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FEDERAL RESERVE statistical release H.3 (502) Table 1 JULY 14, 1988 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1 Adjusted lor changes in reserve requirements Averages of daily flgurea, ...aonally adjusted unleaa noted otherwise Mllllona of dollars total Date Reserves of depository institutions required nonborrowed plus nonborrowed extended credit• 1, 190 7o 1 1,032 193 1,129 923 1,029 249,1150 250,1109 251,919 253,04!11 255,296 256,938 257,9:.l8 672 6117 9110 9113 625 171 259 283 219 231 189 126 93 213 1911 132 1109 11119 3911 1183 58,376 59, 171 58,009 57,380 57,787 57,554 58,748 59,382 59,487 60,0011 59,894 60,108 58,163 58,11110 58,832 59,515 59,325 59,757 1,295 1,133 94!9 859 1,040 879 260,721 262,019 263,315 265,808 266,924 268,325 1,082 .396 1,752 <1,993 2,578 3,083 59 75 119 1116 2116 311 372 205 1,1178 2,6211 2,107 2,554 o0,320 o0,37o o0,885 57,200 5o,911 58, ..!28 !>9, 738 59,897 60,31>6 59, 138 59,680 59,835 1, 182 696 1,050 267,395 267,313 269,235 3,120 3,465 2,658 269 287 337 2,538 2,986 2,138 o1,124 57,468 ~9,808 60,.370 754 270,677 3,656 352 2,3110 57,876 57,827 58,163 57,8711 58,523 511,1128 57,91111 1988--Jlll. PBB. 59,1158 59,573 59,760 60,3711 o0,3o5 o0,637 APR. JU II.E i'll: Borrowlnga of depository Institutions from tha Federal Reserve, NSA extended credit' &Naonal total 57,1162 57,738 57,178 58,021 58,338 58, 129 57,693 58,o5J 58,499 58,810 58,815 59,466 59,053 58,722 ttl r Monetary base' 58,149 58,021 58,295 58,283 58,973 58,822 58,11211 1987--JUIIE JULY lUG. SEPT. OC'l'. IIOV. DEC. lUll. excess NSA• I 176 TIIO WEEKS EIIDIIIG --------1988-JUIIE JULY 1 15 29 p 13 PE P---PRBJ.IIIIliY PB--PIILIIII&IY BSflftlTB 1/ IBSBBJBS liD IOIBTliY BlS& PIGORBS IICORPORlTB lDJDSTIBITS POl DISCOifiiDITIBS &SSOCllTBD IIITB T8B IIP£BBBITlTIOI OP fBB BOJB'l'lllt COifBOJ. lC'l' liD O'l'BBB RBGOLlTORI CBliQBS TO RBSBRJB RBQOIRBftEITS. TO ADJUST POl DISCOITIIDITIBS DOE TO CBAIGBS II BESEIJB RBQOIREBBITS OJ IESEIJABLE IOIDEPOSIT J.IABILITIBS, THB SOB OP SUCH REQUIRED IIESEBJES liiB SDBTIIlCTBD PROft THE lCTDlJ. SERIES. SIRILARLY, II ADJUSTIIG POl DISCON'l'IIUITIBS II TBE IOIBrABY BASE, REQUIRED CLEA&IBG BALliCBS liD lDJDSTBBJTS TO CORPBMSlTE FOR FLOAT ALSO liiE SUBTRACTED PROS THE ACTUAL SE&IBS. 2/ TOTAL IIBSERJIS BOT ADJUSTED FOR DISCOITIIUITIES COJSISTS OP RESERJE BlLliCBS IITB PBDERlL RESERJB BliiS (IBICB EICLDDE REQUIRED CLEliiiG BALliCIS liD ADJOS'l'RRNTS TO COftPEMSATE POll PLOAT) PLUS JlULT CASH USED TO SlTISPY RESERJE REQUIREftBJTS. SUCH VAULT ClSH COISISTS OP ALL JlULT CASH BBJ.D DURIIG rBE LAGGED COIPUTl'l'IOJ PERIOD BY IISTITUTIOIS BlJIJG REQUIRED RBSERJB BlLAICES AT PEDERAL RESERVE BAlKS PLUS THE lSOUIT OF VAULT CASH EQUAL To MgUOIRED RESERVES DURIIG THE BAINTBMAICE PERIOD AT INSTITUTIONS HAJIRG RO REQUIRED RESERVE BALAICES. 31 EXTENDED CREDIT CORSISTS OP BORRONIIG lT TBB DISCOUIT NIIDOI UIDER THE TERftS AND COIDITIOIS ESTABLISHED POR THE EXTBIDED CREDIT PIIOGRAB TO HELP DEPOSITORY IISTITUTIOIS DilL IIITH SUSTAIIED LIQUIDITY PRESSURES. BECAUSE THBIIE IS NOT THE SABE NBBD '1'0 REPAY SUCH BORROVIIG PIIOBPTLI AS THERE IS liTH TRADITIONAL SHORT-TBRft lDJUSTftEIT CREDIT, THE ROlEY BARKEr IIPlCT OP EXTENDED CREDIT IS SlftiLAR TO THAT OF IOIBORROIIED RESEIIJES. II/ RESERVE BALAIICES WITH PEDBRAL RESERVE BANKS PLUS VAULT CASB USED TO SATISPY RESERVE REQUIBBBEITS LBSS REQUIRED RESEIJBS. 5/ THE BOMETliiY BASE lOT ADJUSTED FOR DISCOMTIIUITIES CONSISTS OP TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTIEJfS TO COftPEIISATE FOR PLOAT lT FEDERAL RESERJE BAlKS PLUS THB CURREICY COftPOIEBT OF THE HOMEY STOCK PLUS, POll INSTITUTIONS BOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURREIT fAULT CASH OJER THE AftOUIT APPLIED TO SATISFY CURIIBNT RESERVE REQOIRBBEHTS. AFTER THE IITRODUCTIOI OF CCR, CURRENCY AND VAULT CASH FIGURES ARE REASUBID OVER THE BOIDAI-ENDIIG COftPUTATION PERIOD. THE SEASONALLY ADJUSTED BOIIETARY BASE COISISTS OF SEASOIALLJ ADJUSTED TOTAL RESERVE (IIHICH IICLUDES EXCESS RESERVES 01 l NOT SEASOilLLI ADJUSTED 6lSIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COftPONEIT OP THE BONEY STOCK PLUS THE REBAINIBG ITEBS StASOBALLI ADJUSTED lS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILlBL~ ~~Oft THE ftONEl liD RESERVES PROJECTIONS SECTIOJ, DIVISION OF ftONETARJ AFFAIRS, BOARD OF GOVERNORS OF THE FEDERAL H~S~RVE SJS1£ft. WASHINGTON. D.C. 20551 .T.... 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not~djuS!l!d for<changes in reserve reqwrements A.wr.ges of dairy IIIJUr.S, _riot seasonally adjusted Millions of dollara llllonetary baae~ Date total non borrowed ' surplulf.: total required 58,784 58,838 58,361 59,813 61,106 61,205 62,123 58,008 58,166 57,714 58,873 60,163 60,580 61,3116 57,594 58,078 57,329 59,020 59,917 60,282 61,094 252,539 254,671 254,360 255,691 258,076 261,674 266,161 36,309 36,110 35,616 36,685 37,2119 37,Cl53 37,673 24,369 24,613 24,644 24,854 25,587 25,431 26,155 22,475 22,728 22,745 23,128 23,857 23,752 21f,41f9 1,893 1,885 1,899 1, 726 1, 730 1,679 1,706 62,640 60,047 60,076 62,064 60,681 61,989 61,558 59,650 58,324 59,071 58,103 58,907 61,345 58,914 59,147 61,205 59,641 61,110 265,789 262,598 263,979 268,127 268,899 272,669 37,485 34,211 36,027 38,429 36,509 37.906 26,919 28,119 25,926 25,200 25.873 25,717 25,155 25,836 24,049 23,636 24,112' 24,084 1, 764 2,283 1,877 1,564 1,700 1,633 1 15 29 p 60,125 62,258 61,750 57,005 58,794 59,093 58,943 61,563 60,700 268, 71l8 273,136 272,145 35,707 38,644 37,259 26,265 25,118 26,237 24,418 23,614 24,491 1,847 1,504 1,746 200' 298 13 PB 63,1139 59,783 62,685 217,402 38,812 26,270 24,627 1,643 190 1987-.JOD .JIJ.f &DG. SBPI'. ocr•. IOf. DIC. 1988--JU. PBB.. lllL &PL 1111 JUIJ! PB no IBBitS BIDIIG ----- 1988-JOD .JOLJ P--- PRU.l:81UBJ PB--PBBLIBIIlRI ISTI:R&TB. 1~ BBPLBCTS &CrUlL RBSBBfl BBQUIBBftBITS, l:ICLUDIIG TBOSB 01 IOIDBPOSIT LilBl:Ll:Tl:BS, liTH 10 &DJOSTftiiTS TO ILIBIIlTI TBB BPPBCTS OP Dl:SCOITl:IUITIBS lSSOCl:lTID IITB IRPLBftBITlTION OP TBB ROIBTARJ COITROL ICT OR OTBBB RIGULATOII CB&IGBS TO BBSBBfB RBQUIBBftBITS. 2/ COISISTS OP TOTAL RBSBBVBS PLUS RBQUIRBD CLB&RIIG B&L&ICBS liD IOJISTRBITS TO CORPBISITB POB FLOAT Ar PBDBB&L IISIBfl Bli&S PLUS TBI CURRBICl CORPOIBIT Of THB BOIBI STOCI LBSS THB l!OUIT OP flULT CISR BOLDIIGS OP TRIIPT ~ISTITOTIOIS THlr IS IICLODBD II TBB CURRBICI COBPOIBIT Of THB lOIII STOCK PLUS, POR IISriTUTIOIS lOT BlfiiG IBQUIBBD BBSIBfl 81LliCIS, rHB IICISS OP CURBBIT fAULT CISH OfBR TBB JBOUIT lPPLIID TO SATISPI CUBIBir RBSBRfl RIQOIRBBBITS. lPTBI THB IITBODOCTIOI Of CRB, CURRBICJ liD fAULT CASH PIGURBS ARB BBISU&BD OfBB TBB ROIDll-BIDIIG COIPUTATIOI PBRIOD. 3~ IICLUDBS IBQUIRBD CLBJRIIG BALJICBS liD IDJUSTBBITS TO COBPBISITB POl PLOIT. ' I DAT&S BBPBR TO TBB RliiTBilJCB PBBIODS II IRICK TBB flULT CASH Cll BB USBD TO SATISPI RISBRfl BBQUI11811TS. UIDBR COITIBPORliBOUS IBSBRfB BIQUIRB8BITS. BIIITEIAICB PERIODS BID 30 DIJS IFTBB TBB LlGGID COIPOTlTIOI PIRIODS II IBICH THB BlLliCBS ARB BBLD. 5/ &QUAL TO ALL flULT CASH HILD DORIJG TBB LAGGBD COKPUTATIOI PBIIDD BI IISTITOTIOIS RlfiJG RBQOIRBD BBSBRfl BlLliCBS IT PIOBRIL RBSBRfB BillS PLUS THB AKOUJT OP flULT C&SB BQUIL TO BBQUIRBD RISBRfBS DDRIIG TBB BAIITBIAICI PBRIOD IT IISTITUTIOIS BAtiNG 10 IBQOIRED RBSERfE BAL&ICBS. 6~ TOTAL fAULT CASH AT IISTITUTlOIS HlfiNG JO REUUIBBD BBSEBfB BILIJCBS LISS THI lKOUIT OP flULT CASH IQOAL TO THIIR RBQUIRED BBSBRfBS DURING THB BAIITEIANCI PERIOD. 11 COISISTS OF ClRRIOfEB OHLI AT DEPOSIT~BI IISTITDTIOIS IAIITAIIIIG RBSBRfBS 01 THB BASIS OP TIO-IIIl lliiTIIIICB PERIODS. REPLECTS RICESS (+) OR DEFICIT (-) RBSEBfKS ELIGIBLE TO BE CARRIED FORWARD INTO THB TWD-WBB& RBSERfB MAIITENAHCE PERIOD EIDIIG 01 THE DATE SHOll. 67 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars ___ oate_ _ I~ total Reserves of depository institutions non borrowed Monetary base required I i 58,594 5H,717 58,369 58,512 59,073 59,136 60,023 57,818 58,0414 57,721 57,571 58, 1JO 58,511 59,245 57,404 57,956 57,3.36 57,718 57,944 58,213 58,994 250,166 252,306 252,.308 252,445 254,119 257,o51 :.!62,053 61,199 58,663 58,851 60,9117 59,454 60,678 60,117 58,267 57,099 57,954 56,876 57,595 59,904 57,530 57,922 60,088 58,414 59,799 262,00o 259,010 260, 71J. 2oS,007 265,732 269,457 15 29 p 58,801 60,986 60,399 55,681 57,521 57,741 57,619 60,290 59,349 265,4!;,2 269,942 268,918 13 PE 62,162 58,506 61,408 274,229 1967--JUNE JULY AUG. SEPT. ocr. HOY. DEC. 1988-JAH. l'EB. ftAR. APB. tlAI JUliE PE TIIO WEEKS EIID~IG 1988~-J UHE JULY i 1 ---·-- P---PRELitll!IABY PB--PBELltliMARY ESTiftATE. 1/ l'IGUBES REFLECT ADJUSTSE!ITS !'08 DISCONTINUITIES ASSOCIATED WITH THE IftPLEtlEHTATION OF THE tlOKETARI COITBOL lCT· AIID OTHER REGULATORY CHANGES TO RESERVE REQUlREtlEIITS.
@FedFRASER