BALliCES IIITH FEDERAL RESERVE BARKS (WHICH EIC~DE HEuUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPEISATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE BEQUIBEIIEBTS. SUCH VAULT CASU CONSISTS OF ALL VAULT CASH HELD DURIIG THE LAGGED COMPUTATION PERIOD 8Y INSTITUTIOIS HAVIIG REQUIRED RESERVE BALAHC£5 AT FEDERAL RESERVE BANKS PLUS THE lMOUIT OF VAULT CASH EUUAL XO &E~UIRED RESERVES DURING THE ~AIHTBBliCE PERIOD AT INSTITUTIONS HAYING NO REQUIRED RESERVE BALANCES. l/ EXTENDED CREDIT COISISTS OF BORROWING AT THE DISCOUNT IIIHDOB UNDER THE TERIIS AND COHDITIOIS ESTABLISHED FOB THE EXTBIDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS .DElL WITH SUSTliRED LIQUIDITY PRESSURES. BECAUSE THEBE IS lOT THE SAME IEED TO REPAY SUCH BOBBOiiBG PROIIPTLY AS THEBE IS RITH TRADITIONAL SHOBT-TEBII ADJUSTMENT CREDIT, THE !lOBEI BlBKBT IIIPACT OF BXTEIDED CREDIT IS SIIIILAB TO THAT OF NONBOBBOiED RESERVES. 4/ RESERVE BALANCES WITH FtiDERAL RESERVE BANKS PLU~ VAULT CASd USED TO SATISFY RESERVE REQUIHEBEITS LESS REQUIRED RESERVES. 5/ THE IIOIBTARI BASE HOT ADJUSTED fOR DISCONTIBUITIBS CUBSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARIIG BALABCES AND lDdUSTMEBTS ~0 COMPENSATE FOB FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURBEICY COIIPOIENT OF THE MONEY STOCK LESS THB liiOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTION~ THAT IS INCLUDED IN THE CORREICY COIIPONEHT OF THE BONEY STOCK PLUS. FOB INSTITUTIONS lOT HAYING REQUIRED RESERVE BALABCES, THE E~CEss OF CUkR~NT VAULT CASH OVER THE AIIOUIX APPLIED TO SATISFY CUBBE»T RESERVE REQUIREMENTS. AFTER tHE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ABE MEASURED OVER THE IIONDAl-ENDIIG COMPUTATION PERIOD. PR~OR TO CBR, ALL COMPONENTS OF THE MONETARY HASB OTHER THAN EXCESS RESERVES ARE SEASONALLI ADJUSTED AS A IIHOLE, BATHER THAN Ul COMPOIENT, AND EXCESS RESERV~S IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. APTER CRR. THE SEASOIALLI ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTEJ TOTAL RESERVES (iHICH INCLUDES EXCESS RESERVES ON A HOT SEASONALLY ADJUSTED BlSIS) PLUS THE SEASONALLY ADJUSTED CURRENCY CUM~ONEHT OF THE MONEl STOCK PLUS THE REMAINING ITEBS SEASONALLY ADJUSTEU AS A RBOLE. NOTE: HISTORICAL DATA ARE AVliLABL1 tROll THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS. BOARD OF GOVERBORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 1/ H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes In reS!rve_ requirement~1 Averages of daily figures, not seasonally adjusted Millions of dollars ' ·. Monetary basei. Date total nonborrowed required 1986--DEC. 59,560 58,733 58.191 1987--JAII. FEB. liAR. APR. II AI JUliE JUIJ lUG. SEPT. OCT. IIOV. DEC. p 59,668 57.060 57.061 59,393 58,339 58,781J 58,838 58,361 59.813 61.106 61,:.!05 62,134 59,088 5o,503 56.531J 58,1JOO 57,303 5a,oo8 58,166 57.714 58,873 60.163 60.580 61.357 58,600 55,81J9 56,146 58,566 57.260 57.591J 58,078 57.329 59,020 59.971 60,282 61.094 2 16 30 61,068 62.095 62,184 o0.385 o1.281 61,513 59.855 60,890 61,354 13 p 64,118 62,171J 6.2,799 2ll7.707 37,360 21J.011 .1.2,199 1,872 246.752 36,581J 33,625 35.318 37,807 36,1J66 36.309 36, 110 35,616 36,685 37,21J9 37,453 37,687 25,0<19 25,8i:l9 23,759 23.353 23,693 21J,31H) 24,631 24,6<19 24,860 25.59o 25,432 26.155 2.3,081J 23,4.35 21.71J3 21,587 21.873 22,1J75 22,728 22,71J5 2.3. 128 23.857 23.752 24,447 1,965 2,lJ5lJ 2,016 1.767 1.820 1,905 1.903 1,904 1.732 1,739 1,680 1.709 262,213 265,087 267.688 37,069 37,085 25,802 25,372 26,9b0 23,999 23,824 25,099 1,803 1.549 1.861 -5 142 282 268,556 39.184 26,5bb 24.934 1,63.2 165 21JIJ,220. 21JIJ,918 249,21J1 2lJ9,9lJO 252.539 25~J,o71 2511.360 255,691 258,076 261,673 26o.188 TIIO IIBBKS BJDIIIG -----1987--DEC. 1988-Jlll. 38,212 P---PRBI.IIIllll.Bl PE--PBBl.IIIllllRl BSriiiATE. 1/ REFLECTS ACTUAL RBSERVB RBQUIRBIENTS• IIICLODING THOSE 011 NOIIDEPOSIT LIABILITIES, WITH 110 ADJOSTIIBIITS TO ELIIIIIATB THE BFFBCTS or DISCOIITIIUITIBS ASSOCIATED WITH IIPLEIEIITATIOII OF THB IOIBTARl CONTROL ACT OR OTHBR RBGULATORl CHANGES TO RBSJBVB IBQUIRBKEIITS. 2/ CONSISTS or TOTAL IESBRVBS PLUS REQUIRED CLElBIIG BlLAIIC.ES AIID ADJUSTIIEIITS TO COIIPBIISATB FOR FLOAT AT FEDERAL IBSBIVB BANKS PLUS THB CUIRBIICl COKPOIIEIT OF THE liONEl STOCK LBSS THE liOOIIT OP VAULT CASH HOLDIIIGS OF THRIFT IIISTITUTIOIIS THAT IS IIICLUDED II THB CUBBBIICY COIPONEIT OF THE lOBBY STOCK PLUS, FOR IISZITUTIONS NOT HAVIIG RBUUIRED RBSBBfE BALliiCBS• THB BXCESS OP CURRIIT VAULT CASH OVER THE lBOOIT APPLIED TO SATISFY CURRBIIT RESERVE RBQUIREIIBIITS. APTER THE IITBODUCTZOI OP CRR. CURRBIC! liD VAULT CASH FIGURES ARB BIASUBED OVER THE BOIDA!-BIDIIG COIPUTATIOI PERIOD. 3/ EXCLUDES REQUIRED CL~lBIIG BlLABCES lBD ADJUSTBBBTS TO COBP.EISlTB FOB FLOAT. IJ/ DATES REFER TO THE IIAIITEBANCE P~RIODS II IHICH THE fAULT CASH Cll BE USED TO SlTISP! iESEBfE RBQUIRBIIEITS. UIIDBR CONTBIPORAIBOUS RESBBVE BEQUIREII£NTS, KAIITEIAIICE PERIODS END JO DAIS AFTER THE LAGGED COBPUTATIOI PBRIODS Ill WHICH THB BlLAIC.ES ABB HELD. 5/ EQUAL TO ALL YAULT CASH HELD DORING THB LAGGED COBPUTATION PERIOD 81 IIISTITUTIONS HAYIBG REUUIR&D RESBBYE BlLAICBS AT PBDEBlL RBSBRVB BANKS PLUS THE AIIOUIIT OP VAULT CASH EQUAL TO REQUIRED RESERVES DUBIIG THE BlliTBIAIICB PERIOD AT IISTITUTLOIS HlVIIG 110 BBQUIR.ED RBSBBY.E BALAII~ES. 6/ TOTAL YlULT CASH AT IISTITUTIOIIS HAY~IIG 10 RBUOIRBD RBSBRVB BALAICBS LESS THE AftOUIT OP ilULT CASH BQUlL TO THBIB REQUIRED RBSBRYES DOIIIIG THE !AIITBIAIICE PEilOD. 1/ COHSISTS OP CARR!OVER OILY AT DEPOSITOR! IHSTITUTLOIS ftAZITl~IIIG RBSBRVBS 011 THE BASIS OF TWO-IBBK IAIIITBIAIC.E PERIODS. RBPLBCTS .EICBSS (•) OR DEFICIT (-) HBSBBfES ELIGIBLE TO DB CARRIED FORWARD liTO THE TID-IBBK RESERVE !AIITBNAICB PERIOD .EIIDIIIG OH THE DATE SHOll. H.3 (502) Tabla 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changea In raaarve requirements' Averagea of dally flguraa, not aaaaonally adjuated Mllllona of dollll'l Data ·- - ~ total - --··· Raaarvea of clepoaltory lnatltutlona nonborrowed Monetii'Y baaa required 1986-DBC. 57.,636 56.,809 56.,267 243.,6JO 1987-JU. 58.,731 56.088 56,068 58.372 57,299 57.625 57,7113 57,390 57.1t96 58.,037 58.ou 58.976 s.a.151 55.532 55.541 57.319 56,264 56,849 57.071 56.74.1 56.556 57.094 57.1t68 58.199 57,663 54.877 55.152 57,544 56,221 56,435 56.983 56.358 56.703 56.909 57.17Q 57.,936 .243,422 240.811 241,925 2116,Q66 246,8J1 249,286 251.,424 251.420 251.603 253.287 256,821 261.240 57.,910 58.,932 58.,979 57.227 58.,118 58.308 56.697 57.721 58.149 257.270 .260,207 262.640 61,676 59.732 60.357 264.068 ru. au. APR. ur JOIB JOLI AUG. sn~. oc~. IOJ. OK. p no VBBIS BUIIG -------1987-DBC. 2 16 JO 1988-JU. u p P---PBBLI8IIUI PB--PBBLIIIIABY BS~IIATB. 1/ liGUBBS BBlLBC~ ADJUSTIBI~S JOB DISCOI~IIDI~IBS ASSOCIAiBD 11~8 ~81 IB»LBBBITAtiOI or ~81 IOBB~ABI COI~&OL AC~ AID GrKBB BBQUL.l~OBI CIAIGIS !0 BIS&IJB BBQUIIBIBI~S.