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FEDERAL RESERVE statistical release For Releese st 4:30 Eastern Time JULY 1 8 , 1985 H.3 0OQ Tebtel AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY SAW Adjusted for changes in w m v i requirements1 Averages of dally figures, seasonally adjusted unless noted othetwlae Millions of dollars Dale _p , Aeoofvee of depository Inetltutlone nonborrowed plus required nonbonowed extended credit* excess NSA4 Monetefy boos 1 ! 1 984 —JUNE JULY AUG. SEPT. OCT. NOV. 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 1985--JAN. FEB. MAR. APR. MAY JUNE P 39,635 40,432 40,471 40,710 41,323 42,177 38,240 39,143 38,878 39,387 39,989 40,972 39,290 39,947 39,937 40,256 40,522 41,637 38,890 39,529 39,705 39,972 40,519 41,269 745 903 766 738 804 908 5 19 41,585 42,001 40,068 40,878 40,981 41,490 40,762 41,277 3 P 17 PE 42,671 42,466 41,504 41,182 42,124 41,665 41,489 41,868 sjorrowtngs or o*ovetiofy HISIIIVIWIIS from trie rodorsjl neeerve, NSA seasonal extended credit* toil 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 2,604 200,206 202,049 202,945 203,562 205,355 207,666 1 1 1 1 1 1 ,395 ,289 ,593 ,323 ,334 ,205 62 71 88 135 165 151 1 ,050 803 1 ,059 868 534 665 823 724 206,388 207,424 1 ,518 1 ,123 171 142 914 612 1 ,181 598 208,555 209,675 1 ,167 1 ,284 153 152 620 483 TWO WEEKS ENDING 1985-JUNE JULY 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 A>D 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 SEASONALLY 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(502) Table 2 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No,tj»djU8t£d fofechanges in reserve requirements , Averages of daily figures, hot seasonally adjusted Millions of dollars " '* Vault cash4 Reserves of depository institutions Monetary base2! Reserve balances, with F.R. Banked Nat carryover of excess or deficit In reserve total used to satisfy required reserves* t surplus* 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 3,358 201,353 199,937 201,287 203,814 204,944 208,394 21 , 5 7 7 20,416 22,065 23,217 22,385 23,368 23,044 23,927 21,863 21,567 21,898 22,180 19,547 19,857 18,429 18,435 18,666* 18,984 3,497 4,070 3,434 3,132 3,231 3,197 40,260 41,861 205,757 209,126 22,610 23,861 21,692 21,688 18,473 18,724 3,220 2,964 111 70 41,451 42,657 208,660 213,288 23,086 24,223 23,029 22,019 19,547 19,033 3,483 2,987 76 117 Data total nonborrowsd rsqulrad 1984—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 37,526 37,471 37,264 38,043 38,512 39,235 40,696 34,225 31,547 29,247 30,801 32,495 34,618 37,509 36,752 36,858 36,575 37,415 37,892 38,542 39,843 193,971 195,516 195,677 196,229 196,688 198,771 202,586 1985—JAN. FEB. MAR. APR. MAY JUNE P 41,125 40,273 40,494 41,652 41,051 42,352 39,730 38,984 38,901 40,329 39,718 41,147 40,380 39,370 39,728 40,914 40,247 41,444 5 19 41,082 42,585 39,565 41,462 3 P 1 7 PE 42,632 43,255 41,466 41,972 TWO WEEKS ENDING 1985—JUNE JULY P—PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON N0NDEP0SIT LIABILITIES, WITH 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 WHICH 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 WHICH 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 CASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7/ 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. 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. OCT* NOV* DEC* 37,801 37,854 37,698 37,881 37,953 38,687 40,129 1985™-JAN* FEB* MAR* APR* MAY JUNE P Reserves of depository institutions nonborrowed • Monetary base required 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 40,703 39,878 40,066 41,254 40,643 41,959 39,308 38,589 38,473 39,932 39,309 40,754 39,958 38,975 39,301 40,516 39,839 41,051 200,931 199,542 200,859 203,417 204,535 208,001 5 19 40,630 42,225 39,113 41,102 39,807 41,501 205,305 208,766 3 P 1? PE 42,224 42,889 41,057 41,606 41,043 42,291 208,252 212 922 TWO WEEKS ENDING 1985--JUNE JULY P PRELIMINARY PE--PRELIMINARY ESTIMATE * 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER