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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In NqUitwMnta' A-agea of dally - l l y edjuated unleu noted otherwise Millions of dollars 110-. ~ total• Date 1987--l'EB.. 114&. APL lUI JUNE JULY AUG. SEPT. OCT. BOY. DEC. 1988--JAL FEB. .1:' nonbonowed of dapoaltory lnsthutlons required nonbonowed plus extended credit' excess NSA4 Monetary bue1 Borrowings of depository Institutions from the Federal Reserve, NSA total IIHIIOIIIII extended credit" 56,873 56,852 57,954 58,352 57,706 57,602 57,876 57,825 58,496 57,987 57,436 56,317 56,325 56,961 57,317 56,930 56,929 57,229 56,885 57,553 57,362 56,658 56,600 56,589 57,231 57.,604 57,203 57,124 57,360 57.,294 58,003 5'1,756' 57,142 55,662 55,936 57,127 57,273 56,516 56,841 56,844 57,032 57,368 57,064 56,407 1,211 916 827 1,079 1,190 761 1.,032 793 1,129 923 1,029 243,755 244,349 246,526 248,234 248,481 249,511 250,997 252,252 254,564 256,025 256,684 556" 527 993 1,035 776 672 647 940 943 625 777 71 91 120 196 259 283 279 231 189 126 93 283 2611 270 288 273 194 132 409 449 394 483 58,316 58,439 57,234 58,043 57,606 58,248 57.,021 57,305 1,295 1,1311 260,245 261,260 1,082 396 59 75 372 205 58,501 58,498 58,215 58.,073 58,358 58,305 57.,220. 57,415 1,282 1,083 261,642 261,247 287 425 55 77 1411 232 58,149 57,612 57,866 57,168 981 260,534 537 111 255 TIO lEEKS UDJ:IG --------1988-PBB. liAR. 10 24 9 p P---PRBLIIIIIARY PE--PBBLIIIIBlRI ESTIIIATB 1/ BBSERYES AID IIOBETlRI BASE FIGURES XNCORPORlTE lDJUSTBEBTS POR DISCOITIBUITIES ASSOCIATED WITH THE IBPLEBEBTATIOB OP THE IIOBETARI COBTROL ACT liD OTHER REGULATORY CHARGES TO RESERVE RBQUIRB8EBTS. ADJUST POl DZSCOBTZBUITIES DUB TO CHAIGBS II BESERVE RBQUIREBEBTS 01 RESEBYABLE IOIDEPOSIT LilBILITXBS, THE SUI! OP SUCH RBQUIRBD RBSBRYBS ARB SUBTRACTED PROS TBB ACTUAL SERIES. SIIIILlRLY, II ADJUSTING POR DISCOITIIUXTIIS II THS IIOIETABI BASI., BIQUIRBD CLBliiBG BALABCBS liD lDJUSTKIJTS TO COBPEBSATE POR FLOAT ALSO ARE SUBTRACTED PROM TBE ACTUAL SEBIES. 2/ TOTAL RESERVES BOT ADJUSTED POB DISCONTIIUITXES COJSISTS OP RESERVE BlLAICES liTH PEDERAL RISIRYB BAlKS (WHICH EXCLUDE REQUIRED CLEARIIG BlLABCES liD lDJUSTRIITS TO CORPEISATE POB FLOAT) PLUS VAULT CASH USED TO SATISPY RESERVE BEQOXBEKEBrS. SUCH VAULT CASH COISISTS OP ALL YAULr CASH HELD DOBIBG THE LAGGED COKPUrlTIOI PERIOD 81 IISTZTUTIOIS.BAVIIG BBQUIBBD R&SBBYI BALliCBS AT PEDBRlL RESERVE BABKS PLUS THE AROUIT OP VAULT ClSB EQUAL TO REQUIRED R&SIBYES DURIIG THB RAIITBIAICB PERIOD AT IBSTITUTIONS HAYIBG BO REQUIRED RESERVE BALANCES. 3/ ElTEBDED CREDIT COBSISTS OP BORROWXNG AT THE DISCOUNT MIBDOB UBDER THE TERMS ABD COIDITIONS ESTABLISHED POR THE EXTEIDBD CREDIT PROGRAM TO HELP DEPOSITORY IBSTITUTIOBS DEAL WITH SOSTAIIED LIQUIDITY PRESSURES. BECAUSE THERE IS BOT THE SAKE HEED TO BB~AI SUCH BORROWING PROMPTLY AS THERE IS BITH TRADITIONAL SHORT-TERM ADJOSTKEBT CREDIT, THE ROIBI ftARKBT IIIPACT OP EXTENDED CREDIT IS SIMILAR TO THAT OP NOBBOBROWED RESERVES. 4/ RESERVE BALANCES liTH PEDEBAL RESERVE BABKS PLUS VAULT CASH USED TO SATISFY RESERVE RBQDIBEKEBTS LESS REQUIRED RESERVES. 51 THE IIOBETlRI BASE HOT ADJUSTED FOR DISCOBTINDITIES COBSISTS OP TOfAL RESERVES PLUS REQUIRED CLEARING BALANCES liD ADJUSTIIEITS TO COKPEBSATE FOR PLOl7 AT FEDERAL RESERYE BARKS PLUS THE CURRBBCI CORPOIBIT OF THE MOllY STOCK PLUS, POR INSTITUTIOIS NOT HAYIBG REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRBBT RESERYE BEQUIRERENTS. APTER THE lBTRODUCTION OP CCR, CURRBBCI liD VAULT CASH FIGURES ARE MEASURED OYER THE. KONDli-EBDIIG COMPUTATION PERIOD. THE SEASONALLY ADJUSTED MONETARY BASE CONSISTS OP SEASOilLLI ADJUSTED TOTAL RESERVES (~HICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED dASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COKPOHEBT OP THE IIOHBI STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A IHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE PROM THE liONEl AND RESERVES PROJECTIONS SECTION, DIVISION OP ROHETlRI APPAIRS, BOARD OP GOVERNORS OP THE FEDERAL RESERVE SISTEK, WASHINGTON, D.C. 20551 'p H.3 (502) Table 2 AqGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No.t1adjusted for. changes in reserve requirements Averages of daiiy figures, no!.seasonaliy adjusted Millions of dollars Monetary base 2 Date total nonborrowed Reserve balances with F.R. Banks" required total required reserves 5 surplus. 58,008 58,166 57,714 58,873 60,163 60,580 61,346 55,849 56,146 58,566 57,:.!60 57,59ll 511,078 57,329 59,020 59,971 60,282 b1,094 244,220 244,978 249,2ll1 249,9ll0 252,539 254,671 254,360 255,691 258,076 261,674 266,161 33,625 35,318 37,807 3b,ll66 36,309 36,110 35,616 36,685 37,2ll9 37,453 37,673 25,901 23,7o5 23,348 23,61H 24,369 24,613 24,64ll 24,85 .. 25,587 25,431 26,155 23,435 21,743 21,587 21,873 22,475 22,728 22,7.. 5 23,128 23,752 24,449 2,466 2,022 1,762 1,808 1,893 1,885 1, 899 1,726 1, 730 1,679 1, 706 62,640 o0,048 61,558 59,652 61,345 58,915 265,789 262,602 37,ll85 34,213 26,919 28,119 25,155 25,835 1, 764 2,284 60,6ll8 59,786 60,361 59,361 59,366 58,703 262,755 262,542 33,681 3 4, 10 1 29,417 27,954 26,967 25,685 2,450 2,210 209 59,586 59,049 58,606 262,465 35,591 25,987 23,995 1,992 150 1987--PEB. llAB. APR. llAI JOIE JULY AUG. SEl"l. OCT. HOY. DEC. 57,060 57,061 59,393 58,339 58,784 58,838 58,361 59,813 61,106 b 1,205 62,123 56,503 56,534 58,400 1988--JAii. FEB. p 51,303 23,851 TIIO IIBEKS BIDING -------1988--l"EB. llAR. 10 24 9 p P--PJl.BLIIIIJAJll PB--PBELilliiARI BSTillATB. 1/ REFLECTS ACTUAL RBSE&YE BEQUIBEllEJTS, IICLUDIIG THOSE ON IOIDEPOSIT LIABILITIES, IIITH 10 ADJUSTIIEHTS TO ELIBIHATE THE EFFECTS OF .DISCOJTINUITIBS ASSOCIATED WITH lllPLEllBNTATION OF THE llOBETlRI CONTROL ACT OR OTHER BEGULATORI CHANGES TO RESERVE REQUIREllBBTS. 2/ CONSISTS OF TOTAL BBSERYBS PLUS REQUIRED CLEARING BALAJCES ABD lDJUSTllENTS TO COllPENSATB POR FLOAT AT FEDERAL BBSERYE BAlKS PLUS THE CDRBEICI COftPOIEIT OF THE llONEl ~TOCK LESS THE AftOUNT OF fAULT CASH HOLDINGS OF THRIFT IHSTITDTIOMS THAT IS IICLODED ZJ THE CUBBEICI COBPOIEIT OF THE !ONEI STOCK PLUS, FOB INSTITUTIONS BOT HAYING REQUIRED BESEBYB BALANCES, THE EXCESS OF CUBREIT fAULT CASH OVER THE AllODNT APPLIED TO SATISFI CURBEBT RESERVE RBQUIRE!EBTS. AFTER THE INTRODUCTION OP CRR, CUBREBCI lHD YAULT CASH FIGURES ARE llEASUR~D OYER THE BOIDAI-EIDING COBPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES liD ADJUST!EITS TO COBPEBSATE POR FLOAT. 4/ DATES REFER TO THE BAIBTBJAICB PERIODS II WHICH THE YAULT CASH CAN BE USED TO SATISFY dESERVE REQUIREllENTS. UNDEB CONTBBPORANEOUS RESERVE REQUIREllEITS, ftliNTEBANCE PERIODS END 3U DAYS AFTER THE LAGGED ~OftPUTATIOB PEkiODS :IN IIHICH THE BALANCES ABE B.BLD. 5/ EQUAL TO ALL VAULT CASH HELD DURIIG THE LAGGED ~OllPUTATlON PERIOD BY INSTITUTIONS HAYINu REQUIRED BES~RYE BALANCES AT FEDEBAL RESEBYE BANKS PLUS THE AftOUIT OF YAULT CASH EQUAL TO REQUIRED RESERVES DURIIG THE ftAINTEBAHCE PERIOD AT lBSTITUTIONS HAYING NO REQUIRED RESERVE BALAICES. 6/ TOTAL YAULT CASH AT IISTITUTIONS HAVING NO RBuUIRED RESERVE BALANCES LESS THE lllOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DUBIIG THE BAIITENANCE PERIOD. 7/ COISISTS OF CARBYOYEB ONLY AT DBPOSITOBI INSTITUTIONS ftliiTAINING RESERVES ON THE BASIS OF TWO-WEEK ftAINTENABCE PERIODS. REFLECTS EXCESS (+) OB DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORIIARD IBTO THE TVO-IIEEK RESERVE IIAIITEIANCE PERIOD EBDING OB THE DATE SHOIN. 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 1987-.FBB. llAB. lPB. IllY .JOBB .JULI lOG. SEPT. oa. IIOf. D.BC. 1988--.JlB. .FEB. p Reserves of depository institutions non borrowed 56,264 56,849 57,071 56,743 5&,556 57,094 57,468 58,188 54,877 55,152 57,544 56,221 56,435 56,983 56,358 56,703 56,909 57, 170 57,936 241,925 246,066 246,832 249.286 251,424 251,1620 251,603 253,287 256,821 261,214 60,170 57,646 59,089 57.250 58,875 56,512 261,202 258,194 58,188 57,403 57,901 56,979 56,906 56,321 258,150 258,26J 57,242 56,705 56,261 258,090 56,088 56,068 58,312 51,299 57 ,62~ 57,743 57,390 57,496 58,037 58,093 58,965 55,532 55,541 Monetary base required 5~,379 2~0.811 TIIO liBElS EIDIIIG -----------1988-.FBB. 10 24 !18. 9 p P---PBEL.I!IlllBY ESTI!lTE. .FIGUBES REFLECT lDJDSTIIEHTS FOB DISCOITIIUITIES ASSOCIATED WI%H THE I!PLEBEIITlTIOH OP THE BOIIETABJ COIITBOL ACT AHD OTHER REGULATORY CHliiGES TO iESEBfE REQU.IBE!EITS. ~~--PRELLiliBlBY 1/
@FedFRASER