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FEDERAL RESERVE statistical release JOIB AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adfuatecl for c'*'OM In NC!U"-'•' A-8CIM of dlllly 1....... - l l y eciJu.tecl unleM ncMd otMrwiM Million• of doll.,. 0... tot•l" .....,_of ~tory IMtllutton. required nonbo<rowecl plu• IIOIIbol rowed ~UG. SEPT. OCt'. IOf. DEC. 1988-J~L. PBS. ua. ~PR. IIAIP llomlwlnp of~ lllelhutton. MonM-.ybMe' 4 extended credit" 1987--lllJ JUIE JULI ._ 9, 1988 NSA --· komt~F~I~,NSA total extended credit" 58,352 57,706 57,602 57,876 57,825 58,1196 51,981 57,1136 57,317 56,930 56,929 57,229 56,885 57,553 57,362 56,658 57,604 57,203 57,1211 57.,360 57,291t 58,003 57,756 57,1112 57,273 56,516 56,8111 56, 81llt 57.,032 57,368 57,064 56.,1107 1,079 1, J90 761 1,032 193 1, 129 923 1,029 248,2311 248,1181 249.,511 2§0,997 252,252 2511,561t 256,025 256,684 1,035 176 672 6117 91t0 9U 625 111 58,316 58,439 58,627 59,461 59,5211 57,234 58,043 56,875 56,468 56,91t7 57,606 58,2118 58,354 59,092 59,053 57,021 57,306 57,699 58,602 58,1197 1,295 1,133 929 859 1,027 260,21111 26t,259 262,4011 265,07:l 266,104 1,082 396 1,752 2.,993 2,578 60,138 59,373 57,914 57,198 59,701 58,996 59,071 58,478 1,067 896 266,531 265,538 2,2llt 191 2,175 241 1,787 1,798 59,499 56.,379 58,911 58,341 1,157 266,583 3,120 269 2,538 196 259 283 279 231 189 126 93 288 273 194 132 .09 449 394 1183 59 75 119 312 1116 2116 205 1,1178 2,624 2,107 1'10 IBBKS BIDIIG --------1988-ll&J JUIE 4 18 1 p PB--PRBLIIIIlRJ ISTIII~t'B IIOIEt'lRJ BASI riGUIBS IJCOIPOIAt'l ADJUSt'IIBit'S POl DISCOit'IIDit'IBS lSSOCilt'BD IIt'H t'8B IIPLBIIBit'lt'IOI 0P t'HB IOMBTlll COITROL ACT liD 01'881 RBGOLAt'ORJ CHAIGIS 1'0 IBSBifl IIQOIRBftllt'S. TO ADJUSt' POl DISCOITIIDit'IBS DUB 1'0 CBliGIS II IBSBRfE IEQOliEBEit'S 01 IESEBflBLE IOIDIPOSit' LIABILITIES., t'HB SOil OP SUCH IBQOIBID IBSBifBS ~II SOBrllCt'BD PROII 1'81 lCt'OlL SBIIIS. SiftiLlRLI, II lDJUSt'IIG POl DISCOITIIUITIIS II TBI ftOIITlftl BASE, IIQOIBID CLI~BIIG BlLliCES liD &DJUSTIIITS 1'0 COIPEISATB FOB PLOlt' ALSO ARB SUBTRACTED PBOft TKI lCt'OlL SEBlBS. 21 TOTAL RISERVBS lOT ADJUSTED FOB DISCOITIBOirLBS COISISt'S OP BBSIBfl BlLliCIS BirR PIDIBAL BESIIfB BAlKS (IIICI IICLODB BIQOIIED CLIAIIIG BlLliCBS lWD ADJOSrBBITS TO COIPIMS~TI FOR PLDlt') PLUS YlULT ClSB USED TO Slt'ISPJ IISBBYI RBQOIIIIBit'S •. SUCH YlOLt' CASH CONSISTS OF ALL YAULT CASH HELD OURJIG THB LAGGED COIIPITlT~OI PIIIOD BJ IISt'It'OTlOIS HlYIIG IIQOlRID BISIBfl BALAICES AT ,EDERAL RESEBJB BAI~S PLUS THE AIIOUIT OP VAULT CASH EQUAL TO REQUIRED RBSERJBS DOIIIG THE lllMTIIAMCI PIBIOD At' IISTITUTIOIS HlfliG 10 REQUIBBD RBSEIJB BlLAICBS. l/ ElTBNDBD CREDIT COISISt'S OF BOIIOIIIG AT t'Hi DlSCOOit' BIIDOB OlDER t'HB t'IBIIS liD COIDITIOIS ISt'ABLISHID POl THE BlrBIDID CREDIT PIOGR~ft TO HELP DBPOSITOBI IISTITOt'IOIS DEAL VITB SUSt'liiBD LIQUIDITJ PRESSURES. BBCAUSE TBBB& IS lOt' t'HB S~ll IBID TO REP~I SUCH BORROVIMG PBOIPTLJ AS THEBE IS Bit'H TBADit'IOIAL SHORT-TERI lDJOSTIEit' CREDIT, t'HB ftOIEJ llBIEt' IIIPACT 0' llt'BIDED CREDIT IS SIIIILAB TO THAT OP IOIBOBROVED BESBBYES. -1 IBSEIYB BALAICBS liTH FEDERAL RESERVE Bli~S PLUS fAULT CASH USED 1'0 SAt'ISPl IISIBYI BBQOIBIIIIITS LBSS REQOIBID IBSIBfBS•. S/ THE ftOMBTARf BASE lOT ADJUSTED FOR DISCOITIIUITIBS COISISt'S OP TOTAL IISIIJBS PLUS IIQOIIBD CLElBIIG BlL~ICBS liD lD~OSt'lllt'S TO COftPEISlt'l FOB FLOAT AT PEDIRAL RISERfB BAliS PLUS t'HE CORREJCI COftPOIEJT OP THE ftOIEf STOCK PLUS., FOR IISTITOt'IOIS lOt' BAJIMG I&QOIBED RESERVE BlLAICES, THE EXCESS OF CURR&IT fAULT CASH Ofll THE ABOUMT APPLIED TO SlTISPI CORREJt' RISIBfl BEUOIREftENTS. AFTER THE IITRODOCt'IOM OP CCR, CURREMCI liD fAULt' CASH PIGORIS ~RB ftBlSORBD OYBB t'HB !OJDli-EIDIIG COSPOTATIOM PERIOD. THE SEASOIALLI ADJUSTED !OJBt'ARI BASI COISISt'S OP SBlSOJlLLI ADJUSTED TOTAL IESEIJB (IHICB IICLODBS EXCESS RESERVES OR A BOT SE&SORALLI ADJUSTED BASIS) PLUS THE SE~SOJ&LLI ADJUSTED CURREICX CO!POIBJT 0, THE !0181 STOCK PLUS THE REftlllliG ITEftS SEASONALLY ADJUSTED AS A IHOLB. IOTE: HISTORICAL DATA ABE AVAILABLE FROft THE ftOHEX AND RESBRYBS PROJECTIONS SECTIOI, DIVISION OP SOJBt'AIJ AFFAIRS, BOARD OP GQJg~HOBS OF THE FEDERAL RE~ERVE SlSTEft, IASHIHGTOH, D.C. 20551 P---PRBLIIIII~RJ 1/ IESEifBS ~ID H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements Averages of daiiy figures, not seasonally adjusted Millions of dollars - Monetary base 1 Date total non borrowed required total requin surplu~ ------------------------+-----------+-----------r-----------+-----------+-----------~-----------~--~re~se~es" 1987--IIAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 5a.JJ9 58,7811 58,1138 58,.361 59,813 61,106 61,205 62,123 57,303 511,008 58,166 57,7111 58.873 b0,163 60,580 61,346 57,:lb0 57,5911 58,0711 57,329 59,0.20 59,977 60,28.2 61,0911 2119,940 25.2, 539 254,671 254,360 255,691 258,076 261,&74 266,161 36,1166 36,309 .36,110 35,616 36.685 31,2119 37,453 37,673 23,681 24,3&9 24,613 24,61111 211,854 25,5117 25,4.31 26,155 .21, 13 ;;u ... 75 2.2,728 22,7115 2.3, 128 23,857 .23,752 24,4119 1,808 1,89.3 1,885 1,899 1,726 1,730 1,679 1,706 1988--JAN. FEB. II AB. APR. IIAY P 62,640 60,0117 b0,076 b2,0611' b0,6811 b1,558 59,650 58,3211 59,071 58,107 b1,345 58,914 59,1117 61,205 5'J,657 265,789 262,598 263,979 268,127 268,907 31,1185 311,211 36,0:27 38,4l9 36,515 26,919 28,119 25,92& 25,200 25,873 25,155 25,836 24.0il9 .2.).636 211,110 1,164 2,283 1,877 1,564 1,703 61,862 &0,863 59,638 58,6&8 60,796 59,968 267,625 269,.399 38,31J 36,7110 25,112 25,726 23,5119 24,12.3 1,563 1,603 23 236 60,129 57,009 58,97:l 268,172 35,718 26,265 211,411 1,854 202 riiO WEEKS ENDING --------1988--1111 JUI! 4 18 p P---PRELllllU.Bt PE--PBELIIIINARl BSTIIIATE. 1/ REFLECTS ACTUAL RESERVE REQUIREIIBITS, INCLUDING THOSE OH HOHDEPOSIT LIABILITIES, WITH 10 ADJUSTIIBITS TO BLIIIIIlTB THE EPPBCTS OP DISCOHTINUITIES ASSOCIATED IITB liiPLEIIEHTATIOI OP THE IIOBETARY COITROL ACT 08 OTHBB REGULlTOBI CHANGES TO RESERVE REQUIREIIEHTS. 2/ COJSISTS OF TOTAL RESERVES PLUS REQUIRED CLEAIIHG BlLlHCKS AID ADJUSTIIKHTS TO COBPBJSlTE POB FLOAT lT PBDB81L IBSBBVB ~ANKS PLUS THE CUBBEICY COftPOIENT OF tHE ROMEY StOCK LBSS THE liOUIT OP VAULT CASH ROLDIJGS OP THRIPT IISTITUTIOJS THAT IS IICLUDED IN THE CUBREICl COIIPOIEJT OF THE IIOJBI STOCK PLUS, POB IMSTlTUTIOMS JOT BlVIHG REQUIRED BBSBBfB BALAICBS, TBB EXCESS OF CORREIT fAULT CASH OYER THE lftOONT APPLIED TO SATISFY CURRENT RESBRYE REQUIREIIBITS. APT£8 THE li!BODUCTIOI OP CRR, CURRENCY lND VAULT CASH FIGURES ABE REASUBED OYER TRB RONDli-ENDIIG COIPUTATIOI PERIOD. 3/ BICLUDES REQUIRED CLEAIIIG BALANCES liD ADJUSTREJTS TO COIIPBNSATE POR FLOAT. 4/ DATES REFER TO TRB ftliNTENAICE PERIODS IN WHICH THE VAULT CASH CAl BE USED TO SlTISPl BBSERYE BIQOIRERENTS. UNDER CONTEftPOHANEOUS RESERVE REQUIREIIEHTS, ftliHTENANCE PERIODS EJD JO DAIS APTER THE LAGGED CORPUTATIOJ PERIODS IN WHICH THE BALANCES ABE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DUBliG THE LAGGED COIPUTlTIOJ PERIOD BY INSTITUTIONS RlfiiG REQUIRED RESERVE BALAICBS lT FEDERAL RESERVE BANKS PLUS THE AROUHT OF fAULT CASH BQUlL TO REQUIRED RESERJES DURING THE IIAIITBIANCE PERIOD AT INSTITUTIONS HAVING 10 REQUIRED RESBRYE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVIJG NO RByUIRED RESERVE BALANCES LESS THE AROUNT OP VAULT CASH EQUAL TO THEIR BBQUIBBD RESERVES DURING THE RAIBTENANCE PERIOD. 11 CONSISTS OF CARRIOVER OHLI AT DEPOSITORY INSTITUTIONS IIAINTAINING RBSERYES OR THE BASIS OP TMO-WEEK IIAINTBNAICE PERIODS. REPLFCTS EXCESS (•) OR DEPJCIT (-) H~SBRYES ELIGIBLE TO BE CARRIED FORWARD INTO THB TWo-WBEK RESERfE IIAI~TENANCE PERIOD ENOINr. ON THE DATB SHOWN. 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-ll.U JUliE JOLI AUG. SEPT. OCT. IIOV. DBC. 57,299 57,625 57,743 57,390 57,496 58,037 58,093 58,965 56,264 56,849 57,071 56,743 56,556 57,094 57,468 58,188 56,221 56,435 56,983 56,358 56,703 56,909 57,110 57,936 246,832 2U,28o 251,1624 251,1620 251,60.;1 253,281 256,821 261,214 1988-J.U. FIB. !lAB. 60,110 57,646 57,811 59,883 58,404 59,.089 57,250 56,059 56,890 55,8.21 58,875 56,513 56,882 59,024 57,377 261,202 .l58,193 259,932 264,151 2616,892 " 59,630 58,650 57,406 56,475 58,564 57,754 .263,701 265,465 1 p 57,763 54.643 56,606 264,64U .\Pi. !IU p TWO WEEKS EJIDliG ------1988-IIU 18 JOIB P---PBBLIIUUil PB--PBEL1JlJIA8J BSTl!IATE. 1/ FIGU&BS BBFLBCT ADJOSTIIBIITS POB DISCOHTIBOITIBS ASSOClATBD llTB TBB 14PLBBBITA110B 0' THB BOB&TAil COIITBOL ACT liD OTHBB BBGULATOBI CHAIGBS TO B&SBBJI B~QOlBBBBITS.
@FedFRASER