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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 2. 1 9 9 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date Monetary base6 total2 nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1997-June 4 6 8 71 46504 46504 4 5 591 1280 4 6 1 74 6 367 243 0 J u ly Aug. Sep. 46717 4 6 939 4 6 2 40 4 6 308 4 6 3 41 45802 46308 4 6 3 41 4 5 802 45516 45686 44944 1201 1253 1295 4 6 4 42 7 466711 4 6 9 40 6 409 598 438 330 385 368 0 0 0 O c t. N o v. D ec. 45 9 58 4 6 310 4 6 669 4 5 688 46157 4 6 345 45 6 88 46157 46345 44562 44693 44986 1396 1617 1683 4 7 1 98 3 4 7 6 18 7 4 8 0 15 2 270 153 324 227 115 79 0 0 0 19 9 8-Jan. Feb. Mar. 46501 4 5 7 22 4 6 0 47 46 2 92 4 5 664 46 0 06 46 2 92 4 5 664 4 6 0 06 4 4 7 21 44198 4 4 731 1780 1524 1317 482846 484243 485899 210 58 41 18 12 22 0 0 0 A pr. May J une pe 4 5 9 59 45591 45390 45887 4 5 4 38 4 5 1 38 45887 45 4 38 4 5 1 38 44614 4 4 4 41 4 3 773 1345 1150 1617 487267 489191 492602 72 153 251 41 94 160 0 0 0 Two w e e k e e n d i n g 1998-M ay 6 20 4 5 5 89 4 5 3 42 45 5 09 4 5 1 78 45 5 09 45 1 78 4 4 360 4 4 3 21 1230 1022 488620 488171 81 165 61 85 0 0 45 9 09 45181 45731 4 4 9 45 45731 4 4 9 45 44 6 38 4 3 658 1271 1524 490801 491418 178 236 123 145 0 0 4 5 4 94 45 2 09 4 5 209 43697 1796 494292 285 185 0 June J u ly 3 17p lpe total seasonal extended credit4 1. 2. 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 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.) 4. 5. 6. p pe 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 d o l l a r s _________________________ __________________________________________________________ Reserves of depository institutions Date Vault cash5 total2 nonborrowed required Monetary base3 1 9 9 7 - June 4 6 6 10 4 6 2 43 45 3 30 468778 J u ly A u g. Sep. 4 6 3 80 4 6 6 45 46 0 56 45971 4 6 047 4 5 6 18 4 5 1 79 4 5 3 92 44761 O ct. N o v. D ec. 45621 46451 4 7 8 80 45351 46298 4 7 5 55 1 9 9 8 -Jan. Feb. M a r. 4 7 4 95 4 4 9 74 4 5 5 09 A pr. May June p e Two w e e k s e n d i n a 1 9 9 8 -M a y 6 20 June J u ly 1. 2. 3. 4. 5. 6. 7. 8. p pe 3 17p lp e Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 1 0 2 91 4 2 5 47 3 6 319 6228 472582 474005 475316 9851 1 0 489 9742 43313 4 2 5 87 43264 3 6 529 36 1 56 36 3 14 6784 64 3 2 69 5 0 4 4 2 25 4 4 834 46196 4 7 7 27 9 4 8 3 49 5 4 9 1 91 9 9990 10559 10673 42211 42851 4 4 7 07 35631 3 5 8 92 37 2 06 6581 6 959 7500 4 7 2 85 44916 4 5 4 68 4 5 7 14 43450 4 4 1 93 491615 488428 4 9 lOOO 9733 9394 1 0 140 47336 43167 41598 3 7 7 62 3 5 5 80 3 5 3 70 9574 7587 6228 46476 4 4 8 06 4 5 0 94 4 6 4 04 4 4 6 53 4 4 8 43 45131 4 3 6 55 4 3 477 494172 495042 498901 1 1 053 9646 9749 41217 41486 42640 3 5 4 23 3 5 1 60 35345 5794 6326 7295 4 5 5 68 4 4 4 30 45488 44266 4 4 3 39 4 3 4 09 4 9 4 47 4 4 9 4 40 9 9841 9365 41716 41549 35 7 27 3 5 0 66 5989 6483 428 217 44 8 68 4 5 2 09 4 4 6 90 44973 4 3 597 43 6 85 496158 498276 9898 9349 41281 43596 34970 35 8 60 6310 7736 145 9 45 0 22 44738 4 3 2 26 5 0 0 20 6 1 0 145 4 1 9 24 34 8 77 70 4 7 176 surplus7 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 ana 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 Tionbound" 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 1 9 9 7 - June 46 6 60 46293 4 5 3 80 461636 Ju ly Aug. Sep. 46437 46709 46127 46028 4 6 111 4 5 689 4 5 2 36 45 4 56 4 4 8 32 465348 467004 468370 O ct. Nov. D ec. 45693 4 6 530 47 9 71 45424 46377 47647 4 4 297 4 4 9 13 4 6 2 88 470406 4 7 6 61 5 485113 1998-Jan. Feb. Mar. 47487 44993 45 5 45 47277 44935 45504 45706 4 3 4 69 44228 484416 481364 484038 Apr. May J une pe 4 6 525 4 4 865 4 5 1 70 46 4 53 44713 44919 45181 4 3 7 15 4 3 5 53 4 8 7 42 4 488367 492148 Two w e e k s e n d i n a 1 9 9 8 -M a y 6 20 45621 44 4 88 4 5 5 41 44324 44392 4 3 4 66 487740 487742 4 4 934 4 5 283 4 4 756 45047 43663 4 3 7 59 489504 491661 4 5 1 03 44 8 18 43306 493282 June J u ly Note: 1. 2. 3. 4. p pe 3 17p lp e 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 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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