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•oOlIStt FEDERAL RESERVE statistical release For Release at 4:30 Eastern Time H.3(502) Table 1 JANUARI 23. 1986 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requirements1 Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars _ Date total* Reserves of depository Institutions " required nonborrowed plus nonborrowed extended credit* | Monetary base excess NSA4 Borrowings of depository institutions from the Federal Reserve seasonal total extended credit' J^ ._ 1984—DEC. 39,081 35,895 38,499 38,229 853 199,032 3 , 186 113 2,604 1985—JAN. FEB. BAB. APR. NAY 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 45,192 38,240 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,218 42,464 42,636 43,874 39,290 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,874 43,093 43,167 44,373 38,890 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,898 43,449 44,128 745 903 766 736 804 905 855 827 666 753 928 1,064 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,154 212,384 213,456 215,255 216,935 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 1,059 868 534 665 507 570 656 629 530 499 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 45,743 45,627 44,405 45,013 44,877 45,484 44,420 44,249 1,323 1,378 217,629 217,899 1,3J8 614 51 28 472 471 TWO WEEKS ENDING 1985-DEC. 4 18 1986-JAN. 1 P 15 P 1/ PE PRELIMINARY PE—PRELIBINARI ESTIMATE RESERVES AND HONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WIT8 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 RESERVABLB NONDEPOSIT LIABILITIES, TEE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IH THE MONETARY BASE, REQUIRED CLEAR1MG 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 BARES (MHICH 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/ EITERDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT NINDOH UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE E11EUDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME MEED TO REfAY SUCH BORROHING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EITERDED 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 HONETARY 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 HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COHPONBNT OF THE HONEY STOCK #LUS, 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 HONETARY 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 EASLS^ PLUS THE SEASONALLY ADJUSTED CURRENCY COflPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOrE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 2055) 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 Monetary base'l Date total 1985—JAN. FEB. MAB. APB. MAX JUNE JULY AUG. SEPT. OCT. NOV. DEC. P total required used to satisfy required reserves8! Net carryover of excess or deficit in reserve balances7 surplus' 37,509 39,643 202,586 21,738 22,316 16,958 3,358 41,125 40,^73 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,149 39,730 38,984 36,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,830 40,380 39,370 39,728 40,914 40,247 41,447 41,948 42,135 43,782 44,716 45,454 47,064 201,353 199,937 201,287 203,814 204,944 208,386 210,654 211,600 213,038 214,690 217,400 221,721 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 22,160 22,530 22,839 22,465 22,724 22,457 22,956 19,547 19,857 18,429 18,435 16,666 18,985 19,300 19,548 19,475 20,038 19,997 20,522 3,497 4,070 3,434 3,132 3,231 3,196 3,230 3,291 2,990 2,686 2,460 2,434 40,696 1984—DBC. nonborrowed Reserve balances, with F.R. Banks?* TVO WEEKS ENDING [*\£t [^j , ,'t 1 i . , J . «.. «. hs !| S -• j j i« 1 1 fl^ • ' • «nl ." L^ "' i3 ft? ••:»..! "Hi s 1 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 20,02a 20,199 2,515 2,265 128 74 1986—JAN. 1 P 1 5 PE 48,965 49,656 47,628 49,042 47,643 48,276 223,305 222,497 27,943 28,387 23,612 23,591 21,022 21,269 2,590 2,323 120 182 P PBELIHINABY PE—PBELIMINABY ESTIMATE. 1/ REFLECTS ACTUAL BESEBVE BEQUIBEMEMTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED HITH IMPLEMENTATION OF THE MONETAMI CONTBOL ACT OB OTHEB BEGULATOBT CHANGES TO BESEBVE BEQUIBEMBBTS. 2/ CONSISTS OF TOTAL BESEBVES PLUS BEQUIBED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT AT FEDERkL RESERVE BANKS PLUS THE CUBfiENCY COHPONENT Oi THE NONE* STOCK LESS THE AMOUNT OF FAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CUBBENCY COMPONENT OF THE MONEY STOCK PLOS, FOB INSTITUTIONS NOT HAYING REWIRED RESERVE BALANCES, THE EXCESS OF CUBBENT VAULT CASH OVEB THE AHOUNT APPLIED TO SATISFY CUBBENT RESERVE REQUIREMENTS. AFTEB THE INTBODUCIION OF Cfifi, CUBBENCY AND VAULT CASH FIGUBES ABE MEASURED OVEB THE MONDAY-ENDING COMPUTATION PEBIOD. 3/ EXCLUDES BEQUIBED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFI RESERVE BEQUIBEMEMTS. UNDEB CONTEHPUBANEOUS BESEBVE BEQUIREMENTS, MAINTENANCE FER10DS EHD 30 DAYS AFTEB THE LAGGED COMPUTATION PEBIODS IN WHICH THE BALANCES ABE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DUBING THE LAGGED COMPUTATION PEBIOD BY INSTITUTIONS HAVING £RWIRED\kESERVE BALANCES AT PBDEBAL BESEBVE BANKS PLUS THE AHOUNT OF VAULT CASH EQUAL TO BEQUIBED RESERVES DUBING THE MAINTENANCE PEBIOD AT INSTITUTIONS HAVING NO BEUUIBED RESERVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AHOUNT OF VAULT CASH EQUAL TO THEIfi REQUIRED RESERVES DUBING THE MAINTENANCE PERIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOS1TOBY 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 MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. ii ? Reserves of depository institutions 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 1984—DEC. 40,129 36,943 39,277 202,020 1985—JAN. FEB. MAE. APR. HAY JUNE JULY AUG. SEPT. OCT. MO?. DEC. P 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 44,625 46,411 39,308 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 42,884 45,093 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,994 43,697 45,347 200,931 199,542 200,859 203,417 204,535 207,992 210,260 211,233 211,811 212,967 215,643 219,984 TWO HEEKS EVDXNG 19 8 5 — D E C . 4 18 45,259 45,976 42,332 45,135 44,207 45,149 216,860 219,400 1986—JAM. 1 P 15 PE 47,234 48,257 45,896 47,644 45,911 46,879 221,573 221,098 P PRELIMINARY PE—PRELIHIMARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY COHTROL ACT AND OTHER R£GULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER