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RESERVE statistical release For n s l i m st 4:30 Esstsm Time H.3<902) Tablet JUNE AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 5, 1986 Adjusted for changes In roeerve requirement!1 Averages of daWy figures, seasonally adjusted unless notsd otherwise Millions of dollars | Reserves of depository Institutions required nonborrowsd I nonborrowsd plus I extended credit* total* Date 1985—MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 41,855 42,669 43,083 43,654 43,882 44,244 44,84? 45,612 40,521 41,464 41,976 42,581 42,593 43,056 43,106 44,294 41,055 42,129 42,483 43,151 43,249 43,685 43,637 44,793 1986—JAN. FEB. MAR. APR. MAY PE 45,881 46,370 46,865 4 7,275 48,593 45,111 45,406 46,104 46,383 47,717 45,608 45,978 46,622 47,017 48,301 48,091 48,401 47,110 47,574 49,214 48,343 ' I 1 41,051 41,764 42 227 42,826 43,216 43,491 43,919 44,554 sxesss NSA4 804 905 855 827 666 753 928 1 ,058 ! 44,771 45,272 45,968 46,474 47,718 Borrowings of depository Institutions from ths Federal Reserve, NSA total | seasonal J sxtended credit1 Monstsfy bass* I 1,111 1 ,097 896 801 876 205,853 207,932 209,105 211,208 212,289 213,566 215,253 216,721 1,334 1,205 1 ,107 1 ,073 1 ,289 1 ,187 1 ,741 1 ,318 165 151 167 2^1 203 172 107 56 534 665 507 570 656 629 530 499 ' 218,404 219,788 221,262 222,359 225,036 770 884 761 893 876 36 56 68 73 94 497 492 518 634 584 TWO WEEKS ENDING 1986-MAY JUNE 7 21 P 4 PE 47,747 48,145 J j 48,908 47,203 47,674 888 728 223,841 224,619 981 827 89 92 637 571 48,140 1,074 226,456 871 101 566 J p— 1/ -PRELIMINARY PE---PRELIM.INARY ESTIMATE 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 FXCI UDE 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 « S U ™ ™ / " « & ^ R E " ^ * ^ ^ ^ ^ ^ ^ ^ 1 °F ^ ^ T0 ^ ^ ^ ^ ^ ^ ^ ™E MAINTE »<^E ™ " » " ' 3/ 4/ 5/ s / K s r s ^zy£^is£\&ir"som- SHO T TERM *- ADjus tNT CREDIT THE MONEY MARKE ™ ' * K^^TS",' TO RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO S A T I S F Y RESERVE REQUIREMENTS LESS REQUIRED RESERVES TS E CS«PINSATE B POI F T ^ A T ^ S P ™ 2"™!!"?"J"E? C0NSlS1S °F T0TAL ^SERVES PLUS REWIRED cL E ARINU BALANCES AND ADJ^THENTS H 0 L B ? 2 c l OF ?HR?FT V 2 £ T ? M T ™ 2 C ? h * ? E f r R r L ? ? Z i T'U'S ™ E C U R R E N C Y COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH REQUIRED RESERVE L t t l r l l ™ r M E V n r 1 ™ ^ ? ™ ™ E C U R R E N C Y COMPONENT OF THE MONEY STOCK PLUS, FOR I N S T I T U T I O N S NOT HAVING E V U L T AFTFR T S F I N T R O D I i r ? ! ™ n r ' r r P rN»™r^A2?*5 .»,\ S °*SH ° V E R T H t " A M 0 U N T A P F L I E I ) T 0 S A T I S F Y CURRENT RESERVE REQUIREMENTS. PRIOR S r ^ T J J l l ; r ^ E - n , , - ^ v W l l L r C A ' V H F I r ' U R E S A R E MEASURED OVER THE MONDAY-ENDING COMPUTATION P E R I O D . R BY COMPONENT' I n r S ? r - p J - r P » r ™ r « . 2 ^ . - S R n , B 5 S F ° T H E R ™ A N EX°"S " E R V " A R E SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN E CONVICTS OF S F ^ L ^ f v ^ J „ I * , * ? ? - ? r ? ? « . A N 0 T S E A S 0 N A l L Y "DJUSrFD BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES S ™ I M ? A S , M ^ ADJUSTED t O l n l . hF SERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED B A S I S ) P I U S THF E «nrr ™ D r U R R E , I C Y COMPONENT UF THE MONEr STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJU.MFD AS A WHO! F . FEDERALURESEpt^SYSTEMARLsHINGrONE I T W ™ * ™ " " " " < • D I V " T 0 N " R E ^ R C H ^ "AUiTICS. BOAKD OP GOVERNORS OP THE H.3(S02) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for$changes in reserve requirements^ . Averages of daily figures, not seasonally adjusted " ] Millions of dollars "* '* V "*- \ Vault cash4 Reserves of depository Institutions Monetary base1 Date total nonborrowed Reserve balances, with F.R. Banks?^ total required used to satisfy required reserves*! i surplus* J Net carryover of excess or deficit In reserve balances!} HHSHi PSi 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 40,247 41,447 41,948 42,135 43,782 44,716 45,454 47,085 206,414 209,970 212,269 213,156 214,501 216,192 218,962 223,534 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,620 21,898 22,180 22,530 22,839 22,465 22,724 22,457 22,956 18,666 18,985 19,300 19,548 19,475 20,038 19,997 20,522 3,231 3,196 3,230 3,291 2,990 2,686 2,460 2,434 1986—JAN. FEB. MAR. APR. MAY PE 48,060 46,652 47,274 48,882 48,427 47,289 45,768 46,513 47,989 47,551 46,949 45,555 46,378 48,081 47,552 221,588 219,568 221,703 224,879 226,249 26,373 24,700 27,114 28,892 28,285 24,245 24,962 22,688 22 231 22,474 21,687 21,952 20,160 19,990 20,143 2,559 3,010 2,528 2,241 2,332 TWO WEEK? ENDING 1986—MAY JUNE Piiilil'iiiiiii ijjPljHHi-i •ill! •Ml :jjj::jjK|| Iiii-lijili liiili: j iiiiiiilipiiiiipH ill|i||lflll||i mmmmmm 7 21 P 4 PE 48,500 48,245 47,519 47,418 47,612 47,518 224,589 226,284 28,676 27,890 22,100 22,700 19,824 20,355 2,276 2,345 48,632 47,761 47,558 227,363 28,563 2 2 42*^ 20,069 2,353 |i|h::::::t:i:s!ih::::::t:::::::::i::|£ ttti::i"iitt:t:t:n:::::!::T:t::;;:u: li lllltiil iiiliHliiHIii 1 iiiliii 53 !!lH 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 THE MAINTENANCE PERIOD. 7/ 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. iillii 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,142 iijjjilil 1985—MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. jlllillll iSllSpl 109 30 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. 41,128 42,444 42,896 43,069 43,676 44,207 45,082 46,839 39,794 41,239 41,789 41,996 42,388 43,020 43,341 45,520 40,324 41,539 42,040 42,241 43,011 43,454 44,154 45,781 204,836 208,292 210,555 211,514 212,157 213,357 216,038 220,362 1986—JAN. FEB. MAR. APR. MAY PE 47,113 45,684 46,338 47,936 47,729 46,342 44,800 45,578 47,044 46,853 46,002 44,587 45,442 47,135 46,853 218,741 216,784 218,985 222,134 223,741 47,777 47,604 46,796 46,777 46,889 46,876 222 126 223,' 861 47,870 46,999 46,797 224,703 TWO WEEKS ENDING 1986—MAY JUNE 7 21 P 4 PE P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. OF THE MONETARY CONTROL ACT