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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 3 0 , 1 9 9 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 - June 46871 4 6 5 04 4 6 504 4 5 5 91 1280 4 6 1 74 6 367 243 0 Ju ly A u g. Sep. 4 6 7 17 46 9 39 46240 46 3 08 46341 4 5 8 02 4 6 308 46341 45 8 02 4 5 516 4 5 686 4 4 944 1201 1253 1295 4 6 4 42 7 466711 469406 409 598 438 330 385 368 0 0 0 O c t. Nov. D ec. 4 5 9 58 46 3 10 46 6 69 4 5 6 88 4 6 157 46 3 45 45 6 88 46157 4 6 345 44 5 62 4 4 693 4 4 986 1396 1617 1683 471983 4 7 6 18 7 480152 270 153 324 227 115 79 0 0 0 1 9 9 8 -Jan. Feb. M a r. 46501 4 5 7 22 46 0 47 4 6 2 92 45 6 64 4 6 0 06 4 6 2 92 4 5 6 64 4 6 0 06 44721 44 1 98 44731 1780 1524 1316 4 8 2 83 8 484226 485862 210 58 41 18 12 22 0 0 0 A pr. May June 4 5 9 59 45591 45391 45 8 87 4 5 4 38 4 5 1 40 4 5 887 45 4 38 4 5 1 40 4 4 614 44441 43771 1345 1150 1620 487203 489102 491634 72 153 251 41 94 159 0 0 0 4 5 9 08 4 5 1 79 4 5 7 30 4 4 9 43 4 5 7 30 44 9 43 44 6 38 4 3 6 49 1270 1530 490691 491289 178 236 123 145 0 0 45501 44 9 89 44531 45 2 16 44791 4 4 2 17 4 5 2 16 44791 4 4 217 4 3 704 4 3 667 4 3 234 1797 1322 1296 492224 492869 494001 285 198 314 184 196 233 0 0 0 Two w e e k s e n d i n a 1 9 9 8 - J un e 3 17 J u ly 1. 2. 3. 4. 5. 6. p pe Monetary base6 total2 1 15p 29pe total seasonal extended credit4 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) Tabje 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 6. 7. 8. p pe Net carryover of reserve balances8 total2 nonborrowed required 1 9 9 7 - Juno 46610 46 2 43 4 5 3 30 468778 1 0 2 91 42547 3 6 3 19 6 228 J u ly A u g. Sep. 46380 4 6 6 45 4 6 0 56 45971 46 0 47 4 5 6 18 4 5 1 79 45392 44761 472582 4 7 4 00 5 4 7 5 31 6 9851 1 0 489 9742 43313 42587 43264 3 6 5 29 36156 3 6 3 14 6 784 64 3 2 6950 O ct. Nov. D ec. 45621 46451 47880 45351 4 6 2 98 4 7 5 55 44 2 25 44 8 34 4 6 1 96 477279 4 8 3 49 5 4 9 1 91 9 9990 10559 10673 42211 42851 44707 35631 35892 37206 6581 6 959 7500 1 9 9 8 -Jan. Feb. Mar. 47495 44974 45509 4 7 2 85 44 9 16 45468 45 7 14 4 3 4 50 4 4 1 93 491608 488411 490964 9733 9394 10 1 40 47336 43167 41598 37762 35580 35370 9574 7 587 6228 Apr. May J une 46475 44805 45095 4 6 4 03 44652 44 8 44 45131 4 3 6 55 43 4 75 494109 494953 497929 11053 9646 9668 41214 41481 42634 35423 3 5 1 59 3 5 4 27 57 9 1 63 2 2 72 0 7 44 8 67 4 5 2 06 44 6 89 44970 43 5 97 4 3 6 76 496048 498146 9898 9340 41276 43591 34969 35867 6306 7 724 145 9 45029 4 5 3 23 4 3 7 08 44 7 44 4 5 1 25 4 3 3 94 4 3 2 32 44001 42412 498130 5 0 3 15 5 5 0 0 95 3 9969 1 0 224 9000 41918 42100 41996 35060 35100 34709 6858 7000 72 8 7 187 296 210 J u ly 4. 5. total used to satisfy required reserves6 Monetary base3 Two w e e k s e n d i n a 1998-June 3 17 1. 2. 3. Reserve balances with F.R. Banks4 1 15p 29pe 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. Currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and 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 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 4 6 2 93 45380 461636 J u ly A u g. Sep. 46437 4 6 709 46127 46 0 28 4 6 1 11 4 5 689 45236 4 5 4 56 44832 465348 467004 468370 O ct. N o v. D ec. 45693 4 6 530 47971 45424 46377 47647 44 2 97 4 4 9 13 46288 470406 476615 485113 1 9 9 8 -Jan. Feb. Mar. 4 7 4 87 4 4 9 93 45545 4 7 277 44 9 35 4 5 504 45706 43469 44228 484408 481347 484001 46 5 25 44 8 65 45171 46 4 53 4 4 7 12 4 4 9 20 45181 43715 43552 487361 488278 491177 4 4 9 33 4 5 2 80 4 4 7 55 4 5 0 44 43663 43750 489394 491532 4 5 1 09 4 5 4 12 43 7 95 44 8 25 4 5 214 43481 43313 44090 42499 491206 496251 494169 Apr • May June Two w e e k s e n d i n a 1 9 9 8 - June 3 17 J u ly Note: 1. 2. 3. 4. p pe 1 15p 29pe 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-adjusted 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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