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FEDERAL RESERVE statistical release For Releue at 4:30 Eastern Time H.3 (502) Table 1 JUIIJ! AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 23, 1988 Adjusted for changes In reserve requirements' Averages of dally figures, -sonally adjusted unless ncted otherwise Millions of dollars Date total Reserves of depository Institutions required nonborrowed plus nonborrowed extended credlt1 excess NSA4 Monetary bese1 Borrowings of depository Institutions from the Federal Reserve, NSA extended credit' seasonal total 59,100 58,1>53 58,1199 58,810 51:1,815 59,466 59,053 58,122 58,0&11 57,876 57,1:127 58,163 57,874 58,523 58,1128 57,944 58,352 58,149 58,021 S8,29S 58,283 58,973 58,822 58,428 sa, 0.21 57,462 57,738 57,778 58,021 58,338 58,129 57,693 1,079 1,190 761 1,032 793 1,129 923 1,029 .2U,014 249,450 250,409 251,919 253,0211 255,296 256,938 257,928 1,035 59,458 59,573 59,760 &0,374 o0,365 58,J76 59,177 58,009 57,380 57,788 56,71t8 59,382 59,487 60,0011 59,8911 58,163 58,4110 58,832 59,515 59,337 1,295 1,133 929 859 1,028 4 18 &0,957 &0,237 58,733 58,062 60,520 59,860 59,891 59,337 1 15 p 60,321 60,380 57,201 56,916 59,739 59,902 59,167 59,683 1987--IIU JUliE JULY AUG. SEPT. OCT. .1101. DEC. 1988--JAII. FIB. !lAB. APB. 11,\1 672 6lH 9110 943 1>25 717 196 259 28.1 279 231 189 126 93 288 273 194 132 409 4119 394 48.1 260,721 262,019 263,315 265,808 266,928 1,082 .19& 1,752 2,993 2,578 59 75 119 146 246 372 205 1,1178 2,624 2,107 1,067 901 267,0111 266,461 2,2211 2,115 191 241 1, 787 1,798 1,154 697 267,404 267,321 .1,120 3,11o5 269 287 2,538 2,986 716 TIIO IIEBKS BIIDIIIG -------1988-IIU JUliE P---PBELIIUIIlBI PB--Pil!.LIIIJ:IIlBI BSTIII11'JI 1/ BESBBYBS liiD IIOIETlBI BASE PJ:GUBBS liCOBPOBltB lDJUS1'118111'S POB DZSCOI1'XIIOJ:1'XBS lSSOCXl1'BD IIZTB 1'8B IliPLBKBITATIOI OP THE IIOIIB1'1BI COITBOL ACT AID OTHBB BBGULlTOBI CHAIGBS TO BBSBBIB BBQUIBB8BI1'S. 1'0 lDJOS1' POB DXSCOITXIUlTJ:BS DUB TO CHliGES II BESEBJE BEQUIBBIIEIITS 01 BBSEBIABLB IIOIIDBPOSIT LIABILITIES, TBB SOB OP SUCH BBQUJ:BID BBSEBIIS ABE SUBTRACTED PBOII THE ACTUAL SERIES. SIIIILABLI, Ill ADJUS1'IIIG POB DJ:SCOITIIOITIES II THB KOIBTlBI BASE, BBQOIBBD CLBABIIG 8ALliCBS AND ADJUSTIIBI1'S 1'0 COKPBIISATE POB FLOAT ALSO ABE SUB1'BACTED FROB THE ACTUAL SERIES. 2/ TOTAL BESBBIES NOT ADJUSTED FOB DISCONTINUITIES COISISTS OP &BSB&JB BALAICBS IIXTH PBDE&AL BESE&JB BAII&S (IIHICH EXCLUDE REQUIRED CLEABIJG BALAICES AND lDJUSTKEJTS TO COKPEISATE FOB PLDA1'l PLUS YlULT CASH USED TO SATISFI B~SERIE BEQUIRE!EJTS. SUCH VAULT CASH COBSISTS OF ALL YAULT CASH HELD DUBIIIG THE LAGGED COKPUTlTIOB PBBIOD BI XN~TITUTIOIS HAIIIG REQUIRED RESBRJE BALAIICBS lT PEDEBlL BESEBVJ:: BliKS PLUS THE liiOUIIT OP JAULT CASH EQUAL TO &EQUIUJ) BBSBBJBS DUHUG THE ltAINTEBAICE PERIOD AX INSTITUTIOIIS HAliNG 110 RE~UIBED BESEBJE BALliiCBS. 3/ EXTENDED CREDIT CONSISTS OF BORBOMIJG lT THE DlSCOUIIT &liDO» UJDBB THE TBBIIS liD COJDITIONS ESTABLISHED FOB THE EXTENDED CRJ:!OIT PROGRAK TO HELP DEPOSITOR! IISTITUTIONS DElL ilTH SUSTlliED LXQUIDITI PBBSSUBBS. BECAUSE THEBE IS lOT THE SAKE IIEBD TO Bt~AY SUCH BORROWING PROIIPTLl AS THEBE IS IIITH TMADITIOilL SHOBT-TBBK lDJUSTKEIT CREDIT, THE KONEI KlBKET IKPACT OP B1TENDED CREDIT lS Sl4ILAB TO THAT OF NOIIBOBBOiED BBSE&YBS. 4/ RESERJB BALABCES WITH FEDERAL RESEBYE BANKS PLUS VAULT CASH OSBD TO SlTISPI BESBBJE REQUIBEftEITS LESS BEUUIRED RESERVES. 5/ THE !OIIBTARI BASE JOT ADJUSTED FOB DISCOITINUITlES COJSISTS OP TOTAL RBSBBJBS PLUS BEQUIBED CLEABJ:NG BALAIICES AND lDJUSTKEIITS TO COft~EIISlTE POB FLOAT AT FEDERAL BESERJE BlliKS PLUS THB CUBBBMCI CO!POJEJT OP 1'HE IIOJEI STOCK PLUS, FOR IISTITUTIOIIS JOT HAYING RE~UIBED BESEBY~ BALlJCES, THE EICESS OP CURBBIT IAULT CASH OVBB THE lBOUJT APPLIED TO SlTISPl CURBEIIT BESERJB RE~UiiEftENTS. lFTBR THE INTRODUCTION OF CCB, CURREICI AIID VAULT CASH FIGURES ABE IIElSURED OIEB THE KONDAI-ENDING CUKPUTAllON PERIOD. THE SEASONALLY ADJUSTED aOMETAkl BASE COISISTS OP SEASOIALLI ADJUSTED TOTAL BESEBY£ (WHICH INCLUDES EXCES~ B~~EBJES OJ A NOT SEASOMALLI ADJUSTBD ~ASIS) PLUS THE SBASOIALLI ADJUSTED CURREJCI COK~OMEMT OP THE MONEY STOCK ~LOS TH~ REMAINING ITEIIS SEASONALLY ADJUSTED AS A WHOLE. NOT~: UlSTOBlCAL DATA ABE AVAILABLE P&Oft THE ftONEl AID RESERYES PROJECTIONS SECTIOI, DIVISION OF !OJETARI APPAIBS, BOABD OP GOVEBBOBS Ol THE FEDERAL NESEfiYB SlSTEII, VASHIMGTOII, D.C. 20551 H.3 (502) laDle 2 AqGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not' adjusted for changes in reserve requirements Averages of daiiy figures, _!'lOt seasonally adjusted Millions of dollars Monetary base! Date total nonborrowed Reserve balances with F.R. Banks> required total required surpluS reserves 5 · 249,9110 252,S39 2S4,671 2511,31>0 255,o91 2S8,076 261,674 266,161 36,466 36,309 36,110 35,616 31>,685 37,249 37,1153 37,673 23,681 24,3b9 24,b1J 24,6411 24,854 2S,Sli7 25,1131 26,155 ..!1,873 61, sse 59,6SO S8,324 S9,071 58,103 61,345 58,9n 59,147 61,20S 59,652 265.789 26.2,598 263,979 268,1.27 26!1,903 37,48S 34,211 36,027 38,429 36,509 26,919 28,119 25,926 2S,200 2S,87J 25,155 25,831> 24,049 2J,bJb 24,172 .. 1,862 00,859 59,638 58,684 o0,796 59,959. 267,625 2o9.404 38,313 36,737 25,112 25,U6 23,549 24,U2 1, 563 1,o04 236 60,125 62,263 57,005 58,798 58,971 b1,5oo 268,756 273,1114 3S,707 38,658 26,2oS 25,118 24.418 23,605 1,847 1,SU 289 S7,303 S8,008 58,166 57,714 58,873 60,163 60,580 61,3'46 S7,260 51,S94 58,078 57,329 59,020 S9,977 60,J.82 61,0911 62,640 b0,047 b0,076 1>2,064 60,681 " 1 S8,339 S8,784 58,838 58,361 59,813 b 1,106 b 1,205 62,123 1987--ll.ll JUJIE JULY AUG. SEPT. OCT. IIOV. DEC. 1988--JUI. FEB. liAR. APR. IIAI :U,II15 :u.• u8 J.2,745 23, 1~8 2J,li57 23,152 211,449 1,8011 1,893 1, 88S 1,899 1,7J.6 1, 730 1,679 1, 706 1,764 2,283 1, 871 1,51>4 1,700 TIIO liEEKS BIIDIIIIG -------1988--IIAI JUNE 18 1S p P--PBELIIIIII.lBI PE--PBELIIIIIII&BI ESTIII&TB. 1/ HEZLBCTS &CTD&L BBSBBVE BBQUIBBII&JTS, IICLUDING TBOSB OJ IOIDB.OSIT LilBILIT~S. liTH 10 lDJUSTBEITS TO ELIIIIJ&TE THB EFFECTS OF DISCOITIHUITIBS &SSOCilTBO liTH IB.LBBBIT&TIOI OP TBB BOIJT&BI COJTBOL lCT 08 OT~B BBGUL&TOBI CBAIGBS TO BESBBJB BBQUIREBBITS. 2/ COISISTS OF TOTAL BBSBBJBS PLUS BIQUIBBD CL&&BIIG B&L&JCIS AID lDJUSTBEITS TO COBPBIS&TB FOB. FLOAT &T FEDBBlL BBSBBYB B&J&S PLUS TBI CUBB&ICI COIIPOIBIIIT OF TBI BOIBI STOCK LBSS TBB &BOUlT OF JlDLT CASH IOLDIJGS OF THBIFT INSTITUTIOIS THAT IS IICLUOBD II TBB CUBBBJCI COAPOJBIT OF TBB BOJBI STOCK •LOS, '08 IISriTU~IOJS JOT B&YIIG BBQUI&BD BBS&BJB B&LlJCES• THB &ICBSS OF CUBBBNT Y&ULT C&SB OJBB TBB &BOUlT &PPLIBD TO S&TISPI CUBBBIT BBSBBJE BBQU~BEftBJTS. &PTBB TBB IITBODUCTIOI OF CBB, COBBBICI &MD fAULT C&SB FIGUBIS liB 8B&SU&ID OJBB TBI BOID&I-BIDIIG COBPUT&riOI PBBIOD. 31 EXCLUDES BEQUIBBD CLB&BIIG B&LlNCBS liD &DJUSTBBITS TO COB.BIS&TB FOB FLOAT. 4/ DATES BEFBB TO THE B&IITIIliCB PBBIODS II WHICH THE J&ULT CASH C&l 8& USBD 20 S&!ISPI BBS&BV& BBQDIBBBBITS. UIDIB COITBBRQB&IBOUS BBSBRYE BBQUIBEB&JTS, BliiTBI&ICB PBBIODS BID 30 DAIS &PTBB ~BB L&GGBD COBPUT&TIOI PERIODS II WHICH THB B&LliCBS lBB HELD. 5/ EQUAL TO ALL J&DLT CASH HBLD DORIJG THE L&GGBD COBPUTlTlOJ PBBIOO.BI IIS!ITUTIOIS B&YIIG BBUUIBBD BBSBBVE B&LliCBS lT FBOEBAL BBSBBJB BlNKS PLUS THE l!OUIT OF flULT ClSB BQU&L TO BBQUIBBD BBSBBJBS DU&IJG THE B&IITEI&BCB PERIOD lT IIS!ITUTIOIS HAVING 10 BIUUIBBD RBSBBVE B&LliCES. 6/ TOTAL VAULT CASH &T IISTITUTIOIS H&YIIG 10 BBUUIBBD BBSBBYE B&LliCES LESS TBB &BOIIT OF J&ULT C&SB BQUlL TO THBIB BBQUIB&D BBSBBJBS DUBIIG THB B&IITBI&NCE PBBIOD. 7/ CONSISTS OF ClBRYOJBB OILY &T DBPOSITOBY IISTITUTIOHS ftliiT&IIIIG BISIBJIS 01 TBB BASIS OP TB0-1&1& II&IIT&IlJCB PBBIODS. BBILECTS EXCESS (•) 08 OBPICIT (-) BBSBBVBS BLIGIBLB TO BB ClBBIBD FOBI&BD liTO TH& TBD-BBEK BBSBBJE B&IITEiliCE PBBIOD EIDIHG 01 THE DlTB SBOWI. 23 200 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository Institutions nonborrowed Monetary base required 1987-JIAI JUIB JULI lUG. SBPT. OCT. JOY. DBC. 58,255 58,594 58.717 58,369 58,512 59,073 59,136 60,023 57,220 57,818 58.044 57,.721 57,571 58,130 58.511 59,245 57,116 57,404 57,956 57,336 51.718 57,9411 58,213 58,994 2117,698 2.50.166 252.308 252,308 252.16165 254,119 257.651 262,053 1988-JAJ. 61,199 58,663 58,851 60,947 59,1l54 60,117 58,267 57,099 57,954 56,876 59,904 57,530· 57,922 60.,088 5a,•u5 262,006 259,010 260.772 265,007 265,735 18 60,691 59,707 58,1l67 57,532 59,621l 58,806 2616.550 .Z66,l29 1 15 p 58,801 60,990 55,681 57,526 57,647 60.293 265.1660 269,950 PBB. au. APB. 1111 TIO IUD BIJ>IIG ------------4 1988-1111 .JUI.B .--PBBL.III:tllBI PB--PB&LX8Z.lBI BSTXIIlT&. 1/ •:tGUBBS B&PLBC% &DJUSTIIBITS POl DISCO.TIIUI%XBS lSSOCiliBD II%8 •a& XAPLBIBI%l%XOI o• t•B 10181&81 CO»>BOL &C% liD OTH.BB BBGUL&%081 CB&IGBS %0 &ISBBJB BBQUIBB4&1%S•.
@FedFRASER