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FEDERAL RESERVE statistical release H.3 (508) ^P)M, AGGREGATE RESERVES AND MEMBER BANK DEPOSITS Average of daily figures Member bank reserves 1 Period total nonborrowed required Monetary base2 "^iWlmmediate Release y 4*Wi Table 1 8 1 980 ' Deposits subject to reserve requirements time and private demand deposits other savings total net interbank billions of dollars total millions of dollars seasonallyr adjusted 1979—-MAY JUNE JDLY AUG. SEPT. 40,666 40,531 40,782 41,110 41,429 42,199 43,057 43,567 38,901 39,113 39,612 40,025 40,089 40,177 41,151 42,095 40,525 40,310 40,572 40,888 41,238 41,927 42,812 43,126 145.1 145.9 147. 1 148.6 150.0 151.5 152.8 153.8 616.0 614.7 619.3 625.4 631.5 638.2 641.9 644.4 429.8 427.6 430.6 436.3 441.7 446.6 450.1 451.1 184.2 185.0 186.9 187.0 188.1 189.8 190.0 191.5 11.7 11.2 12.4 12.2 13.3 15. 1 14.7 15.4 172.5 173.7 174.5 174.8 174.7 174.7 175.3 176.1 1.9 2.1 1.8 2.1 1.7 1.7 1.9 1.8 43,441 43,350 43,675 44,905 44,457 42,200 41,695 40,851 42,449 43,439 43,191 43,139 43,471 44,644 44,276 154.7 155.6 156.6 157.9 158.5 643.7 647.2 649.1 655.4 656.8 451.9 454.4 457.9 464.2 467.7 189.5 190.9 189.4 188.7 187,3 13.6 14.5 15.6 17.2 17.1 176.0 176.4 173.9 171.5 170.2 2.3 1.9 1.8 2.4 1.8 7P 14P 21P 28P 44,409 43,902 44,803 44,385 43,080 42,881 43,964 43,262 44,108 43,860 44,550 44,380 158*3 157.6 158.7 159.1 658.9 656.4 659.8 654.4 46 7 . 5 463.2 467.8 46 7 . 4 189.4 186.4 190.1 185.4 17.2 16.5 18.9 16.7 172.2 169.9 171.3 168.7 2. 1 1-9 1.8 1.5 4P 11P 18P 25P 45,222 44,085 43,574 43,657 44,763 43,684 43,178 43,339 44,754 43,995 43,410 43,465 159.7 158.5 158.6 158.7 656.5 658.8 660.2 657.0 466.7 468.0 469.0 468.0 187.5 188.9 189.2 187.8 17.4 16.7 16.9 17.1 170.1 172.1 172.3 170.6 2.3 1.9 1.9 1.3 ocrr. NOV. DEC. 1980—JAN. FEB. MAB. APS. P MAY P WEEK ENDING: 1980—HAY JUNE not seasonally adjusted 1979—MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 40,237 40,104 40,916 40,715 41,054 42,280 42,997 44,020 38,472 38,686 39,746 39,630 39,713 40,258 41,092 42,547 40,096 39,883 40,705 40,494 40,862 42,005 42,771 43,560 144.4 145.6 147.9 148.4 149.4 151.3 153.5 156.3 610.9 613.9 619.1 620.4 629.1 637.8 642.2 652.6 429.8 427.2 429.7 434.2 439.5 445.7 449.2 452.0 179.2 183.9 187.8 184.5 187.5 190.5 191.3 198.6 11.0 11.0 12.6 12.0 13.3 15. 1 15.2 16.0 168.2 172.9 175.2 172.6 174.2 175.4 176.2 182.6 1.8 2.8 1.6 1.7 2.1 1.6 1.7 2.0 1980—JAN. FEB. MAR. APS. P KAY P 45,179 43,177 43,102 44,939 43,974 43,938 41,522 40,279 42,483 42,956 44,928 42,966 42,899 44,678 43,793 155.9 154.0 154.9 157.6 157.8 652.1 643.9 648-0 657.7 651.5 454.6 455.8 460.6 464.7 467.7 195.4 186.2 185.5 190.4 182.1 14.5 14.3 15.2 16.8 16.1 180.9 172.0 170.4 173.6 166.0 2. 1 1.8 1.S 2.6 1.7 7P 14P 21P 28? 44,535 43,491 44,167 43,619 43,206 42,470 43,328 42,496 44,234 43,449 43,914 43,614 158.2 157.3 157.8 157.5 654.4 651.6 653.0 647.0 466.4 467.8 468. 1 46 8 . 5 185.9 182.3 182.9 177.2 17.2 16.0 17.0 14.3 168.8 166.3 166.0 162.8 2.1 1.5 2.0 1.4 4P 11P 18P 25P 44,174 42,967 43,435 43f284 43,715 42,566 43,039 42,966 43,706 42,877 43,271 43,092 158.5 158.5 158.7 158.0 656.2 656.8 661.5 652.3 46 7 . 3 468.1 46 8 - 1 466.6 187.0 187.2 189.5 183.7 18. 1 15.9 16.9 15.6 168.9 171.3 172.7 168.1 1.9 1.5 3.9 2.0 KEEK ENDING: 1980—MAY JUNE See reverse side for explanation of footnotes. | i H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements 3 Averages of daily figures Member bank reserves Period total I non borrowed required millions of dollars seasonal h/ adjusted 1 9 7 9 — MAY JUNE JULY AUG. SEPT, OCT. NOV. DEC. 40,889 40,767 41,039 41,365 41,691 42,335 42,534 43,170 1980—JAN. FEB. MAR. APR. MAY 43,121 43,091 43,249 43,403 WEEK P P Monetary base total billions of dollars Member bank reserves | nonborrowed required millions of dollars not seasona lly adjusted Monetary base billions of dollars 39,350 39,863 40,280 40,351 40,313 40,628 41,697 40,748 40,547 40,828 41,143 41,500 42,063 42,290 42,728 145.4 146.2 147.4 148.8 150.3 151.6 152.3 153.4 40,459 40,341 41,173 40,970 41,315 42,416 42,475 43,622 38,695 38,923 40,002 39,885 39,975 40,394 40,569 42,149 40,318 40,120 40,962 40,749 41,124 42,144 42,230 43,180 144.7 145.9 148.2 148.6 149.7 151.4 153.0 155.9 43,369 41,880 41,436 40,426 40,947 42,350 42,870 42,880 43,045 43,142 43,188 154.4 155.3 156.2 156.4 157.5 44,858 42,918 42,676 43,436 42,886 43,617 41,263 39,853 40,981 41,868 44,607 42,707 42,473 43,176 42,70 5 155.6 153.7 154.5 156.0 156.7 43,536 42,917 43,736 43,037 42,207 41,896 42,897 41,914 43,235 42,875 43,483 43,032 157.4 156.6 157.6 157.7 43,662 42,506 43,100 42,271 42,333 41,485 42,261 41,148 43,361 42,464 42,847 42,266 157.4 156.3 156.7 156.2 43,949 42,816 43,296 43,367 43,490 42,415 42,900 43,049 43,481 42,726 43,132 43,175 158.4' 157.3 158.3 158.4 42,901 41,699 43,157 42,994 42,442 41,298 42,761 42,676 42,433 41,609 42,993 42,802 157.2 157.2 158.4 157.7 39,124 ENDING: 1980—MAY 7P 14P 21P 28 P JUNE 4P 11P 18P 25P P - PRELIMINARY 1/ MEMBER BANK RESERVES SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO ADJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND M. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE REQUIRMENT WAS IMPOSED ON "MANAGED LIABILITIES". ON OCTOBER 25, 1979, RESERVES OF EDGE ACT CORPORATIONS WERE INCLUDED IN MEMBER BANK RESERVES. THIS ACTION RAISED REQUIRED RESERVES $318 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT IS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1,693 MILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MA? 29, 19fc:0, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT IS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980. 2/ INCLUDES TOTAL RESERVES (MEMBER BANK RESERVE BALANCES IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER); CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND THE VAULTS OF COMMERCIAL BANKS; AND VAULT CASH OF NONMEMBER BANKS. 3/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH MARGINAL RESERVE REQUIREMENTS, THE INCLUSIONS OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATIONS D, K, ANT? a. HISTORICAL DATA AND A DESCRIPTION OF THE ADJUSTMENT PROCEDURE ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551-
@FedFRASER