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FEDERAL RESERVE statistical release *$%m?-' For Reteese et 4:30 Eastern Time H.3<B08) TaMtl MARCH 13, 1986 AOOREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted tor changes In reeerve requirements1 Averages of deity flour**, ssaaonalty adjusted unless nolod otherwise I Date 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,651 44,377 45,186 1985—FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1986—JAN. FEB. I ftsasrvss of depository Institutions """ total* nonoorrowsd ' 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,218 42,464 42,636 43,867 nonoorrowea pius extended credit' 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,874 43,093 43,167 44,367 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,898 43,449 44,128 Borrowings of depository Institutions Monetary boot* rvquiwi 4 NSA ' 903 766 738 804 905 855 827 666 753 928 1 ,058 202,113 202,958 203,672 205,459 207,567 208,730 210,846 212,076 213,117 214,934 216,437 ' total ~^\ 1,289 1 , 593 1 ,323 1 ,334 1 ,205 1,107 1 ,073 1 ,289 1 , 1 87 1 ,741 1 ,318 seasonal 71 88 135 165 151 167 221 203 172 107 56 sxtsndsd credit1 803 1 , 059 868 534 665 507 570 656 629 530 499 45,365 45,815 44,594 44,932 45,091 45,424 44,254 44,723 1,111 1 ,092 218,038 219,399 770 884 36 56 497 492 12 26 P 45,703 45,890 45,041 44,790 45,521 45,296 44,516 44,853 1,187 1 ,036 218,980 219,656 662 1 ,100 44 66 480 506 12 45,966 45,262 45,737 45,058 65 475 PE TWO WEEKS ENDING 1986-FEB. MAR. PE 909 220,116 704 p — -PRELIMINARY PE—PRELIMINARY ESTIMATE 1/ 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 f#i 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 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, 1 HE 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 E) ESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES TS ADDED ON A NOT SEASONALLY ADJUSTED B A S I S . AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES LXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASTS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS T H E REM AININ G T T E M S S E A S 0 N A I.. L Y A D J U S T E I) AS A UN 0 L E . NOTE- HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND S T A T I S T I C S , BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted fofcchanges in reserve requirements^ Averages of daify figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base 2 ! Data total nonborrowed Reserve balances, with F.R. Banks3/; total required used to satisfy required reserves5! surplus* Net carryover of excess or deficit In reserve balances!? i 1985—-FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. . NOV. DEC. 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,469 46,382 48,142 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,282 44,641 46,824 39,370 39,728 40,914 40,247 41,447 41,948 42,135 43,782 44,716 45,454 47,085 199,868 201,219 203,746 204,874 208,317 210,580 211,525 212,876 214,472 217,177 221,485 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 26,385 27,620 23,927 21,863 21,567 21,898 22,180 22,530 22,839 22,465 22,724 22,457 22,956 19,857 18,429 10,435 18,666 18,985 19,300 19,548 19,475 20,038 19,997 20,522 4,070 3,434 3 , 132 3,231 3 , 196 3,230 3,291 2,990 2,636 2,460 2,434 1986 — J A N . FEB. 48,060 46,641 47,289 45,758 46,949 45,550 219,588 217,652 26,373 24,688 24,245 24,962 21,687 21,953 2,559 3,009 PE MAR. , '|j •:i " ' 'i TWO UEEKS ENDING 1986—FEB. ' i 12 26 P 46,815 46,420 46,154 45,320 45,629 45,384 217,510 217,558 23,924 24,992 26,078 24,348 22,891 21,428 3,187 2,920 199 12 47,150 46,446 46,241 219,153 27,145 22,577 20,005 2,572 95 PE 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. CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLFARING BALANCES AND ADJUSTMENTS TO COMF1 NSATE FOR FLOAT AT FEDERAL RESERVE 2/ 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 10 COMPENSATE FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BF USED 70 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 BALANCLS AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVLS 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 BASTS OF TWO-WEEK MAINTENANCE PERIODS. REFLECTS EXCESS (•) OR DEFICIT (-) RESERVES ELIGIBLE TO Bt CARRIHD FORWARD INTO 1 HFi TWO WEEK Rl SERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. i 1 5 H.3 (502) Table 3 AQGREQATE 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 I Monetary base required 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 44,625 46,404 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,559 42,884 45,086 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,994 43,697 45,347 199,473 200,792 203,349 204,465 207,923 210,187 211,158 21 1 , 6 4 9 212,750 215,420 219,747 46,633 45,173 45,862 44,289 45,522 44,081 218,161 216,183 12 26 P 45,335 44,955 44,673 43,855 44,148 43,918 216,030 216,093 12 45,731 45,027 44,822 217,734 1985—FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1986--JAN. FEB. Reserves of depository institutions nonborrowed PE TUO WEEKS ENDING 1986--FEB. MAR. 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