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FEDERAL RESERVE Statistical release H.3(502) TtblOl For m i i i n at 4:30 U H i w iWm JULY 19, 1984 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Aojustad for chanoas in m m fOQutasnianti Avaraoas of dally flouft, taaiooally adfuatad uotaat noftad othaiwfaa MNNOM of dollars [ Date tour lajtirvw of oapoaHoiy IwatKutJowa noooorrowod ptua I roQukwl nonboffowod , I OXOOM 178,331 179,308 180,127 181,775 182,845 183,949 184,969 Borfowtnot of dapoaltoirv InstHuttona irom nw r m w m u m , I W A aaaaonal axtantfad oradtP total 958 1,636 122 578 171 1,453 198 491 1,546 515 1,441 190 256 844 142 6 906 121 774 96 2 Monataiy b u t * ' 1983—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 35.051 35,19* 35,218 35,307 35,317 35,245 35,279 33,415 33,741 33,672 33,866 34,473 34,340 34,505 34,373 34,319 34,163 34,380 34.729 34,346 34,507 34,571 34,687 34,772 34,809 34,812 34,716 34,718 NSA4 480 507 446 498 505 529 561 1984—JAN. FEB. MAR. APR. MAY JUNE 35,502 36,065 36,103 36,104 36,427 37,226 34,787 35,498 35,152 34,870 33,439 33,925 34,791 35,503 35,179 34,914 33,476 35,798 34,889 35,123 35,395 35,614 35,850 36,459 613 942 709 490 577 767 186,940 188,582 188,715 189,658 191,262 193.113 715 567 952 1,234 2,988 3,300 86 103 133 139 196 264 4 5 27 44 37 1,873 6 20 36,226 37,562 33,156 34,598 33,172 36,571 35,739 36,883 487 679 191,689 193,598 3,070 2,965 239 257 16 1,974 4 P 18 PE 37,354 37,536 33,445 32,178 36,291 36,792 36,297 37,081 1,058 455 193,289 194,372 3,909 5,358 289 284 2,846 4,614 THO WEEKS ENDING 1984-JUNE JULY P 1/ PRELIMINARY PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IflPLEMENTATICN OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TC CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SON 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 (HHICB 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 BORROiING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL NITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS NITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THE MONEI MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROHED RESERVES. V RESERVE BALANCES NITH 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 ADJOSTHENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT CF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY 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 PERICD. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A HHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED EASIS. 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 CURPENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A HHOLE. NOTE: fUSTOKICAL DATA ARE AVAILABLE FROB THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESCKVE SYSTEM, WASHINGTON, D.C. 20551 lUfKtt) Table* AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requlrementa1 Averages «1dally floures, not seasonally adjusted Mmtons of doners Reserves of depository Institutions Vault caeh4 "" Reserve balances I with P.R. Banks)' Monetary bate*' Date 1 1 used to satisfy roQufrod i roeoTvee 1 1 1 Net carryover of excess or deficit in reeen^e balances7 total nonborrowod 1 9 8 3 — J O NE JOLY AUG. SEPT. OCT. BOY. DEC. 38,415 38,948 38,661 37,916 3.8, 137 38,144 38,894 36,779 37,495 37,114 36,475 37,294 37,239 38,120 37,934 38,440 38,214 37,418 37,633 37,615 38,333 183,145 185,303 185,398 185,112 186,598 188,971 192,359 21,807 22,139 21,965 20,585 21,059 20,943 20,986 20,098 20,413 20,035 20,798 20,471 20,558 20,755 16,607 16,808 16,695 •7,331 17,078 17,201 17,908 1984—JAN. FEB. BAR. APR* 40,120 36,365 36,278 37,154 36,519 37,512 39,405 35,798 35,326 35,920 33,531 34,212 39,507 35,423 35,569 36,664 35,942 36,745 192,301 186,672 187,813 190,340 191,081 193,954 21,325 18,414 19,484 20,351 19,560 20,209 22,578 22,269 20,396 20,152 20,446 20,770 18,795 17,951 16,794 16,802 16,960 17,303 3,782 4,318 3,602 3,349 3,486 3,467 36,352 37,887 33,282 34,923 35,865 37,208 191,645 194,738 19,329 20,603 20,570 20,604 17,023 17,284 3,547 3,320 109 -41 37,683 37,960 33,774 32,602 36,626 37,505 194,242 196,666 21,121 20,708 17,497 17,386 3,624 3,322 108 250 BAY JUNE . required ; total. surplus' I 3,491 3,604 3,340 3,467 3,393 3,356 2,847 TBO WEEKS ENDING 1 9 8 4 — J ONE 6 20 JOLY 4 18 P PE I 20,186 20,574 1 PRELIMINARY PB--PRBLIBIBABY ESTIBATE. V £ 2 I L ! £ I 5 * C T 0 A L R E S B R ? B BEQ0IBEBEBTS, IBCLODIBG THOSE ON BOBDEPOSIT LIABILITIES, HITH BO ADJOSTHEBTS TO ELIHIBATE CliJSSffimm* 2/ 3/ 4/ 5/ SSSwEHMIsfSS0C"TED " " I,!PLB "B"T1TI0,, « < > « « * » * COBTBOL ACT OB OTBEB REGULATORY COBSISTS OF TOTAL BBSEBYES PLUS BEQOIBED CLEABIB6 BALANCES AND ADJOSTBENIS TO COHPENSATE POB FLOAT AT FEDEBAL RESERVE BANKS PLOS THE CORBENCY COBPOBBNT OF THE HOBBY STOCK LESS THE AHOOBT OF YAOLT CASH BOLDIBGS OF THBIFT XBSTXHTXOBS « A T I S INCLUDED IN THB COBBENCI COHPOBENT OP THE HOBBY STOCK PLUS, FOB INSTITUTIONS NOT HAYING BEQOIBED BBSEBfB B I J S S C I I ?«E EXCESS OF COBRENT YAOLT CASH OYEB THE AHOUNT APPLIED TO SATISFY CBBBBBT RBSBBVE R^QUIBBBIOTSAFTEB THE M T S 5 S S C « O N Of CBB, CORBENCY ABD YAOLT CASH FIGOBES APE HEASOBED OYEB THE HOBDAY-ENDING COBPOTATIOB PBBIOD. IBTBODOCTION OF EXCLUDES REQUIRED CLEABIBG BALANCES AND ADJUSTMENTS TO COHPENSATE FOB FLCAT. DATES BBFEB TO TBE BAINTBBANCE PEBIODS IN BHICH THB VAULT CASH CAN BE USED TO SATISFY BESEBVE PEQUIBEHEBTS DBDRfi COBTBBPORABEOOS BESEBYE BEQUIBBHBBTS, HAIBTEBANCE PEBIODS END 30 DAYS AFTEB TBE LAGGED CCHPOTATIoi PEBIODS IB BHICH THE BALANCES ABE HELD. 1 0 2 IL2.J L iLI*!! L I C * SH H B L 0 0tf*I,,G T H E LAGGED COHPOTATION PEBIOD BY INSTITUTIONS HAYING BEQOIBED BESEBYE BALANCES S»SS%.:1KS^BK%SS fS^r^LKS! c ™ 7/ 0 P THB BQ(Ut T0 B00 B0 SBms BO 8 ,BE " " " "" •"•»»« >"«!» COBSISTS OF CABBYOYEB OBLY AT DBPOSITOBI INSTITUTIONS MAINTAINING BESEBVES ON THE BASIS OF TNO-BEEK HAINTENANCE Sl^iiJ'SSS S M llSclloti.BESERVES ELIGIBlE TC BE C*BBIED PCB,UBD IBT0 T8B *-•«• »«"• H.3 002) Tnbte3 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Ad|uttnd for ohwont In nworvo requirements AvwaQto of dally figure*, not toMonatty adjusted MIIHont of doMare Dili total Rs—rvss of dsposttory Institutions ~ nonbocfowod Monotarybsss required 34,444 34,978 34,713 35,008 35,313 35,350 35,997 32,808 33,525 33,167 33,567 34,469 34,445 35,223 33,964 34,470 34,266 34,510 34,808 34,821 35,436 178,164 180,182 180,140 181,238 182,672 185,035 188,231 37,303 35,654 35,630 36,464 35,763 36,751 36,588 35,087 34,678 35,231 32,775 33,450 36,690 34,712 34,921 35,974 35,186 35,984 188,100 185,931 187,165 189,650 190,325 193,193 20 35,559 37,135 32,489 34,171 35,072 36,456 190,852 193,986 4 P 18 PB 36,928 37,352 33,019 31,995 35,870 36,897 193,487 196,059 1983—JUNE JOLT AUG SEPT. OCT. EOT* DEC, 1984-~JAB. PEB. BAB, APB« RAT JORE TWO REEKS EBDXBG 1 9 8 * — J O HE JOLT 6 P ~ - PRELIMINARY ^—PRELIMINARY ESTIMATE. V FIGURES REFLECT ADJOSTHEBTS POB DISCOBTIBOITIES ASSOCIATED WITH THE IMPLEMENTATION OP THE ROBETARY COBTROL ACT ABD OTREfi REG0LATOBY CHANGES TO BBSEBfE REQUIREMENTS. )