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FEDERAL RESERVE statistical release Wot nSfSSSS St 4:30 BSSMffl TMW JULY AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY B A * > 17, 1986 tOf OflSfMJSS of dally Ngiiros, of Da* toti? Rssarves of depository Institutions rsojutrad nonborrowsd plus r nonbortowed I"" i ! t r "SSEP*bftartan^fe 90rV 1985—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 42,669 43,083 43,654 43,882 44,244 44,847 45,612 41,464 41,976 42,581 42,593 43,056 43,106 44,294 42,129 42,483 43,151 43,249 43,685 43,637 44,793 41,764 42,227 42,826 43,216 43,491 43,919 44,554 1986—JAN. FEB. MAR. APR. MAY JUNE P 45,881 46,370 46,865 47,275 48,577 49,465 45,111 45,486 46,104 46,383 47,701 48,662 45,608 45,978 46,622 47,017 48,285 49,192 44,771 45,272 45,968 46,474 47,739 48,518 1,111 1 ,097 896 801 838 946 4 18 49,197 49,231 48,326 48,513 48,892 49,038 48,184 48,595 1,014 636 2 P 16 PE 49,827 50,176 48,948 49,418 49,473 49,860 48,540 49,577 1,287 599 855 827 666 753 928 1 ,058 [ WBJ932 209,105 211,208 212,289 213,566 215,253 216,721 I 218,404 219,788 221,262 222,359 224,903 226,640 Borrowings of depository Institutions from tha Fadarat A — r v , NSA tots! I seasonal I extended 1 , 205 151 167 1,107 221 1,073 203 1 , 289 172 1,187 107 1 ,741 56 1 ,318 credit' 665 507 570 656 629 530 499 770 884 761 893 876 803 36 56 68 73 94 108 497 492 518 634 584 531 871 719 101 102 566 526 879 758 119 104 525 442 TWO WEEKS ENDING 1986-JUNE JULY j 226,077 226,407 227,100 228,339 j P—-PRELIMINARY PE—PRELIMINARY ESTIMATE 1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 3/ 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. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SFASONALI Y ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3<904 Tab* 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted foyjhanges in reserve requirements^! Average* of daily figures, not seasonally adjusted Millions of dollars " *~ Vault cash4 Reserves of depository institutions Monetery baee* Data total nonborrowed Reaerve balances, with F.R. Banked total required used to satisfy required reserves8) Net carryover of excess or deficit In reserve balances7* 1 surplus*' 1985—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 42,352 42,803 42,963 44,447 45,469 46,382 48,142 41,147 41,696 41,890 43,158 44,282 44,641 46,824 41,447 41,948 42,135 43,782 44,716 45,454 .47,085 209,970 212,269 213,156 214,501 216,192 218,962 223,534 23,367 23,503 23,415 24,972 25,431 26,385 .27,620 22,180 22,530 22,839 22,465 22,724 22,457 22,956 18,985 19,300 19,548 19,475 20,038 19,997 20,522 3,196 3,230 3,291 2,990 2,686 2,460 2,434 I 1986—JAN. FEB. MAR. APR. MAY JUNE P 48,060 46,652 47,274 48,882 48,419 49,959 47,289 45,768 46,513 47,989 47,543 49,156 46,949 45,555 46,378 48,081 47,581 49,012 221,588 219,568 221,703 224,879 226,117 229,686 26,373 24,700 27,114 28,892 28,279 29,518 24,245 24,962 22,688 22,231 22,474 22,805 21,687 21,952 20,160 19,990 20,140 20,441 2,559 3,010 2,528 2,241 2,334 2,364 3 [: 4 18 48,613 50,262 47,742 49,544 47,600 49,627 226,959 230,538 28,568 30,156 nn 22,250 20,045 20,106 2,377 2,144 2? 121 2 P 16 PE 50.053 51,482 49,174 50,724 48,767 50,882 229,599 234,492 29,089 31,220 23,580 22,466 20,964 20,262 2,616 2,204 3 250 TWO WEEKS ENDING 1986—JUNE JULY i i l : 1: : » ! Ann P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, UITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN UHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN UHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT LASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON 1 HE BASIS OF TWO WErK MAINTENANCE PERIODS. REFLECTS EXCESS (+) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE .SHOWN. 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 Date total 1985—JUNE JULY AUG. SEPT I OCT. NOV. DEC. 42,444 42,896 43,069 43,676 44,207 45,082 46,839 1986—JAN. FEB. MAR. APR. MAY JUNE P Reserves of depository institutions I nonborrowed | Monetary base required 41,239 41,789 41,996 42,388 43,020 43,341 45,520 41,539 42,040 42,241 43,011 43,454 44,154 45,781 208,292 210,555 211,514 212,157 213,357 216,038 220,362 47,113 45,684 46,338 47,936 47,712 49,218 46,342 44,800 45,578 47,044 46,836 48,415 46,002 44,587 45,442 47,135 46,874 48,271 218,741 216,784 218,985 222,134 223,607 227,046 4 18 47,853 49,568 46,982 48,849 46,839 48,932 224,323 227,974 2 P 16 PE 49,265 50,775 48,386 50,017 47,978 50,176 TUO WEEKS ENDING 1986—JUNE JULY j 226,871 232,021 I P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. OF THE MONETARY CONTROL ACT
@FedFRASER