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«'oi£3g&- FEDERAL RESERVE statistical release For fUlMM at 4:30 Eastern Time M.3( AQQREQATE RESERVESOF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 00M 6, 1985 Adjusted for ohonoos Hi fsoorvo roqutroinsnts Avorofss of doilyflovres,mmonotty srfjustsd untost nottd othsrwt— Dots tour Rsosrvss of depository institutions PSQwWod nonborrowod nonborrowod pHis sxtondsd crodlv sxosos NtA4 M « ^ W ionowtafs of depository Institutions from tns FodoroJ wsosfvs, WOA soosonsi j sxtondsd oioolv total 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 2,988 3 , 300 5,924 8,017 7,242 6,017 4,617 3,186 196 264 308 346 319 299 212 113 37 1 ,873 5.008 7,043 6,459 5,057 3,837 2, 604 1985- 39,713 40,366 40,566 40,917 41,387 38,318 39,077 38,973 39,594 40,053 39,368 39,881 40,032 40,462 40,587 38,968 39,463 39,801 40,179 40,572 745 903 766 738 814 200,067 202,104 203,009 203,693 205,516 1 1 1 1 1 62 71 88 135 1 65 1 . 05(7 80S 1 ,059 868 534 40,919 41,683 39,966 40,249 40,361 40,618 40,220 40,824 699 859 204,362 205,437 953 1 ,434 169 160 396 369 41,342 39,825 40,738 40,495 847 206,665 1 ,518 1 71 914 -JAN. FEB. MAR. APR. MAY. PE ,395 , 289 ,593 ,323 ,334 TUO WEEKS ENDING 1985-MAY. JUNE p~1/ 3/ 8 22 P 5 PE -•PRELIMINARY pjr PREL TMINARY ESTIMATE 2n5^*r! ^ L ? ? N E T A R Y MSE F'ICURE:s INCORPORATE ADJUSTMENTS' FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THF «rflwr ^nSnIr2L^ T ^ °™ E R Rf;GUL A T 0 R Y CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES~TN S E ^SV, 1 Sirv NT f u °*n^5l?^ B ^ N 0 N D E P 0 S I T LIABILITIES. THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL MSE ^ ^ " ^ O A T V ^ ^ ^ - R E R U I R E D C L E A R I N G B A L A N C E S A N D ADJUSTHENTS TO TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS 'WHICH FXCI UDF REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESFRVF REQUIREMENT? THE S A . C A M n ^ L I - r C ^ r . C 0 N S " T S ° F A L L V A U L T C A S H H E L D D U R I N GFVAULT LAGGED COMPUTATION PERIOD BY INSTITUTIONS M W EBUAL T REWIRED RESERV DURING E HAVING REQUIRED RE^FRVI I^T^UTISN/HS S ^ I S S T S E S E ^ S L ^ : ° ° " ™ ""HTEHAM6E PERIO^f' ^J!^? E L^ WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOTTHF^AMF NEED TO 4/ 5/ TO COMPENSATE FOR K.0AT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THF MONEY STOCK lEfS THE AMOUNT OF VAIIIT CAKH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PL IS, FOR^ INSTITUTIONS NO ^, I .rL R E 2i , I R E D ^"P^. H , A L A N C ^.' T H E EXCE:SS 0 F C U R R t N T VAUI"T C A S H 0 V E R THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY AD JI1STFD A<T~A UNfii"^' ™ A T I S S R R 5 E - - S T t ? » ? R E V ^ ^ 5 i E DRCM 2G5 5 r N K I N G S E C T I ° N ' " " ^ ° FR"EARC" ^ " ^ T I S T I ^ B ^ R D ' O F ^ L E L O R S T F ' i H E H.3(502) Table 2 AQgUMMATI AISERVJES OF DJpfOSITORY INSTITUTIONS AND THE MONETARY BASE No/adjusted; f e y hanQos in^reservej-equirementsj Avemfsi ©Tda% Hfyree, not seasonally adjusted Millions of dollars • i Vault cash4 Reserves of depository Institutions Monetary base 2 ! Date total nonborrowsd Reserve balances, with F.R. Banked total required used to satisfy required reserved1! surplus4! Net carryover of excess or deficit In reserve balanced^ 1 9 8 4 - - MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 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 1985—JAN. FEB. MAR. APR. MAY. 41,125 40,273 40,494 41,652 41,041 39,730 38,984 38,901 40,329 39,707 40,380 39,370 39,728 40,914 40,226 201,353 199,937 201,287 203,814 205,112 21,577 20,416 22,065 23,217 22,377 23,044 23,927 21,863 21 , 5 6 7 21,898 19,547 19,857 18,429 18,435 18,663 3,497 4 . 070 3,434 3,132 3,234 40,933 41,102 39,980 39,668 40,234 40,243 203,412 205,301 22,751 22,039 21,327 22,357 18,182 19,063 3,145 3,294 170 69 41,043 39,525 40,195 206,329 22,572 21,692 18,471 3 113 PE TWO UEEKS ENDING 1985—MAY. JUNE 8 22 P 5 PE 22 2 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., 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 Monetary base total Reserves of depository institutions nonborrowed required 1985 MAYJUNE:. JULY AUG. SEPT a 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. 40,703 39,878 40,066 41,254 40,633 39,308 38,589 38,473 39,932 39,299 39,958 38,975 39,301 40,516 39,819 200,931 199,542 203,859 203,417 204,704 40,520 40,724 39,567 39,290 39,820 39,865 202,999 204,923 40,592 39,075 39,745 205,878 PE ' TWO WEEKS ENDING 1985 MAY. JUNE PRELIMINARY 8 22 P 5 PE •