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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars J u ly 1 6 , 1 9 9 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 - June 46871 46 5 04 4 6 504 45 5 91 1280 461746 367 243 0 J u ly A u g. Sep. 4 6 7 17 4 6 9 39 46240 4 6 3 08 46341 45 8 02 4 6 3 08 46341 45 8 02 4 5 516 4 5 686 4 4 944 1 201 1253 1295 4 6 4 42 7 466711 469406 409 598 438 330 385 368 0 0 0 O ct. Nov. D ec. 45958 46310 4 6 6 69 4 5 6 88 4 6 1 57 46 3 45 45 6 88 4 6 157 4 6 3 45 4 4 562 4 4 693 4 4 986 1396 1617 1683 471983 476187 480152 270 153 324 227 115 79 0 0 0 1 9 98-Jan. Feb. Mar. 46501 45722 4 6 0 47 4 6 2 92 4 5 6 64 4 6 0 06 4 6 2 92 4 5 6 64 4 6 0 06 44721 44 1 98 44731 1780 1524 1316 482838 484226 485862 210 58 41 18 12 22 0 0 0 4 5 9 59 45591 4 5 4 05 4 5 8 87 4 5 4 38 45153 4 5 8 87 4 5 4 38 4 5 1 53 4 4 614 44441 4 3 7 66 1345 1150 1638 487203 489102 491663 72 153 2 51 41 94 159 0 0 0 45342 4 5 1 78 45 1 78 44321 1022 488088 165 85 0 Two w e e k s e n d i n g 1998-M ay 20 3. 4. 5. 6. p pe “ nonborrowed3 Apr. May J une p 1. 2. Monetary base6 total2 total seasonal extended credit4 J une 3 17 45908 4 5 1 79 45730 4 4 9 43 45730 4 4 9 43 44 6 38 4 3 649 1270 1530 490691 491289 178 236 123 145 0 0 J u ly lp 1 5 pe 45531 45042 45 2 47 4 4 8 44 45 2 47 4 4 8 44 4 3 6 92 4 3 925 1840 1117 492290 495435 285 198 184 196 0 0 Reserves and monetary base figures incorporate adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. (For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the “Report of Transaction Accounts, Other Deposits and Vault Cash” and for all those weekly reporters whose vault cash exceeds tneir required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Reserves of depository institutions Date 6. 7. 8. p pe Net carryover of reserve balances8 total2 nonborrowed required 1 9 9 7 - J une 46610 4 6 2 43 4 5 3 30 468778 1 0 2 91 42547 3 6 3 19 6228 J u ly Aug. Sep. 4 6 3 80 4 6 6 45 4 6 0 56 45971 4 6 0 47 45618 4 5 1 79 4 5 3 92 44761 472582 474005 475316 9 851 1 0 489 9742 43313 42587 43264 3 6 5 29 3 6 1 56 3 6 314 6784 64 3 2 6 950 O ct. Nov. D ec. 45621 46451 47880 45351 4 6 2 98 47555 4 4 2 25 44 8 34 4 6 1 96 4 7 7 27 9 4 8 3 49 5 491919 9 990 10559 1 0 673 42211 42851 44707 35631 35 8 92 3 7 2 06 6581 69 5 9 7500 1 9 9 8 -Jan. Feb. Mar. 47495 4 4 9 74 45509 47285 44916 45468 45 7 14 4 3 4 50 44193 491608 488411 490964 9733 9394 1 0 1 40 47336 43167 41598 3 7 7 62 35580 3 5 3 70 9 574 7587 62 2 8 4 6 4 75 4 4 8 05 4 5 1 09 46403 44652 44858 45131 43655 43470 494109 494953 497958 1 1 0 53 9646 9684 41214 41481 42634 35423 35159 35425 57 9 1 6322 7209 4 4 4 30 44266 4 3 4 09 494326 9365 41544 35066 6478 217 Two w e e k s e n d i n a 1998-M ay 20 4. 5. total used to satisfy required reserves6 Monetary base3 Apr. May June p 1. 2. 3. Vault cash5 Reserve balances with F.R. Banks4 surplus7 June 3 17 44 8 67 45206 44689 44970 43 5 97 4 3 6 76 496048 498146 9898 9340 41276 43591 3 4 9 69 3 5 8 67 6306 7 724 145 9 J u ly lp 1 5 pe 45060 4 5 3 77 4 4 7 75 4 5 1 79 4 3 2 20 44261 498197 505 73 7 1 0 005 1 0 227 41918 42102 3 5 0 55 35150 6863 6952 187 322 Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet as-of" adjustments. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. Consists of carryover only at depository 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. preliminary preliminary estimate 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 Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 1997-Ju n e 4 6 660 46293 45380 461636 Ju ly A u g. Sep. 4 6 437 46 7 09 4 6 127 46028 4 6 1 11 45689 45236 45456 44832 465348 467004 468370 O ct. N o v. Dec. 45693 4 6 530 47971 4 5 424 46377 47647 4 4 2 97 4 4 9 13 46288 470406 476615 485113 1998-Jan. Feb. Ma r. 4 7 4 87 4 4 9 93 4 5 5 45 4 7 277 4 4 935 4 5 504 45706 43469 44228 484408 481347 484001 46 5 25 44 8 65 4 5 1 85 46 4 53 4 4 7 12 4 4 934 45181 43715 43547 487361 488278 491206 4 4 4 88 4 4 324 43466 487659 Apr. May June p Tyo w e e k s e n d i n g 1998-M ay 20 J un e 3 17 44 9 33 4 5 2 80 4 4 755 45044 43663 43750 489394 491532 J u ly lp 1 5 pe 45 1 40 4 5 4 68 44 8 56 4 5 2 70 43301 44351 491272 498836 Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p pe Figures reflect adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adiusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the “Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
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