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FEDERAL RESERVE statistical release ,H.a_., ..... , JUJ.f AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjue1ed lot ClleneM 1ft ,..,.._.. A...... of deity I~ _...,.....,.... IIIIIIM nowd--...... llllllloM of . . . . . .....,. Dille 1987--ur JUI!i: JUI.f lUG. SIP'f. OC'f. JOY. DBC. i968-Jll. PBS. IUR. lPB. !Ill ....... ,.....,rowed of ......... IMCitutlone IIOilbCMiowecl plue extendlciONdlt* 58,815 59,466 59,053 58,722 58,0611 57,876 57,827 58,163 57,871l 58,523 58,428 57,91111 58,352 58, 1119 58,0.21 58 ,295 58,.283 58,973 58,8U 58,1$.28 58,021 57,1162 57, 738 57,778 58,021 58,338 sa, 129 57,693 59,458 59,573 59,760 «.O, J71l 60,365 58,376 59,177 58, 009 57,.J80 57,787 58,7118 59,38:.! 59,4117 18 60,957 '60,237 1 15 29 p 60,320 60, 367 60,879 ~9, 100 ~8,653 58,11'.19 ~8,810 - lliloMWy ...... NSA• .... 19118 ............ of dlpoeftory lflltiiUIIone .,_ . . ~...-_ NSA 1, 079 1,190 761 1,032 793 1,129 923 1,029 2119,0,. 2119,1150 250,1109 251,919 253,0.211 255,296 256,938 257,928 1,0JS 776 672 6111 91l0 9U 625 117 59,8911 58,163 58,41l0 58,832 59,515 59,325 1,295 1,133 929 859 1,040 260,721 262,019 263,315 265,808 266,924 58,733 58,062 60,520 59,860 59,891 59,337 1,067 901 57,200 56,903 5 8,222 59,738 59,889 f>O,l60 59,138 59,678 59,828 1,182 689 1,051 60,0Uil -- 1 259 283 279 231 189 126 93 288 273 1911 132 1109 11119 3911 1183 1,082 396 1,752 .2,99J .2,578 59 15 119 146 246 372 205 1,478 2,6211 2,107 267,014 266,U 1 2,2211 2,17 5 191 2111 1, 787 1,798 261,395 267,304 269,2J7 1,120 3,465 l,658 269 287 337 2,538 2,986 2,138 196 'flO I!!J:E&S EIDIIIG -----1981HIU JUWE II - P---PRELtlllllBI PI--PB!Lllllllll IS'fllll'fl 11 BESEBYES liD IIOI I 'fAII BlSI PIGUBIS IJCOBPOBl'f& lDJOS'f81J'fS POB DlSCOJ'fiiDI'fiiS lSSOCil'fiD WI'fH 'f81 18PLIIIII'fl'fiOI OP rll ftOJETABI COITBOL ACT AID OTH£8 RBGULlTOBI CHlJGBS 'fO IBS&BYB B~OIIB8BITS. 'fO lDJOS'f POB DISCOI'fiiOI'fiBS DUB 'fO C8lJGIS II BBS!i:Bfi 8EQUIBB8BITS OJ BBSIBflBLB IOIDEPOSIT LllBILITIBS, 'fHE SOB OP SUCH IIQUIIID BBS.BY&S liB SUBTBlCTID PIOII 'f8B lC'fUAL SIRlES. Slft!LlBLJ, 11 ADJUSTII G POl DlSOOITliUI'fiiS II TKI 80JETARI BASI, IBQUliBD CLIABIJG BlLliCIS liD lDJUS'fftll'fS TO C08PEKSl'fE POB PLOAT ALSO ABE SUBTWACTBD PB08 THB ACTUAL SIRIKS. . 21 TOTAL BESEBYES IO'f ADJUSTED FOR DISCOITIWUITIIS COISISTS OP aeseBYE BALlWC~ Wt•R PP.nP.RAL RISIRYR RAI&S (IIIICII BICLODI B~UUIBED CLBAHlRG BALANCES AND ADJU~TRENTS TO C08P~ISATt FOR fLOAT) PLUS YAULT ClSH OSBD TO SATlSfl BESBIYB IBQUIBEftEI'fS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HBLU ~D RING TBE LAGGED COIIPUTATIOI PBRIOD Bt IISTITUTIOIS HAYIIG IIQUIIBD B&SIRYI Ul~lMCES AT F~DBRAL R£~~BYE BARKS PL US THE AII OU I'f Of fAULT CASB ~UAL TO RIUUI IE D RESEBYBS DUBIIG THI 8AIJTIIliCI PlllOD A'f INSTITUTIONS HAYING NO REQUIRED RESERVE BALAICBS. 3/ ti:TEIDED CREi>IT CONSISTS 01' BOIIROIIING AT THE DlSCOUIIT IIIMDOII UIDIR THE TElliS UD COIDITlOIS JS.' flBLISHID lOB THI Bl'fiiDID CBEJ)U l'BOGRlft TO HELP llEPOSlTOI!t INSI'lTUTIOIS DEAL IIITH SUSTAUBD LIQOIDl'ft PIBSSUIIS. BBCAUSK THill! IS JO'f 'fBE SAKI IBID 'fO RIPAt SUCH BOHHOIIING PBOftPTLt AS THtRK IS IIITH TRADITlOIAL SHOBT-TERft ADJUST8BIT CREDIT, THI lOili llBKKT IIPACT OP IITIIDBD CHBDIT lS SlftlLAB TO THAT Of NONBORROII£0 RESEHYBS. 41 BJSKRYE BAL&NCBS WITH ftDKKAL RESEE VB B AI ~S PLUS fAULT CASH USED TO SATISPI HESERYI REQUIHKftll'fS LESS RBQUIBID IISIIYIS. Sl THE IIOIETARI UASE NOT ADJUSTED lOR DISCONTlNUITIKS COISISTS Of TOTAL RESEBYES PLUS REQUIRED CLBAMIIG »lLAJCIS AID lDJOS'fftEITS ' TO COftl'£ NSATB POR fLOAT AT f EDER AL R£S£RYE UAMKS PLUS THE CUBREIC! COftPONENT 01' THE RONEI STOCK PLUS, PUB IIS'fiTUTlOIS lOT HAVlN~ R~QUIRED RESERVE BALANCES, THE EXCESS OF CUKi£NT fAULT CASH OYER THE AROUIT APPL1~U TO SATISFI CURBBIT IESKBYI REUUIR~ft ENTS. lFT RN THL INTRODUCTION Of CCH• CUBRBNCr AID VAULT CASH liGURES AR B ftBASU~ED OYIK THI 80IUAI-BIDIIG COftPUf ATlON PERIOD. THE SEASOMALLr ADJUSTED ftONBTAK! BASE CONSISTS 01' S!ASOIALLI ADJUSTED TOTAL RBSBKY~ (¥HICH IICLUD!S EXCESS RtSERYES ON A NOT ~EASONALLY AUJUSTEO BASI$) PLUS THE SEASOIALL! ADJUSTED CURREIC! COftPOIEIT Of THE BOlE! STOCI PLUS tKH BERAIIIING ITEft S S£ASONALLf ADJUSTI::O 45 A WHOLE. NOT~: HlS'l:OBlCAL Dl'l'4 ARt. lYllLAilLE fRO!\ tH£ 110HEr AN D BESEBYES PROJECTIONS SECTIOif, DlfiSION OP 801fETABI llFAIBS, BOARD OF GOYERMOKS OF THE fEDERAL RESERVE S!STEft . WASHINuTOH. O.C. 20551 11•• , _ , T8ble 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 'No.t:!dJu_at!ld foljchange~ In reserve requirement~ of dally ltgurea, seasonally adjusle Mllltona of dollara --- ·- • · - -- - ,._ages nor Monetary baM~ O.te total nonborrowed required 58,339 58,784 58,831l 58,161 59,813 61,106 61,205 62,123 57,303 58,008 58,166 57,714 58,873 60,163 60,580 o1,J46 57,.l60 )7,594 58,078 57,J:.!9 59,020 5'l,977 1>0,282 o1,094 . 252,539 254,671 :.!54,360 255,691 258,076 261,671t 266, 161 36,466 36,309 36,110 35,616 3&,o85 37,249 37,453 37,673 23,661 21f,lb9 24,613 21l,644 21f,854 25,587 25,431 26,155 21,873 l2,1l75 22;728 2:.!,745 23,128 23,857 2J,752 21t,ll49 1,808 1,893 1,885 1,899 1, 726 1,730 1,679 1,706 62,640 60,047 60,076 62,064 60,681 61,558 59,1>50 58,J24 59,071 58,103 &1,345 58,914 59,147 1>1,205 59,641 265,789 262,598 263,979 268,127 268,899 37,1185 34,211 36,027 38,429 36,509 26,919 28,119 25,926 25,200 25,873 25,155 25,836 24,01t9 2J,6J6' 24,172 1,761f 2, 28.J 1,877 1,561l 1,700 4 18 61,862 60,859 59,638 58,1184 o0,796 59,959 267,625 269,401l 38,313 36,131 25,112 25,7.l6 2J,S49 24,122 1,563 1,604 23 236 1 15 29 p 60,125 62,250 61,744 57,005 58,785 59,087 58,943 &1, 561 &0,693 268,748 273,127 272,147 35,707 38,654 37,289 26,265 25,118 26,237 24,418 23,596 21t,lt55 1,847 1,522 1,782 200 298 58 1987-IIU JUNE JOLT lUG. SEPT. OCT. BOY. DBC. 1988--Jll. .l'BB. liAR. APR. 1111 ~49,940 riO IEBKS BIDIIIG --------1988-1111 JUB.E P---PB&LIII.lUBl PE--PREL.lftlllBt BSTIKlTB. 1/ REFLECTS ACTUAL BBSEBYB REQUIBEKBITS, INCLUDIBG THOSE 01 IOIDIPOSIT LilBILitias, liTH 10 lDJOSTKIITS TO ILIIIIlTI THE EFFECTS Of DISCOITIIUITIES ASSOCIATED liTH lftPLBIIBITlTIOI or THE KOIBTlBI COITROL ACT OR OTftll BBGULlTOit CHANGES TO RESERVE RBQUIBEIIEBTS. 2/ COISISTS OF TOTAL RESERVES PLUS REQUIRED CLBAKIIG BALAICES AID ADJOSTIIEITS TO COIIPEISlTE FOR FLOAT AT PIDBRlL IISIIYI BAiill(S PLUS THE CURRUCt COIIPONRIT OF THB ROB&! STOCK LESS THE AROUIT or VAULT CASH KOLDIIGS OF THRIFT IISTITftiOIS TftU IS INCLUDED II THE CUBBEICI CORPOIEIT OF !HI KOIEI STOCK PLUS, FOR INSTITUTIONS JOT HlYlJG IIUUIBID IISIIYI BlLAICIS, Til BXCISS OF CURRENT VAULT CASH OY~B TKB AROUIT APPLIED TO SlTISFI COIREIT RBSEBfB REQUIREIBITS. lFT&I THB IITIODUCTIOJ OP CRB, CUBRBICI AID VAULT CASH FIGURES lHE IIEASUBBD OYER THE IOIDll-IIDIIG COIIPUTATIOI PBBIOD. J/ EXCLUDES REQUI&ED CLElBIIG BALABCES A,D lDJUSTII&ITS TO CO!PEISATB FOR FLOAT. 4/ DATES REFER TO THB 8111TEIAICE PBBlODS II IH.l~ft THE VAULT CASK CAl BE USED TO SATISPI BESIBYI RBQUIIEIIITS. UIDIB COITBIIPORlNEOUS RBSBBYB BEQUIBEftEBTS, ftliiTEIIICI PERIODS BID 30 DAIS APTER THE LAGGED COftPUTATIOJ PIRIODS 11 WHICH THE BALliCBS ABE HELD. 5/ EQUAL TO ALL VAULT CASH HBLD DURliG THE LAGGED COIIPUTlTIOI PERIOD Bt IISTITUTIOIS RAfiiG IIQUIBBD IBSERYI :~~ AT FEDERAL RESERVE BANKS PLUS THE AIIOUNT OF VAULT CASH EQUAL TO REQUIRED IBSBRYES DURIIG THE ftAIITEIAICI PIIIOD AT .liSt'ITir.llOifS HAYIBG 110 l,;j!QUIBED RBSERU BALlNCBS. 6/ TOTAL VAULT CASH AT IISTITUTIONS RIYlNG 10 BB~UlBBD BESBBYE BlLAICBS LESS THE lftOUIT OP VAULT CASH IQUlL TO TRill BEyUIBED RESERVES DURING THE IIAINTEIINCE PERioD. 7/ COBSISTS OF CARRiOYBR ONLY AT DEPOSITOR! IIST.lTUTIONS IIAlJTllJING.RESBRYES 01 THE BASIS Of TIO-IEIK lllliTBIAICE PERIODS. REFLECTS B~CESS (•) OR DEFICIT (-) RESEKYES ELIGIBLE TO BE CARRIED FORWARD liTO THE TWo-IBIK RISBIYI :UltiTlUIANCE P£8100 EIUING ON THE DATB SIIOIIN. H.3 (502) Table3 AGGREGATE RESERVES OF. DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In.....,. requlrementa 1 Averages of dally flgurM, not aaaaonally adjusted Mllllona of dollara Aaaarvas of depository lnatltutlona nonborrowad Data total 1967--llU JUliE JDLI AUG. SEPT. OCT. NOV. DEC. 5~, 136 60,023 19d8--JAII. lEB. KAR. APB. 61,199 !>1:1,663 58,851 60,947 58,255 58,594 Sd, 711 58,369 !:»8,512 57,220 57.,618 58,044 57., 721 57,571 58,130 58,511 59,245 57,176 57.,404 57,956 57,336 57,718 57,944 58.213 58,994 247,698 250.,1b6 :l52,J08 252.,308 252,44!» 254,119 :l57,651 262,053 5~,454 60,117 58,267 57,099. 57,954 56,876 59,904 51,530 57,922 60,088 58,414 262,006 259,010 2b0,772 2ct5,007 265,7.U 60,691 59,707 58,467 !;7,5J2 59,624 58,806 264,550 266,329 58,801 b0,977 60,393 55,681 57,513 57,7J5 57,619 60,288 59,342 265,452 269,9.:u 2ot1,920 59,013 SAl Monetary baaa required liEEKS EIIDIIIG ~liO --------1988--llU 4 18 JUHE 1 15 29 p · P---PRJ$LlllUIARI PE--PBELllllNABY ESTlllATE. 1/ FlGUkE~ REFLECT ADJUSTllEW1~ FOR Dl~COITlNUlTl~S ASSOCIATED WlTB THE IBPLE!EITlTIOI OF THE !OIETA~I COITBOL ACT liD QrHER REGULATORY ~HliGES TO RESERVE REUUliEliBITS • .
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