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FEDERAL RESERVE statistical release H.3(902) Table 1 For Release at 4:30 Caitsrn Time JULY AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 3, 1986 1 Adjusted for changes in reserve requirements Averages of dally figures, seasonally adjusted unless notad otherwise Millions of dollars totiP Data Reserves of depository institutions nonborrowed nonborrowed plus required extended credit* excess NSA« *w.*1AU EZ~L BorWwTF I ^ B e p o s i t o r y institutions y P e d e r a l Reserve, NSA P£frPHiar ~iDCT^^^C f seasonal extended credit* [ Tii 172 107 56 203 665 507 570 656 629 530 499 770 884 761 893 876 803 36 56 68 73 94 108 497 492 518 634 584 531 226,077 226,403 871 719 101 102 566 526 227,197 879 119 525 1985—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 4 2 , 6 6 9 I 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 44,554 905 855 827 666 753 928 1 ,058 207,932 209,105 211,208 212,289 213,566 215,253 216,721 1986—JAN. FEB. MAR. APR. MAY JUNE PE 45,881 46,370 46,865 47,275 48,577 49,467 45,111 45,486 46,104 46,383 47,701 48,663 45,608 45,978 46,622 47,017 48,285 49,194 44,771 45,272 45,968 46,474 47,739 48,503 1,111 1 ,097 896 801 838 964 218,404 219,788 221 2 6 2 222^359 224,903 226,677 49,197 49,233 49,326 48,514 48,892 49,040 48,184 48,592 1 ,014 641 49,829 48,950 49,475 48,505 1 ,324 ! 1 1 ,205 1,107 1,073 1,289 1 ,187 1 ,741 1 ,318 167 221 1 TWO WEEKS ENDING 1986-JUNE JULY p 1/ 4 18 P 2 PE PRELIMINARY PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED UITH 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 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 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE * No.tWjust^d; f Ofechanges in reserve requirements^/ Averages oT daily figures, not seasonal I v adjusted Millions of dollars r*Vault cash4 Reserve* of depository Institutions Monetary base* Data total nonborrowed Reserve balances!! with F.R. Banked! required total used to satisfy required reserves8 \ surplus* Net carryover of excess or deficit In reserve balances7' m mm IlilllliliH iili lipi iilliliiiiiiiiiii 42,352 42,803 42,963 44,447 45,469 46,382 48,142 1985—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1986—-JAN. FEB. MAR. APR. MAY JUNE PEl 48,060 46,652 47,274 48,882 48,419 49,961 41 ,147 41,696 41,890 43,158 44,282 44,641 46,824 47,289 45,768 46,513 47,989 47,543 49,158 41,447 41,948 42,135 43,782 44,716 45,454 47,085 46,949 45,555 46,378 48,081 47,581 48,997 209,970 212,269 213,156 214,501 216,192 218,962 223,534 221,588 219,568 221,703 224,879 226,117 229,735 23,367 23,503 23,415 24,972 25,431 26,385 27,620 26,373 24,700 27,114 28,892 28,279 29,525 22,180 22,530 22,839 22,465 22,724 22,457 22,956 24,245 24,962 22,688 22,231 22,474 22,805 18,985 19,300 19,548 19,475 20,038 19,997 20,522 21,687 21 ,952 20,160 19,990 20,140 20,436 3,196 3,230 3,291 2,990 2,686 2,460 2,434 2,559 3,010 2,528 2,241 2,334 2,369 mm I:::::::::::::::!:: JULY 4 18 P 2 PE 48,613 50,264 47,742 49,545 47,600 49,623 226,959 230,535 28,568 30,161 22,422 22,250 20,045 20,103 2,377 2,147 50,057 49,178 48,733 229,728 29,103 23,580 20,954 2,626 i::ii: iiiiiiiiiiiii ...;„:::«::::«::. iHii lll!l •Hi !iK:::::t::::: Jill iiiiiiiiiiiii! [piijjiijiiijiii ..IP! iiiiiiiiiiiii IjljIffiHIj jiiipii! 11111 mm i l l "•••••iiHi:; 1986- -JUNE ::::::! pililiiliiii iilil ijilL TWO WEEKS ENDING iiillliPii iiiill HJHiji sill P PRELIMINARY PE-—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT 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 MfVINTEI^NCE PERIOD ENDING ON THE DATE SHOWN. 23 121 1 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 Reserves of depository institutions nonborrowed S Monetary base required 1985—JUNE JULY AUG. SEPT. OCT. NOV. DEC. 42,444 42,896 43,069 43,676 44,207 45,082 46,839 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 1986—JAN. FEB. MAR. APR. MAY JUNE PE 47,113 45,684 46,338 47,936 47,712 49,220 46,342 44,800 45,578 47,044 46,836 48,417 46,002 44,587 45,442 47,135 46,874 48,256 218,741 216,784 218,985 222,134 223,608 227,084 47,853 49,569 46,982 48,851 46,839 48,928 224,323 227,971 49,267 48,388 47,944 226,969 TWO WEEKS ENDING 1986—-JUNE JULY 4 18 P 2 PE 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