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.•gf^vA- FEDERAL RESERVE .statistical release M.3(902) Tabic 1 For fliltait at 4:30 Eastern Time AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE JUNE Adjusted for changes in reserve requirements1 Averages of dairy figures, seasonally adjuatad unlaaa noted otherwise Mllllona of dollara total 1 Data Reserves of depository institutions nonborrowed nonborrowed plus required extended credit3 ! | excess NSA4 1984 Borrowings of depository institutions from the Federal Reserve NSA seasonal extended credit' Monetary base* total 1983—MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 34,596 35,051 35,194 35,218 35,307 35,317 35,245 35,279 33,644 33,415 33,741 33,672 33,866 34,473 34,340 34,505 34,157 34,373 34,319 34,163 34,380 34,729 34,346 34,507 34,148 34,571 34,687 34,772 34,809 34,812 34,716 34,718 449 480 507 446 498 505 529 561 176,693 178,331 179,303 180,127 181,775 182,845 183,949 184,969 1984—JAN. FEB. MAR. APR. MAY PE 35,502 36,065 36,103 36,104 36,434 34,787 35,498 35,152 34,870 33,446 34,791 35,503 35,179 34,914 33,482 34,889 35,123 35,395 35,614 35,833 613 942 709 490 601 36,226 36,663 35,163 32,483 35,224 32,517 35,635 36,044 36,268 33,199 33,214 35,687 , j 7, 952 ,636 , 453 ,546 ,441 844 906 774 99 1 22 171 198 190 142 121 96 513 958 578 491 515 256 6 2 186,939 188,582 188,715 189,658 191,194 715 567 952 1 ,234 2,988 86 103 133 139 196 4 5 27 44 37 591 618 190,621 191,431 1 ,063 4,179 159 195 61 33 581 191,426 3,069 239 15 1 1 1 1 TWO WEEKS ENDING 1984-MAY JUNE 9 23 P 6 PE PRELIMINARY PE—PRELIMINARY 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. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE 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—INCLUDING CORRECTIONS TO HISTORICAL DATA PREVIOUSLY RELEASED FOR THE PERIOD FROM 1959 TO 1960—ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, " WASHINGTON, D.C 20551. P 1/ H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusted for changes in reserve requirements,1 Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2 Date total nonborrowed Reserve balances with F.R. Bankst total required used to satisfy required reserves' surplus' Net carryover of excess or deficit In reserve ^^bjajancjss^ liiPliifl i|||8|[ pSIIIIiI|f|i||lil il 1983—MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 38,282 38,415 38,948 38,661 37,916 38,137 38,144 38,894 37,330 36,779 37,495 37,114 36,475 37,294 37,239 38,120 37,833 37,934 38,440 38,214 37,418 37,633 37,615 38,333 181,276 183,144 185,303 185,398 185,112 186,598 188,971 192,359 22,010 21,807 22,139 21,965 20,585 21,059 20,943 20,986 19,710 20,098 20,413 20,035 20,798 20,471 20,558 20,755 16,272 16,607 16,808 16,695 17,331 17,078 17,201 17,908 3,438 3,491 3,604 3,340 3,467 3, 393 3, 356 2,847 1984—JAN. FEB. MAR. APR. MAY PE 40,120 36,365 36,278 37,154 36,524 39,405 35,798 35,326 35,920 33,535 39,507 35,423 35,569 36,664 35,923 192,301 186,672 187,813 190,340 191,011 .21 , 3 2 5 18,414 19,484 20,351 19,560 22,578 22,269 20,396 20,152 20,446 18,795 17,951 16,794 16,802 16,964 3,782 1 4,318 i! ||||ii|||||i|i||J|||JI|||||||||| 3 , 6 0 2 [I! 3,349 1 3 , 4 8 2 [jjj 36,611 36,546 35,547 32,367 36,019 35,928 190,278 191,274 20,029 19,385 20,010 20,655 16,581 17,161 3,428 3,493 76 36,387 33,317 35,805 191,374 19,337 20,570 17,049 3,521 115 JUNE iiisi l|ill mgmm iiiiiii ll||l|ll ||||l||| |||ip|llll TWO WEEKS ENDING 1984—MAY | i |i| if il 1 III p| | | IfliIjii l!|liipi! 9 23 P 6 PE iiiilliliiiililiiillliilliiliili 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. DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER 4/ 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. 34 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 1983 MAY JUNE JULY AUG SEPT. OCT. NOV. DEC. 1984--JAN. FEB. MAR. APR. MAY PE Reserves of depository institutions nonborrowed Monetary base required 34,282 34,444 34,978 34,713 35,008 35,313 35,350 35,997 33,330 32,808 33,525 33,167 33,567 34,469 34,445 35,223 33,834 33,964 34,470 34,266 34,510 34,808 34,821 35,436 176,335 178,164 180,182 180,140 181,238 182,672 185,035 188,231 37,303 35,654 35,630 36,464 35,771 36,588 35,087 34,678 35,231 32,782 36,690 34,712 34,921 35,974 35,170 188,100 185,931 187,164 189,650 190,258 35,868 35,804 34,805 31,624 35,277 35,185 189,536 190,532 35,602 32,533 35,021 190,590 TWO WEEKS ENDING i 984--HAY JUNE 9 23 P 6 PE P PRELIMINARY PE- PRELIMINARY ESTIMATE, 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER