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-F-ED_E_R_A_L_R_E_S_E_R_V_E_s-ta-ti-st-ic_a_l-re_l_e-as_e_ _::~~·
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For release at
4:30 PM EST
June 16, 1988
H.3(502)
SPECIAL NOTICE
Aggregate data for reserves and the monetary base have been
revised to reflect recent changes in reserve requirements and new
estimates of seasonal factors.
These revisions convert historical data.
to a basis consistent with the current structure of reserve
requirements.
Revised historical data will be available shortly from the
Money and Reserves Projections Section, Division of Monetary Affairs,
Board of Governors of the Federal Reserve System, Washington, D.C.
20051.
.
...
, ,
tUIIGIIt
_
JDII
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY lASE
_
---··
...Adluetecl
.......... .,..cMntiM.......... - _,.........,
.._..
Jar
...................
-
__
...__ol ,,_,...,.
......... CNIII'
........
1!117-IIU
.JUIJI:
.JULI
lUG.
S&"OCT.
IOJ.
D.l(;.
S!ii.IOU
sa.t.sJ
511,4!19
511.1110
58,1115
5!1,461>
S9.05l
58.722
58 0 0611
57,876
57,827
58. aU
57,11711
S8,52l
S8,4:.t8
57,9 ..
Sll,lSl
58,14ll
511,021
58,2!15
s•.:.tiiJ
58,!11l
Sll,lt.!Z
58,1128
SII,OZI
Slot6Z
Sl,lll
S1,718
S8,0ll
511,Jll
S11 0 1l9
S7,6U
1988--J.U.
59,11511
59,51)
59,71>0
t>O,JJot
t>U,.l611
S8,J16
S9,177
58,1109
S7,J80
57.787
58,748
S9,JU
59,481
60,11114
59.1193
18
611,957
6U,:.tJ7
sa. 7JJ
58,062
1 p
IS PI
6II,J111
t.0.4111
57,199
56,1176
a...
ua.
IIIII.
lPII.
...,,
. . . . .ooed
lnetltulloM
-
MIA•
........., ......
..._.....
... .........., ...............
.._ .. ,.._.......,.MIA
.,, ............ill_.
I,OJS
I
tol8l
--
1,190
761
1,0l2
79J
'· 129
92l
1,029
:.tll9,0111
2119,1150
250,1109
.251,91!1
lSJ,O:.tll
255,291>
256,tllt
257,U8
S8,16l
S11,41t0
Slt,llll
S!l, 515
S9.,JJ7
1.2ts
I,UJ
929
U9
1,027
l60,7ll
262,019
2U,Jh
l6S,81111
266,9JI
I,Oitl
J'lto
'· 752
l,99J
.l.Sltt
59
75
119
1116
246
172
lOS
1.1171
2,624
2.107
611,5.!0
5!11 0 8o0
59,891
Sll.ll7
1,067
tO I
267,0111
266,1161
2.2.z11
191
241
1.781
4,175
S9,7J7
59,962
S!l, 167
S!l, 755
•• 152
686
267 ... 0
268,020
J,UO
J ...s
lel
269
l,SJI
2,986
••• 19
776
Ul
6U
941
94l
6:.tS
7U
ZSt
1988-IU
.JIU
P---·1~1111&11
V
Ul
lt4
Ill
409
lU
Ut
lll
189
...,
....
126
Jt•
t.J
TIO 111.1$
IIDIIG
----- .
••• 1911
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IISIIJI 81QeJaiiiiTS 01 IISIIJII'I IOI81POSIT LllllLITliS• Til SIR OP SUCI IIQDIIID IISIIJIS lll lllf11Cfl8 •101 Ill l~I&L
SIIJBS. SIBILliLf, II lD.IOSTIIG rot DISCDI~IIIl~IIS II Til 8011Tlll IISI 0 11001118 CLIIII18 I&LliC. . Ill &aleSTIIWIS TO
COI.IIS&II rDI PLOAI ALSO Ill SUIIIICTID PIOI Til IC~IIL SIIJIS.
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liSTITUTIOIS HIJJIG 10 IIQUII&D IISIIJI llLIICIS.
l/ &ITIIDED CIIDIT COISJSTS or IOI~OIJIG IT THI DlSCOUIT IIIDOI UIDII Til IIIIlS liD COIDIIIOIS ISTIILJIIIt POl Til IJTIIDID
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CORPOTITIOI P&RJOO. IH£ SEASOIALLI &DJOSIIO 10111111 BISI COISISTS or SIASOI&LLf ADJOSTID IOTIL IISIIJB (IIICII IICLIDIS
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PLUS THE REIIIJIUG ITEIS SUSOUI.Lf ADJUSTBO IS I IIOLB.
lOTI: UlSTOil~&L D&T& ARE &JliLIBLt fROI TH! "ONIT liD IISERJIS PIOJICTlOIS SICTIOI, DIJISIOI or IOIETIII APPAllS, IOIID or
GOfiiiOIS OP THI FEDERAL RESEkf& STSTEII, IASHf~GfUI, D.c. J0551
P---PIBLJ:IIIIlBY
PS--PIELIIIIIABY BSTIIIITE.
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THE EFFECTS OF DISCOIT1NU1T1BS ISSOCIITED llTB lSP~EIIBJTlTION OF THE IIONBTIBY COITIOL ACT 08 OTH~B BI~DLlTOit
CRINGES TO RESBRYE BEUUIRBIIBITS.
2/ COISISTS OF TOTIL BESBifBS PLUS IIQOIBBD CL~lBIIG BILIICES AID ADJOSTIIEITS TO COIIPEISlTE FOR FLOIT IT PIDillL lBSBifl
BANIS PLUS THI CURRENCY COSPOIBNT OF THE 80181 STUCK ~BSS THB AIIOOIT OF fAULT CASH HOLDINGS OP THI~FT IISTITUTIOIS TBIT
IS liCLODBD IN THB CUBBEN~I COIIPOIBUT OP THE lONEr STOCK PLUS, fOR IISTITUTIOIS lOT BlfiiG IIQOIIID IISJifl 8lLl1Cis, TBI
&IC&SS OP CURBEIT fAULT CIS& OYBB TffB ASOUNT APPLIED TO SATISfY CUBBIIT RESEBYE BEUUlBBIIBITS. IFTII . . . liTlODOCTlOI OF
ClM• CUIBBICT liD fAULT CASH Pl~DBBS liE IIEISOBEO OJ&B THB ftONDAt-INDIIG COIIPDTATIOR PBRlOD.
l/ BICLUDIS IBUUIBBD CLBAB~IG BlLANCBS liD ADJUSffttRfS TO ~OftPEISATI FOB YLOAT.
II{
DATES RBfiUI TO TBE IIALNTEUNCB PEBIODS IN IIHICH THII fAULT CISH CAl BE USED TO SlTISPT RESBIU IIQOIIBIIII:IrS.
UIDBR
CONTBIPOBlREOUS BBSEBVB REUUlRBIIBITS. ftAIII'I'BilRCE PBBIOOS END JO DAlS AFTER THE LAGGED COHPUTATIOI PEBIOOS
II MHICB THE B~IICES ARE HELD.
5/ BO~AL TO ALL VIULT CASH HELD DORIIG THE LAGGED CO!PDTITIOI PERIOD 81 IISTITO'I'IOIS RAYING BBQDIBID RISERfB BlLARCIS
\T FEDtBAL RESEBYB BAlKS PLUS THB A!OUNT OP VAULT CASH EQUAL TO BEUUIREO RESERVES DURING THI !IINTI*AN~E PERIOD AT
IJSTITOTIOHS UlJING NO BIUUIBED IBSERVE BALANC~~.
i / TOTAL VAULT CASH AT INSTITUTIONS HAVING NO RBUUlRED RES!RYE BALAICES LESS THE AftOUNT OP YAULT CASH BQUAL TO rHEIR
RBuUlkEO BES£HVES DURING 188 ftAIITINliCE PEilOD.
7/ CONSISTS OF ~ABRYOYEB OHLI AT OEPOSITORI INSTITUTIONS IIAINTAlHING RESERVES ON THE HASIS OF TWO-Wt!K IIAINTBIANCB
PEBIODS.
REFLECTS EXC&sS (+) OR DEfiCIT (-) RESEkfES ELIGIBLE 10 BE CABBIED FORWARD INTO THE TMo-VE~K RESERfE
IIAIMTENANCE PERIOD tNUlNG ON THB DATE SHOW~.
H.3 (502)
·
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements'
Averagea of daily figures, not seasonally adjusted
Millions of dollars
Dete
Monetaty baae
Reserves of depository institutions
nonborrowed
required
51:1,255
.5S,594
58,717
58,Jb9
58,512
59,073
591136
60,02l
51,220
57,818
!i8,044
57,721
!i7,571
58,1JO
58,511
59,245
57 ,no
57,404
57,956
57,.336
57,718
57,9164
58,213
58,994
61,199
58,663
5d,851
60,947
59,45l
c-0,111
58,267
57,099
57,954
56,815
18
6&1,691
59,707
1 p
15 PB
5~.798
61,051
tot.il
1987-UI
JUU
JULI
lUG.
SEPt.
OCT.
101.
DEC.
19d8-JU.
FEB.
lila.
lPI.
UIP
~41,o9d
250,
lo~»
252,.108
~5:l,J0d
:.t52,416!»
:ol54,119
257,651
2o:ot,osJ
.51,530
:lb:l,OOo
259,010
51,922
60.088
58,42.5
265,007
265,138
58,1f67
57,532
59,624
58,806
2616,55&1
2«»o,J29
55,678
57, 51ft
57,6167
60,365
210, 6.1t
59,904
260,112
'lifO IIBB~S
B.DZIG
-------1988-IIAI
4
.JUU
265,400
P--PIELIIlllllB!
BSIZIIlTB.
PIGUI&S IBPLBCT lDJUST!EMTS POl DISCOITIMDITl~S 1SSOCI11BD IIIIH liB l&P,BilBITlTlOM OF THB IIOII!Aif COI!IOL lCI
liD araBI I&GOLATOBf C&li&&S TO iESBIJM BBQU~IBIIBI!S.
PI--PBBLIII~IAII
1/
@FedFRASER