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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 n e 1 1 ,1 9 9 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date Monetary base6 ” total2 nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 -M a y June 46 7 50 46871 46507 46504 46 5 07 4 6 504 4 5 510 4 5 5 91 1240 1280 4 5 9 47 4 461746 243 367 173 243 0 0 J u ly A u g. Sep. 4 6 717 4 6 9 39 4 6 2 40 46308 4 6 3 41 4 5 802 4 6 3 08 46341 4 5 8 02 4 5 516 45 6 86 4 4 944 1201 1253 1295 4 6 4 42 7 466711 4 6 9 40 6 409 598 438 330 385 368 0 0 0 O c t. Nov. D ec. 45 9 58 46 3 10 4 6 6 69 4 5 688 46157 4 6 3 45 45 6 88 46 1 57 4 6 3 45 4 4 5 62 4 4 6 93 4 4 9 86 1396 1617 1683 471983 476 18 7 480152 270 153 324 227 115 79 0 0 0 1 998-Jan . Feb. Mar. 46501 45722 46048 46 2 92 4S664 46 0 06 46292 45 6 64 4 6 0 06 44721 44 1 98 44731 1780 1524 1317 482846 484243 485899 210 58 41 18 12 22 0 0 0 4 5 9 59 45 5 48 45 8 87 45 3 96 45 8 87 4 5 3 96 4 4 6 14 4 4 4 44 1345 1104 487267 489216 72 153 41 94 0 0 4 6 0 75 4 6 1 04 4 5 9 75 46 0 53 45 9 75 46 0 53 4 4 7 83 4 4 6 63 1293 1441 486067 487179 101 51 30 37 0 0 4 5 5 89 4 5 3 04 4 5 5 09 45 1 39 4 5 5 09 45139 4 4 3 60 4 4 3 14 1230 990 488620 488237 81 165 61 85 0 0 45 8 37 4 5 6 60 45660 44 6 56 1181 490787 178 123 0 Apr. May p Two w e e k s e n d i n a 1998- A p r . 8 22 May J une 6 20 3p total seasonal extended credit4 1. 2. 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 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.) 4. 5. 6. p pe 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 Reserves of depository institutions Date nonborrowed required 1 9 9 7-M a y June 4 5 997 46 6 10 45754 4 6 243 44757 4 5 330 465 21 9 468 77 8 10916 10291 41 3 10 4 2 547 35081 3 6 319 6228 6228 Ju ly A u g. Sep. 4 6 3 80 4 6 6 45 46 0 56 4 5 9 71 46047 4 5 618 45179 4 5 392 4 4 7 61 472 58 2 4 7 4005 4 7 5 31 6 9851 10489 9742 4 3 313 4 2 587 4 3 264 3 6 529 36 1 56 3 6 314 6784 6432 6950 O c t. N ov. D ec. 45621 46451 47880 45351 46 2 98 47 5 55 4 4 225 44834 4 6 196 477 27 9 48 3 49 5 4 9 1 91 9 9990 10559 10673 42211 42851 44 7 07 3 5 6 31 3 5 892 3 7 2 06 6581 6959 7 500 1998-Jan. Feb. M a r. 4 7 4 95 4 4 974 4 5 5 10 47 2 85 44 9 16 4 5 4 69 45714 4 3 450 44 1 93 4 9 1 61 5 4 8 8 42 8 4 9 1 00 0 9733 9394 10140 47 3 36 43 1 67 41 5 98 3 7 7 62 3 5 5 80 35 3 70 9574 7 587 6227 4 6 4 76 4 4 7 63 46 4 04 4 4 6 10 4 5 1 31 4 3 659 4 9 4 17 2 4 9 5 05 8 11053 9657 41 2 16 4 1 4 69 35 4 23 3 5 1 06 5793 6363 4 6 1 58 47 1 76 46 0 57 47 1 25 4 4 8 65 45 7 36 4 9 2 29 8 495071 10623 1 1 991 41420 4 0 8 15 3 5 5 35 35 1 85 5885 5629 167 80 4 5 5 68 4 4 3 92 45 4 88 44 2 28 4 4 3 39 43 4 02 494 47 4 49 4 45 7 9841 9376 4 1 7 15 4 1 5 48 3 5 7 27 3 5 017 5988 6531 428 217 4 4 7 96 4 4 6 19 4 3 6 15 496144 9915 4 1 2 33 34881 6352 124 May June 6. 7. 8. p pe Net carryover of reserve balances8 total2 Two w e e ks e n d i n a 1998- A p r . 8 22 4. 5. total used to satisfy required reserves6 Monetary base3 A pr. May p 1. 2. 3. Vault cash5 Reserve balances with F.R. Banks4 6 20 3p 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. 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-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-M a y June 46037 46660 45794 46293 44 7 96 4 5 380 45 8 14 7 4 6 1 63 6 J u ly Aug. Sep. 46437 46709 46127 4 6 028 46 1 11 4 5 689 4 5 236 4 5 456 44 8 32 4 6 5 34 8 467004 468370 O ct. N o v. D ec. 45693 46530 4 7 9 71 45424 46377 4 7 647 4 4 297 4 4 913 4 6 2 88 470406 4 7 6 61 5 485113 1 9 9 8 -Jan. Feb. Mar. 47487 4 4 993 4 5 546 47277 4 4 935 4 5 504 4 5 7 06 4 3 4 69 4 4 2 28 484416 4 8 1 36 4 484038 4 6 525 4 4 823 4 6 453 4 4 6 70 45181 4 3 7 19 487424 488389 4 6 203 47 2 26 4 6 1 02 4 7 1 75 4 4 9 10 4 5 786 485459 488365 45621 44 4 50 45541 44 2 86 4 4 3 92 4 3 4 60 487740 487803 4 4 8 62 4 4 685 43681 489488 A pr. May p Two w e e k s e n d i n a 1998- A p r . 8 22 May June Note: 1. 2. 3. 4. p pe 6 20 3p 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 Cashr 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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