The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
H.3(S02) Table 1 For nslsass at 4:30 Eastern Time JUNE 20, 1985 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1 Adjusted for changes In reserve requirements Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars total 2 Date Reserves of depository Institutions required non borrowed nonborrowed plus extended credit* ! it Hut ions from the Federal Reserve , NSA I seasonal total extended credit' Monetary base* excess NSA4 1984—MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 37,450 38,290 38,239 38,386 38,143 37,758 38,113 38,709 34,462 34,989 32,315 30,369 30,902 31,741 33,495 35,523 34,499 36,862 37,323 37,412 37,360 36,798 37,332 38,127 36,870 37,516 37,626 37,697 37,515 37,138 37,419 37,857 580 774 613 689 628 620 693 853 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 1985—JAN. FEB. MAR. APR. MAY. 39,713 40,366 40,566 40,917 41,389 38,318 39,077 38,973 39,594 40,055 39,368 39,881 40,032 40,462 40,589 38,968 39,463 39,801 40,179 40,591 745 903 766 738 798 200,067 202,104 203,009 203,693 205,329 1 1 1 1 1 40,919 41,681 39,966 40,247 40,361 40,616 40,220 40,829 699 852 41,352 42,669 39,835 41,546 40,748 42,158 40,552 42,028 801 641 P 2,988 3,300 5,924 8,017 7,242 6,017 4,617 3,186 196 264 308 346 319 299 9-J 2 113 37 1 871 5, 008 7,043 6 , 459 5, 057 3,837 2,604 ,395 ,289 ,593 ,323 ,334 62 71 88 135 165 1 , 050 80 3 1 ,059 868 534 204,362 205,432 953 1 ,434 169 160 396 369 206,029 209,346 1 ,518 1 ,123 171 142 914 612 I ! TWO WEEKS ENDING 1985-MAY. JUNE 8 5 P 19 PE I I P---~PRELIMINARY PE--PRELIMINARY ESTIMATE 1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE 2/ REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 3/ 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. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of deify figures, not seasonally adjusted Millions of dollars Vault cash 4 Reserves of depository Institutions Monetary base 2 ! Date total nonborrowed Reserve balances, with F.R. Banks3/. total required used to satisfy required reserves9' Net carryover of excess or deficit In reserve surplus' ..jijiiij^!*^*^ 1 | [ 1984 36,522 37,526 37,471 37,264 38,043 38,512 39,235 40,696 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 191,084 193,971 195,516 195,677 196,229 196,688 198,771 202,586 19,562 20,217 19,891 19,270 20,143 20,099 20,843 21,738 20,446 20,770 21,134 21,688 21,232 21,875 21,827 22,316 16,960 17,308 17,579 17,995 17,900 18,413 18,392 18,958 3, 486 3,461 3,555 3,694 3,333 3,462 3,434 3,358 41,125 40,273 40,494 41,652 41,043 39,730 38,984 38,901 40,329 39,709 40,380 39,370 39,728 40,914 40,245 201,353 199,937 201,287 203,814 204,925 21,577 20,416 22,065 23,217 22,377 23,044 23,927 21,863 21,567 21,898 19,547 19,857 18,429 18,435 • 18,666 3,497 4,070 3,434 3,132 3,232 8 22 40,933 41,100 39,980 39,666 40,234 40,248 203,412 205,296 22,751 22,032 21,327 22,357 18,182 19,068 3,145 3,289 5 P 1 9 PE 41,053 42,537 39,536 41,414 40,253 41,897 205,693 210,105 22,582 23,801 21,692 21,688 18,472 18,736 3,221 2,952 -MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1985—-JAN. FEB. MAR. APR. MAY. P i» s, !i ' . 1' M ' V" ., s 5 I »i '« " ,, fc ij t ilj. ;" . * ii'jj1,;" *'**$ TWO WEEKS ENDING 1985- -MAY. JUNE 1 /0 69 I P-- PRELIMINARY PE - PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY--ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING I HE MA I .NTT: .NANi E PERIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INST I 1111 IONS MAINTAINING RESERVES ON THE BASIS OF TWO WEEK MAINTENANCE PERIODS. REFLECTS EXCESS <>> OR DEI I CLE ( ) RE SERVES II IGIBI..E TO BE CARRIED FORWARD INTO THE TWO WEEK RESERVE MAINTENANCE PERIOD ENDING ON Till DATE SlluWN. 111 83 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 Date total Reserves of depository institutions nonborrowed Monetary base required 1985--MAY JUNE JULY AUG* SEPT* OCT. * NOV. DEC. 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 1985—JAN. FEB. MAR. APR. MAY. P 40,703 39,878 40,066 41,254 40,635 39,308 38,589 38,473 39,932 39,301 39,958 38,975 39,301 40,516 39,837 200,931 199,542 200,859 203,417 204,517 8 22 40,520 40,722 39,567 39,288 39,820 39,870 202,999 204,918 5 P 19 PE 40,601 42,181 39,084 41,058 39,800 41,540 205,241 209,748 TWO WEEKS ENDING 1 985—MAY. JUNE p PRELIMINARY PE- -PRELIMINARY ESTIMATE. WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT 1/ FIGURES' REELECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER