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FEDERAL RESERVE statistical release Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Ju,y 2 3 >1998 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date 3. 4. 5. 6. p pe ~ nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 - June 46871 46504 46504 4 5 5 91 1280 461746 367 243 0 Ju ly A u g. Sep. 4 6 717 4 6 9 39 46240 46308 46 3 41 4 5 802 46 3 08 4 6 3 41 45 8 02 45516 4 5 686 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 ct. Nov. D ec. 45 9 58 4 6 3 10 4 6 6 69 45688 4 6 157 46345 4 5 688 4 6 157 4 6 345 4 4 562 44693 4 4 986 1396 1617 1683 471983 476187 480152 270 153 324 227 115 79 0 0 0 1 9 9 8 -Jan. Feb. Mar. 46501 45722 46 0 47 4 6 2 92 4 5 664 4 6 006 4 6 2 92 4 5 6 64 4 6 0 06 4 4 7 21 44 1 98 44731 1780 1524 1316 482838 484226 485862 210 58 41 18 12 22 0 0 0 Apr. May June 45 9 59 45591 4 5 3 93 45887 4 5 438 4 5 1 41 4 5 887 45 4 38 45141 4 4 614 4 4 4 41 4 3 7 69 1345 1150 1623 487203 489102 491634 72 153 251 41 94 159 0 0 0 45342 45 1 78 4 5 1 78 44321 1022 488088 165 85 0 Two w e e k s en dincr 1 9 9 8 -M a y 20 1. 2. Monetary base® total2 total seasonal extended credit4 June 3 17 4 5 9 08 4 5 1 79 45 7 30 4 4 9 43 4 5 7 30 4 4 9 43 44 6 38 43 6 49 1270 1530 490691 491289 178 236 123 145 0 0 J u ly 1 15p 45 5 04 44991 45 2 19 44 7 93 4 5 2 19 44 7 93 4 3 6 99 43 6 63 1805 1328 492224 492868 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 Vault cash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 1 9 9 7 - June 4 6 6 10 4 6 243 4 5 330 46 8 77 8 J u ly Aug. Sep. 4 6 3 80 46 6 45 4 6 0 56 4 5 9 71 46047 4 5 618 4 5 179 45 3 92 44761 O ct. Nov. D ec. 45621 46451 4 7 8 80 4 5 3 51 4 6 298 4 7 555 1 9 9 8 -Jan. Feb. M a r. 47495 4 4 9 74 4 5 5 09 Apr. May June Two w e e k s e n d i n a 1 9 9 8-M a y 20 1. 2. 3. 4. 5. 6. 7. 8. p pe Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 1 0 291 42 5 47 3 6 3 19 6 228 4 7 2 58 2 4 7 4005 4 7 5316 9851 10489 9742 43 3 13 4 2 5 87 4 3 2 64 3 6 5 29 36 1 56 3 6 3 14 6784 6 432 6950 4 4 2 25 4 4 834 46 1 96 477 27 9 483 49 5 49 1 91 9 9990 10559 10673 42211 42851 4 4 7 07 35631 3 5 8 92 3 7 2 06 6581 6 959 75 0 0 4 7 2 85 4 4 9 16 4 5 4 68 4 5 7 14 43450 4 4 1 93 4 9 1 60 8 488411 490 96 4 9733 9394 1 0 140 47336 43167 41598 37762 35580 35370 9574 7587 6228 4 6 4 75 4 4 8 05 4 5 0 97 4 6 4 03 44652 4 4 8 45 45131 4 3 6 55 43 4 73 494 10 9 4 9 4 95 3 497 92 9 1 1 053 9646 9669 41214 41481 4 2 6 34 3 5 4 23 3 5 1 59 35428 57 9 1 6322 72 0 7 4 4 4 30 4 4 266 43 4 09 4 9 4 32 6 9365 4 1 5 44 35066 6478 217 surplus7 J une 3 17 44 8 67 4 5 2 06 44 6 89 44 9 70 4 3 597 4 3 6 76 4 9 6 04 8 4 9 8 14 6 9898 9340 41276 43591 3 4 9 69 35 8 67 6306 7724 145 9 J u ly 1 15p 45032 45 3 25 44747 4 5 1 27 43227 4 3 9 97 4 9 8 13 0 503154 9 971 1 0 222 41918 42104 35061 3 5 1 04 6857 7000 187 295 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-ba&nce 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 1 9 9 7 - June 4 6 660 46293 45380 4 6 1 63 6 Ju ly A u g. Sep. 46437 46709 46127 46028 4 6 1 11 45689 4 5 2 36 4 5 4 56 4 4 8 32 4 6 5 34 8 4 6 7 00 4 4 6 8 37 0 O ct. Nov. D ec. 45693 46530 47 9 71 45424 46377 47647 44 2 97 4 4 9 13 4 6 2 88 470406 4 7 6 61 5 4 8 5 11 3 1 9 9 8 -Jan. Feb. Ma r. 4 7 487 44 9 93 4 5 545 47277 4 4 935 4 5 504 45706 4 3 4 69 44228 484408 4 8 1 34 7 484001 A pr. May June 46 5 25 4 4 865 45 1 73 4 6 453 4 4 712 44 9 22 45181 43715 4 3 5 50 487361 488278 491177 4 4 4 88 44324 43466 487659 Two w e e k s e n d i n a 1 9 9 8 -M a y 20 Note: 1. 2. 3. 4. p pe J une 3 17 44 9 33 45 2 80 4 4 755 4 5 044 43663 43750 489394 491532 J u ly 1 15p 4 5 1 12 4 5 414 4 4 828 4 5 2 16 43308 44086 491206 496250 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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