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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' . ' E a s te r n fifli# A G G R E G A T E RESERVES O F DEPOSITORY IN STITU TIO N S AND TH E M O N E TA R Y BASE A d ju s t e d f o r ohanges m r e s e r v e requ irem ents * A v e ra g e s o f d a i l y f i g u r e s , s e a s o n a lly a d ju s te d u n le s s h oted o th e rw is e M i l li o n # o f d o l l a r s JANUARY< 2 4 *1 9 9 1 B o rro w in gs o f d e p o s it 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 * NSA R eserves d f d e p o s it o ry i n s t it u t i o n s d a te t # t * l2 nonborrowed3 nonborrowed p lu s extended c re d it^ r e q u ir e d e x ce ss NSA* Monetary base6 to tal season al ex te n d e d c r e d i t 4 1989-DEC. 60033 59767 59787 59110 922 284946 265 84 20 1990-JAN. m . 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 53 5 1950 APR. MAY JUNE 60275 59783 597*2 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 122 244 311 1403 875 $46 JULY AUG. SEP. 59322 59746 60082 58565 58819 59457 58845 58947 59464 58460 58879 59173 862 868 909 297860 301121 304780 757 927 624 389, 430 418 280 127 OCT. Nby. DEC. 59609 59763 60541 59199 59532 60215 59217 59557 60238 58763 58816 58860 847 947 1680 306545 307678 309499 410 230 335, 162 76 18 £4 23 28 §9906 59713 59738 58940 966 308107 193 140 25 DEC. 12 26 53968 61066 58838 60562 58862 60584 58407 59144 561 1922 307339 309875 130 504 87 79 25 62846 56751 62551 57867 62572 57895 59155 58098 3691 653 313630 310787 295 884 n 28 22 P 6 two weeks iihd ihg 1990-NOV. 1991-JAN. 9p 23pe p -^ p r e lim in a r y 1. 2. 3. . 22 28 p e -- p r e li m in a r y e s tim a te y 9 retfu irem ents. u a s e fig u r e s ln c o r p o r a ie I For more in fo rm a t io n , see T a b le a a iU S T IW 3.1 i 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 it - - - - b r e a k -a d ju s t e d r e q u ir e d r e s e r v e s p lu T u r v a d ju s t e d b £ ? £ ! $ S f ^ s a o r r i n f t ^ t i ^ ^ ^ ^ F ^ ^ r R e ^ i 4. 5. 6. adjusted, bre a k - a d j u s t e d total reserves less u n a d j u s t e d total T ab l e 2 A G G R E G A T E RESERVES O F DEPOSITORY 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 ir 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 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 to ta l2 D a te n o n b o rro w e d V a u lt c a s h 5 in s t it u t io n s re q u ire d M o n e ta ry base3 R e se rv e b a la n c e s w ith F . R. Banks4 to ta l u se d to s a tis fy re q u ire d re s e rv e s ® s u r p lu s 7 62810 62544 61888 292554 35436 29812 27374 2439 1 9 9 0 -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. D EC . p 61052 62045 59136 60642 61815 58810 60206 61099 57455 308854 312689 313706 32127 33382 30252 31515 31085 31776 28925 28663 28884 2590 2422 2892 1 9 8 9 -D E C . Net c a rry o v e r o f re s e rv e b a la n c e s 9 Tw o weeks e n d in g 1 9 9 0 -N D V . 28 61972 61779 61006 312958 32848 31632 29125 2508 185 D EC. 12 26 62073 5 8 0 34 61943 57530 61513 56113 313975 313811 34046 28413 30293 32689 28027 29621 2266 3068 268 4 9p 23pe 55 1 68 4 91 8 8 54873 48304 51477 48535 312764 305976 26291 21128 32782 32064 28878 28061 3905 4 003 248 469 1 9 9 1 -J A N . p — p r e lim in a r y 1. 2. 3. 4. 5. 6. 7. S. p e — p r e l i m i n a r y e s t im a t e R e f le 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 li 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 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 . 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 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 . Th 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 ll y a d j u s t e d , c o n s is t s o f ( 1 ) t o t a l re 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 ts t o co m p e n sa te 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 t h e r D e p o s its and V a u lt C a sh " and f<pr 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 ca sh and th e amount a p p l ie 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 . A f t e r t h e i n t r o d u c t i o n 9 f C R R , 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 com putaticpn p e r io d s e n d in g on M ondays. 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 t f y b a la n c e s h e e t " a s - o f " a d ju 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 c a s h can be used 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 c o n te m p o ra n e o u s r e s e r v e r e q u ir 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 tio n p e r io d s i n w h ic h th e b a la n c e s a r e h e l d . A l l v a u l t c a s h h e ld d u r i n g th e la g a e d c o m p u ta tio n p e r i o d b y "bound*' i n s t i t u t i o n s ( i . e . , th o s e whose r e q 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 ca 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 "n o n b o u n d " 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 ) 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 . T o t a l v a u l t c a s h h e ld b y d e p o s it o r y i n s t i t u t i o n s m in u s th e amount a p p lie 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 o n s is t s o f c a r r y o v e r o n l y a t d e p o s it o r y i n s t i t u t i o n s m a in t a in in g re s e rv e s on th e b a s is o f tw o-w ee k m a in te 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 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 r w a r d i n t o th e tw o -w e e k re 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 t e show n. H .3 ( 5 0 2 ) T a b le 3 A G G R E G A TE RESERVES O F DEPOSITORY IN STITU TIO NS AND TH E M O N E TA 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 r e q u ir 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 it o r y to ta l2 D a te in s t it u t io n s 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 -JA N . FEB. MAR. 61579 5 9 199 5 92 3 4 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR. MAY JUNE 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 59245 60024 62198 58834 59794 61872 58398 59078 60517 305001 308711 314039 O C T. NOV. D EC. p , * ' 28 59942 59749 58976 308972 D EC . 12 26 60060 62507 59930 62003 59499 60585 309982 315535 9p 23pe 66462 60476 66167 59592 62771 59823 319585 311694 1 9 9 1 -J A N . P 1. ?v 3. p r e lim in a r y p e — p r e l i m i n a r y e s t im a t e .r>y;: •-? F ig u r e s r e f l e c t > a d ju s t m e n t s 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 r e q u ir e m e n t s . 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 i r e d r e s e r v e s ( T a b l e 3 , co lu m n 3 ) p lu £ 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 ) . To, 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 t o r e g u l a t o r y ch anges 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 ld h a v e been i n p a s t p e r io d s h a d c u r r e n t r e s e r v e re q u ir e m e n t s b e e n m 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 in 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 and 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 t e b r e a k - a d j u s t e d m o n e ta ry b a s e e q u a ls ( 1 ) 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 lu s ( 2 ) th e (u n a d ju s t e d ) c u r r e n c y com p on ent o f th e money s t o c k p l u 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 rt 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 n d V a u l t C a sh a n 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 exceeds t h e i r r e q u i r e d r e s e r v e s , th 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 l ie 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 . Note: Historical data a r e a v a i lable from the Money a n d Reserves Projections Section, D i v ision of Monetary Affairs, B o ard of Governors of T h e Federal Reserve System, Nashington, D.C. 20551 . ,1 ‘ Tw o w eeks e n d in g 1 9 9 0 -N O V . *r *