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FEDERAL RESERVE statistical release H.3(902) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date total* - ' Reserves of depository Institutions nonborrowed plus nonborrowed required extended credit' Iexcess NSA4 Monetary base1 Borrowings of depository Institutions from the Federal Reservs , NSA total seasonal extended credit3 1984—JUNE JULY AUG. SEPT, OCT, MOV, DEC 37.986 38,050 38,284 38,086 37,961 38,466 39,081 34,686 32,126 30,268 30,844 31,944 33,849 35,895 36,558 37,134 37,311 37,303 37,001 37,686 38,499 37,212 37,437 37,595 37,458 37,341 37,773 38,229 774 613 689 628 620 693 853 193.659 194,460 195,568 196,206 196,397 197,672 199,032 3,300 5,924 8,017 7,242 6,017 4,617 3,186 264 308 346 319 299 212 113 1,873 5,008 7,043 6,459 5,057 3,837 2,604 1985—J AH. FEB. MAR. APR. HAY JONE P 39,635 40,432 40,471 40,710 41,323 42,178 38,240 39,143 38,878 39,387 39,989 40,973 39,290 39,947 39,937 40,256 40,522 41,638 38,890 39,529 39r705 39,972 40,519 41,273 745 903 766 738 804 905 200,206 202,049 202,945 203,562 205,355 207,775 1,395 1,289 1,593 1,323 1,334 1,205 62 71 88 135 165 151 1,050 803 1,059 868 534 665 41,585 41,995 40,068 40,872 40,981 41,<484 40,762 41,273 823 722 206,388 207,424 1,518 1,123 171 142 914 612 42,680 41,514 42,134 41,505 1,175 208,853 1,167 153 620 TWO WEEKS ENDING 1985-JUNE JOLY 5 19 P 3 PE P™PEELIHIE1BY PE--PRELIBINARY ESTIHATE 1/ RESERVES AND HOBETARY B1SB FIG0BES INCORPORATE ADJOSTHEETS FOB DISCONTINUITIES ASSOCIATED BITH THE IBPLBHEBTATIOH OF THE HOEETABY CONTROL ACT AED OTflEB REGULATORY CBAB6ES TO BESERfE BEQOIBEHEBTS, TO ADJUST FOB DISCOBTIEOITIES DOE TO CHABGES IE BESEBTE BEQOIBEBEETS OB BESEBfABLE BOEDEPOSIT LIABILITIES, TBE SOU OF SOCB BEQOIRED RESERVES ABE SUBTRACTED FROH THE ACTUAL SERIES. SIHILARLY, IB ADJ0STIB6 FOB DISCOBTIEOITIES IB THE HOBETAHY BASE, BEQOIRED CLEABIBG BALAECES AED ADJOSTHEETS TO COHPEESATE FOB FLOAT ALSO ABE SUBTRACTED FBOH TBE ACTUAL SERIES, 2/ TOTAL RESERVES EOT ADJUSTED FOB DISCOBTIEOITIES COBSISTS OF RESERTE BALAECES BITH FEDEBAL BESBBfE BABES (WHICH EZCL0DE HEQ0IBED CLEABIBG BALABCES AED ADJOSTHEETS TO COHPEESATE FOB FLOAT) PLUS YAULT CASH USED TO SATISFY BESERfE BEQDIBEHBETS. SUCH YAULT CASH COBSISTS OF ALL YAULT CASH HELD DUBIEG THE LAGGED COHP0TATIOB PBBIOD BY IBSTIT0TIOES HAYIEG BEQ0IBED RESERYE BALAECES AT FEDEBAL BESEBYE BABES PLUS THE AHOUBT OF YAULT CASH EQUAL TO REQUIRED RESEBYES D0BIEG THE HAIETEBAECE PERIOD AT IESTITUTIOES HAYIEG EO BBQUIBED BESEBYE BALABCES. 3/ BXTEEDED CBEDIT COBSISTS OF BOBROBIBG AT THE DISCOUBT VIBDOH UEDBB THE TBBHS ABD COBDITIOBS ESTABLISHED FOR THE BITEBDED CREDIT PBOGBAH TO HELP DEPOSITORY IESTITUTIOES DEAL BITH SUSTAIBED LIQUIDITY PRESSURBS. BECAUSE THERB IS EOT THE SAHE HEED TO REPAY SUCH BOBBOHIEG PBOHPTLY AS THBHE IS BITH TRADITIOHAL SHORT-TERH ADJDSTHEET CREDIT, THE HOHEY HABKET IBPACT OF EXTENDED CBEDIT IS SIMILAR TO THAT OF EOEBOBBOBEO RESEBYES, BESERYE BALABCES BITH FEDEBAL BESEBYE BABES PLUS YAULT CASH USED TO SATISFI BESEBYE REQUIBEHEETS LESS BBQUIBED BESERYES, 5/ THE HOEETABY BASE EOT ADJUSTED FOB DISCOETIBUITIES COBSISTS OF TOTAL RESEBYES PLUS BBQUIBED CLEARIBG BALABCES ABD ADJOSTHEETS TO COHPEESATE FOB FLOAT AT FEDERAL BESEBYE BAEKS PLUS THE CUBREBCY COHPOEEET OF THE HOEET STOCK LESS THE AHOUBT OF YAOLT CASH HOLDIEGS OF THHIFT IESTITUTIOES THAT IS lECLUDED IE TBE COBBEECY COflPONEET OF THE HOEEY STOCK PLOS, FOB INSTITUTIONS NOT HAYING BEQOIBED RESERYE BALAECBS, THE EICESS OF CURREBT YAULT CASH OYER THE AHOUBT APPLIED TO SATISFY CURREET RESERYE REQUIREHEETS. AFTER THE IETRODUCTIOB OF CBR, C0RREECY AND YAOLT CASH FIGORES ABE HEAS0BED OYER THE HOEDAY-EBDING COHPOTATION PERIOD. PRIOR TO CRR, ALL COHPOHEETS OF THE HOEETABY BASE OTHEB THAE EXCESS RESERVES ARE SEASONALLY ADJ0STED AS A WHOLE, RATHER THAN BY COHPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJOSTED SERIES CONSISTS OF SEASONALLY ADJOSTED TOTAL RESERVES (WHICH INCLODES EXCESS RESERVES ON A NOT SEASONALLY ADJOSTED BASIS) PLUS THE SEASONALLY ADJOSTED CORRENCY COEPONENT OF THE HONEY STOCK PLOS THE REHAINING ITEHS SEASONALLY ADJUSTED AS A WHOLE, NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OP GOVERNORS OF THE FEDERAL FESERVE SYSTEE, WASHINGTON, D. C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for4changes in reserve requirements, Average* of daify figures, not seasonally adjusted ^ Millions of dollars Vault cash4 Reserves of depository Institutions Monetary base2! Date total 193,971 195,516 195,677 196,229 196,688 198,771 202,586 20,217 19,891 19,270 20,143 20,099 20,843 21,738 20,770 21,134 21,688 21,232 21,875 21,827 22,316 17,308 17,579 17,995 17,900 18,413 18,392 18,958 3,461 3,555 3,694 3,333 3,462 3,434 3,358 •1,125 40,273 40,494 41,652 41,051 42,353 39,730 38,984 38,901 40,329 39,718 41,148 40,380 39,370 39,728 40,914 40,247 41,448 201,353 199,937 201,287 203,814 204,944 208,503 21,577 20,416 22,065 23,217 22,385 23,373 23,044 23.927 21,863 21,567 21,898 22,180 19,547 19,857 18,429 18,435. 18,666 18,980 3,497 4,070 3,434 3,132 3,231 3,201 41,082 42,579 39,565 41,456 40,260 41,857 205,757 209,126 22,610 23,860 21,692 21,688 18,473 18,719 3,220 2,969 42,642 41,476 41,467 208,959 23,100 23,029 19,543 3,487 1985—JAR. FEB. BAR. APR. RAT JORB P JOLT 3 PB surplus' 36,752 36,858 36,575 37,415 37,892 38,542 39,843 37,526 37,471 37,26% 38,043 38,512 39,235 40,696 5 19 P used to satisfy required required 34,225 31,547 29,247 30,801 32,495 34,618 37,509 1984- -J0HE JOLT AUG. SEPT. OCT. ROY. DEC. 1985—JORB nonborrowed Reserve balances with F.R. Banks3.?! » P PRBLIHIRART P B — PRBLIHIRART BSTIHATB. 1/ REFLECTS ACT0AL RBSBRYB RBQ0IRERERTS, IRCL0DIHG THOSE OR RORDEPOSIT LIABILITIES, WITH HO ADJ0STHBRTS TO BLIRIRATB THB EFFECTS OF DISCORTIROITIBS ASSOCIATED RITH IHPLEHBRTATIOR OF THE HORBTARI CORTROL ACT OB OTHER REG0LATORT CHARGES TO RBSBBYB BEQOIREflBHTS. 2/ CORSISTS OF TOTAL RBSBRYBS PLOS RBQOIRBD CLBARIRG BALARCBS ARD ADJOSTHBRTS TO COHPERSATE FOR FLOAT AT FEDERAL RBSBRYB BARKS PLOS THE CORRBRCT CORPORBRT OF TRB HOHET STOCK LESS THB AHOORT OF YA0LT CASH HOLDIRGS OF THRIFT IRSTITOTIORS THAT IS IRCLODBD IR THE CORRBRCT CORPORBRT OF THB HORBT STOCK PLOS, FOR IRSTITOTIORS ROT HAYIHG REQUIRED RESBRYE BALARCBS, THE EZCBSS OF CORREHT YAOLT CASH OYBR THE AHOORT APPLIED TO SATISFY CORRBRT RESBRYE REQOIREHEHTS. AFTER THE IRTROD0CTI0R OF CRR, CORRBRCT ARD YAOLT CASH FIGORBS ARE MEASURED OYER THE HOHDAI-EHDIHG COHPOTATIOR PERIOD. 3/ EXCLODES RBQOIRBD CLBARIRG BALARCBS ARD ADJOSTHBRTS TO COHPBRSATE FOR FLOAT. 4/ DATES RBFBR TO THE HAIRTBRARCE PERIODS IR RHICH THB YAOLT CASH CAR BE OSBD TO SATISFY RESBRYE REQOIRERERTS. ORDER COHTEBPORAHEOOS RBSBRYB RBQOIRERBRTS, HAIRTBRARCE PERIODS BRD 30 DATS AFTER THE LAGGED COHPOTATIOR PERIODS IR RHICH THE BALARCBS ARB HELD. 5/ EQOAL TO ALL YAOLT CASH HELD DORIRG THE LAGGED COHPOTATIOR PERIOD BY IRSTITOTIORS HAYIRG RBQOIRBD RESBRYE BALARCBS AT FEDERAL RESERYE BARKS PLOS THE AHOORT OF VAOLT CASH EQOAL TO REQUIRED RESERVES DORIRG THE MAINTENANCE PERIOD AT IRSTITOTIORS HAYIRG RO RBQOIRBD RESERYE BALARCES. 6/ TOTAL YAOLT CASH AT IRSTITOTIORS HAYIRG RO HBQUIRED RESERYE BALARCES LESS THE AHOORT OF YAULT CASH EQOAL TO THEIR RBQOIRBD RESERVES DORIRG THB HAIRTBRARCE PERIOD. 7/ CORSISTS OF CARRTOYER ORLT AT DEPOSITORY INSTITUTIORS HAIRTAIRIRG RESERYES ON THE BASIS OF TRO-REEK HAIRTBRARCE PERIODS. REFLECTS EXCESS (•) OR DEFICIT (-) RESERYES ELIGIBLE TO BE CARRIED FORWARD INTO THE TRO-REEK RESERYE HAIHTEHAHCE PERIOD ENDIHG OR THE DATE SHOWN. 74 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for change* in reserve requirements 1 Averages of daily figuree, not seasonally adjusted Millions of dollars Data total Reserves of depository institutions nonborrowed Monetary base required 1965—JUBB JOLT A0G« SEPT. OCT* BOY. DEC. 37#801 37,854 37,698 37,881 37,953 38,687 40,129 34,500 31,929 29,681 30,640 31,936 34,070 36,943 37,027 37,240 37,008 37,253 37,332 37,994 39,277 194,246 195,899 196,111 196,067 196,129 198,224 202,020 1985—JAB. FEB. BAB. A PB. BAY JOBB P 40,703 39,878 40,066 41,254 40,643 41,959 39,308 38,589 38,473 39,932 39,309 40,755 39,958 38,975 39,301 40,516 39,839 41,054 200,931 199,542 200,859 203,417 204,535 208,110 • TBO BBBKS EBDIB6 1985—JOBB JOLT 5 19 P 3 PB 40,630 42,219 39,113 41,096 39,807 41,497 205,305 208,766 42,233 41,066 41,058 208,549 P PBELIBIBABY PE—PBELIBIBABY ESTIMATE. 1/ FIGUBES BBFLECT A0J0STBEBTS FOB DISCONTINUITIES ASSOCIATED BITH THE IBPLBBBBTATXOB OF THE HOBETABI COBTBOL ACT ABD OTHEfi BEG0LATOBY CBABGES TO BESEfifB BEQOIBBBEBTS.