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FEDERAL RESERVE statistical release H.3(!10111 TMIIe 1 JAHUARf AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY lASE Adjueted lor cflenOH In - Nqul-'8 29, 1987 1 A-eo- of dally f!Qurn, -eonelly lldJueted un'- noted 04llelwlee Mllllone of doll- IIMeM • of cMpoellory lnetltutlone o.te total" '*!borrowed nonbomlwecl plus extended credll 1 Nqulred .,._ MoMt81Y ..... NSA4 llonowlnga of cMpoeltory lnethutlone from the Federal ..._,., NSA total Maeonal extended credit' 1985--DBC. 45,612 44,294 '111,79J 44,$54 1,058 216,721 1, .J 18 5b 1199 1986--JAJ. 45.881 46,370 4b,865 47,275 48,577 49,445 50,1189 51,318 51,809 52,401 53,823 55,638 45.111 45,486 46,104 46,383 47,701 48,642 49,748 50,446 50,801 51,559 53,071 54,811 115,608 45,978 46,622 47,017 114,771 45,4!72 45, 9b8 4b,474 47,739 49,579 50,579 51,083 51,1>55 5.l,8CJ5 54,269 1, 111 1,097 896 801 838 931 910 740 726 7116 978 1,369 218,1104 219.788 221,21>2 U2,359 4!24,904 226,6.J 1 228,300 230,587 4!31,6311 233,439 .i!35, 921 238,7811 770 884 7o 1 89J 87b 803 741 872 1,008 8111 752 827 36 5o 68 73 911 108 116 11111 U7 99 70 38 1197 492 518 b34 5811 531 378 465 570 497 1118 303 3 17 31 51t,380 54,455 57,090 53,770 53,941 55,904 54.U8 53,250 5J,714 55,0112 1,130 7110 2,0118 236,85CJ 237,100 240,881 610 514 1, 111b 63 Jll 37 3b8 310 282 14 p 28 PE 56,8QQ 56,1114 51>,339 55,725 51>,5511 55,938 5!>,2114 906 1,170 2111,694 243,&CJO 505 28 3& 215 227 P.IB. lUll. APil. IIAf JUliE JULI lOG. SEPT. OCT. HOY. OBC. p 48,28~ 49, 17.l 50,121> 50,911 51,J71 52,051> 53,1189 55,114 118,~14 TIIO IIEBKS EIID~NG --------1986-0BC. 1987-JU. :>4,2~1 56, 185 !>5,9~.l bll9 PB--PBBLIIIIIABI ESTIII&TE RESBBYES AID IIOIBTABI BASE PIQUBBS liCORPOR&TB &DJUSTBBITS roB DISCORTIHUlTlBS ASSOCIATED lllTti TtiE lftP~!BITArlOI or THB IIOIETARI COITBOL &CT AID OTHBB BBGULATOBI CHAIIGBS TO BBSERYB REQUIBBIIEIITS. TO ADJUST FOB DISCOITIIIUITIBS DUB TO CH&IGBS ~~ RBSEBJE BEQUIRE!BIITS 01 RESERY&BLE IOIDBPOSIT LIABILITI~S, THE SUII or SUCH REQUIRED BBSERYBS ABE SUBTIIACTBD rBOII THE ACTUAL SERIES. SIBILABLI, 11 ADJUSTIIG POll DISCOBTIIDITIBS IN TH~ IIOIETABI BASE, BBQUIRID CLEARING BAL&IC&S &NO &DJUSTIIBNTS TO COIIPEIS&TE roB FLOAT ALSO ABE SUBTRACTED r&OB THE ACTUAL SEBI~S. 2/ TOTAL RBSEBYBS lOT ADJUSTBD POB DlSCOITIIUITI~S CUHSlSTS or RESERYE BALABCES WITH rBDER&L BESBBYE 8&115 (WHICti BICLUDB IIEI,IUIBED CLEARIBG B&L&ICES .liD &DJUSTIII!IITS 7:0 COIIPEISATE FOB I!'LOAr) PLUS J&ULT CASH USED TO SATISPI RESERVE BEQUIBEBEITS. SUCH VAULT CASH COISISTS or ALL VAULT CASH HELD DURING THE LAGGED CO!PUT&T~OI PERIOD Bf IISTITUTIOIS HAVIIG REQUIRED RESERVE Bl~AIC&s AT rBDERlL BESERfE BAlKS PLUS THE AIIOUIT 01!' VAULT CASH EQUAL TO RBQUIRED RESERYES DURIIG THE II&IBTEH&ICE PERIOD AT lHSTITOTIOIS H&YIIG 10 RBQUIBED MESERVE B&LABC&S. 31 EITBIDED CREDIT COISISTS or BORBOIIliG AT THE DISCOUNT 11110011 OlDER THE TEBIIS AND COIDITIOIS I!ST&BLISHED roa THE EITBIDBD CREDIT PROGB&II TO HELP DBPOSITORf IISTITUTIOIS DEAL iiTH SUSTAIIED LIQUIDITf PRESSURES. BBClUSE THEBE IS lOT THE SASE NEED TO BEP&I SUCH BOBROIIIG PIIOIIPTLI AS TRIBE IS WITH TRADITIONAL SHOBT-TBB! ADJUSTIIEIT CBBDIT, THE liONEl IARKET IIIPACT or BITBIDEO CREDIT IS SIBIL&& TO THAT OF IOIBORROIED RESERVES. 4/ RESERVE BlLAICES liTH PEDEBlL BBSBBYE BliKS PLUS VAULT CASH USED TO S&TISFI RESERVE REQUIRBBBITS LBSS RBI,IUIRBD BESBRYBS. 5/ THE !OIBTABI BASB lOT ADJUSTED POB DlSCOITINULTIBS CONSISTS or TOTAL BBSERYBS PLUS REQUIBED CLE&IIIIG ~AL&ICES ABO &DJUSTBEITS TO COBPBIS&TE FOB FLOAT AT PEDBBlL RESERVE BAlKS P~US THE CURBEICI COBPOIEIT OP THE liONEl STUCK LESS THE AIIOUHT Or fAULT CASH HOLDINGS or THBIPT IISTITDTIOHS THAT IS INCLUDI!D 1N THE CUBBBICI COIIPOIB~T or THB ROBEl STOCK PLUS, FOR IISTITUTIOHS lOT H&YIIG REI,IUIBED RESEIIYE BAL&ICES, THE EICESS OP CURBBIT VAULT CASH OJH& THE ABOUIT APPLIED TO SATISYl CURBEIT RESERVE REQUliiEftBBTS. APTEB THE INTRODUCTION 01!' CRB, CURRENCY &ND VAULT CASH FIGURES ABE ftElSUREO OYER THE ftONDAI-ENDIIG COBPUTATIOI PERIOD. PIUOB TO CIIB, l.i.L COftPOIEITS OP 1'HE I!ONBTARX BASE 01"HEII THAN UCESS RESERVES ARE SEASOULU ADJUSTED AS A IIHOLB, BATHER THAI BY COII~ONEHT, AND EXCESS RESERVES IS &U0£0 ON A HOT SEASO~A~LI ADJUSTED BASIS. APTER CH~, THE S~ASONALLY ADJUSTED SERIES COMS~TS or SB&SOI&LLI ADJUSTED TOTAL IIESEBYBS (.hlCH IM~LUDES EXCESS RESERVES OJ A NOT SEASONA~LI ADJUSTED BASIS) PLUS THE SE&SOtiALLI ADJUSTED CUBBEMCI CO!POMENT OF THE !OMBY STOCK PLUS THE HEft&INING ITEftS SEASUNAL~I ADJUST~D AS A IIHOLE. NOTE: H~STOIIICAL DATA ABE &YAIL&BLE fHOft THE BANKIN~ s~~!ION, DIVISION or RESEAIICH AND STATISTICS, ·~OARO or ~OVBBNOBS 0Y THE http://fraser.stlouisfed.org/ PEDBHAL RESERVE SYSTBft, WASHINGTON, D.C. 20551 Federal Reserve Bank of St. Louis P---PB&Ll!~I&BI 1/ H.31!021 Tallie 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1 · No,l~lueted for~hangea In ~-·~remen~ A--on of dally flguf.., not sea~ adjust Mllllona of dolla,. Data 1985--D&C. 418,1U 116,824 417,085 223,5)4 27,6.20 22,956 20,522 2,4134 1986-.JlL PBS. IIAL lPL 418,060 46,652 417,211& IJ8,882 48,1J19 49,9J8 51,029 51,277 53,189 54,623 56,399 416,949 IJ5,555 llo,J78 48,081 47,581 49,UU7 50,118 50,538 5.2,463 53,817 55,1f21 58,191 221,588 219,568 221,703 221t,879 221>,118 229,676 23£,546 233,J15 235,01>7 237,257 241,267 241,707 26,373 211,700 27,1U 28,892 :.18,279 29,1&99 30,313 30,165 31,922 32,947 31&,803 37,360 241,2/fS 21J,962 22,688 22,231 22,474 22,805 23,098 23,1f51 23,384 23,753 23,51&3 21&,011 21,681 21,952 20,160 19,990 2U,11JU 2U,IU9 59,~0 417,289 IJ5,768 IJ6,513 117,989 47,51&3 49,135 50,288 50,1f05 52,180 53,782 55,6117 58,733 21,112 21,267 21,616 21,595' 22,1t9 2,559 3,010 2,528 2,241 2,331t 2,366 2,381 2,339 2,117 2,078 1,947 1,872 56,995 58,251 61,1l17 56,385 57,738 60,231 55,865 57,511 59,369 llf2,606 21t5, 788 250,718 35,189 36,527 38,659 23,871 23,458 241,729 21,806 21,725 22,758 2,065 1, 733 1,971 81 126 249,61&2 245,3118 38,7641 .35,258 21&,583 25,028 22,805 22,958 1,778 2,071 485 107 au JUIB JULY lUG. SBP'I. ocr. IOJ. DBC. p ;u~.716 t'IO IBBIS BIDIIG -------1986-DBC. 3 17 31 1987--Jll. 141 p 28 PB 61,569 58,215 61,064 57,527 lo0,6U 57,045 P---PBBJ.UIIUI PB--PBBL~BillBJ BS~IBltB. 1/ 2/ 3/ -1 5/ 6/ 11 BBPLICTS lCt'UlL B&SB&fB IBQUIIIIBI~S, IICLUDIIG ~BOSB 01 IOID&POSIT LilBILI~IIS, II~H 10 lD.JUSt'BBit'S TO BLIIIIlt'B THB &PPBC!S OP DISCOI!IIUI!IBS lSSOCilt'&D lit'S IIPLBIBitAt'IOI or t'HB BOIETlRY COITBOL lCT 08 Ot'HBB BBGULlt'OBJ CHliGBS TO IBSIIJB R&QUIIIIII~S. COIS~TS or t'Ot'lL IBS&RfBS PLUS R&QUIIBD CJ,Jl&IIG Bl411CBS 110 lDJUStiBit'S t'O COIPBISlt'B POl PLOlt l~ r&DIIlL BBSBBJB Bli~S R~OS tHE CUIIBICI COIPOIBIT or tiB lOlBI St'OCI LESS tBB liOUIT or flULT CASH HOLDIIGS or tHiliT IJSTITUt'~OJS THAT IS IICLUDBD II Til CUIBBICI COBPOIIIf or TBB lOlBI StOCI PLUS, 108 IISTitUTl~JS lOT Hlf~JG IBQU~IBD IBSBBYB BlLliCBS, THB B~CBSS 01 CU81Bit flULt ClSI OJBB tBB liOUit lPP~B» TO SlftSrt CUIIBif IBSBBYB IBQUIBBI&JtS. AP!&B fBI IITBODUCTIOI OF CBI, CUBIBICJ liD flULt ClSB •tGUIBS liB RBlSUIBD OJBB THB IOIDlt-BJDIIG COIPUTlTlOI PBIIOD. BICLUDBS IBQUIBBD CLBABIIG BlLliCBS liD lDJUSTIBJTS tO COIPBJSlTB POl FLOAT. DlTIS B&r&a TO tBB Bl~ITBiliCB PBBIODS II WHICH Tftl fAULT ClSH Cll BB OSlO to Slt'ISPJ IBSBMY~ BBQUIBBIBITS. UIDIB COit'BIPOilJIOUS BBSBBfB RBQUIIBBIJTS, llllt'BilJC& PBIIODS BID JO DliS ArtBB tHB LlGGBD COBPUtlTIOI PIBIODS II IIHICH !HI Bl4UCBS l&B BBJ.D. IQUlL TO lLL YlULT ClSB KBLD DUBIIG TBB LlGGBD COIPUtAt'IOJ PBBIOD 81 IISTITUTIOIS llfiiG IIQOIIBD BBSBIYI BlLliCBS lT FIDIBl~ IBSIBJB BliKS PLUS THB liOUit or YlULr ClSH IQUlL TO BBQUIIBD B&SBBfBS DUBIIG TBB IAIJt&JliCB PERIOD AT ~ISTITUTIOIS HlfiiG 10 IBQUIRBD RBSBBfB BALliC&S. TOt'lL YlOLT ClSH lt ~ISTITUTIOJS HlflJG 10 IBwUIIBD IBSIBfB BlLlJC&S LESS THI AIOUit OF YlULT CASH &QUAL tO TBBIB BBUOIBBD BBSBIY&S DUBliG t'BB BAIITBIAIC& PBIIOU. COISISTS or ClBkfOJBB 01~1 lt CBPOSIT~II IISTITUtlOIS ftliitliiiJG IBSBBYBS OI.TBB BASIS or TWO-II~IK ftAIITBIAICB PBRlODS. BBPLECTS llCBSS (+) 08 DBllCIT (-) BBSBMY~S BLIGIBL& tO 81 CARBIBD PORilBD liTO TH£ TWo-WBBK K~SEBfB Rl1BT£NliCB PERIOD BIDIIG 01 THB DlTI SHONI. 13 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTION.S AND THE MONETARY BASE Adjusted for changes In reserve requirements 1 Averages of dally figures, not seasonally adjusted Millions of dollars Date total Reserves of depository Institutions nonborrowed Monetary baM required 1!i85--DBC. 166,839 165,520 45,7tj1 1986-JU. FEB. IUR. APR. 47,113 45,684 4o,338 47,936 47,712 49,198 50,319 50,622 51,51f6 52,341 54,107 57,165 4b,34~ 44,800 .. ~.578 47,044 4o,83o 168,395 lf9,578 49,71&!1 50,538 31,500 53,355 So,J.Jd 46,002 44,587 45,442 lf7,1J5 46,874 48,2o7 1&9,40!1 49,882 50,821 51, 5!15 53,129 55,796 223,608 221,031 2.)0,01!1 2.JO, 755 17 31 51&,b52 55,925 58,942 516,042 55,412 S7,7!to 53,523 55,185 56,894 2J8,052 2111,1516 .l165,997 14 p 28 Pl:: 60,21t5 56,709 59,71&0 so,02u 59,339 55,539 21f5,o91 241,468 llU JUIB JU.LI AUG. SBP't. OCT. lOY. DBC. p ~~0,302 218,7161 u•• 784 218,985 .l 22J.,1Jif 231,51~ 233,040 2.Jo,914 243,041 TIIO IIEBKS .BID~IG -----------198&--DBC. .j 1!187--JU. P---PB~l.l!lllURY PB--PkEl.lKliABY BSTl!lTB. 1/ FIGURES BBFLECT lDJUST!IEHTS fOk DISCOITIIUITI~S ASSOCIAT~D WITH THE liPLBilBITATIOI OP TBB llOIBTAMI COITMO.L lCT liD 07HEB B~GU.LATOBI CdAI~ES TO BBSBBVB BEQUIM~Il~ITS.