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RY
FEDERAL RESERVE statistical release
7 t988
,f~!}J\h.!lE~ERVE
H.3~
Teble 1
IAJICII
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
BANK
OF
PHILAI5ELPHIA
3, 1!.11111
Adjuated lor cllaneM In_,... requl,_ta'
Averagea of dallY flgu!M, - ' I Y edjuated unleaa noted otherwiM
Mllllona of doll.,.
Date
totat•
Reaervea of depository lnatltutlona
required
nonborrowed plua
extended credit•
nonborrowed
5.6,816
exc•••
NSA
lOY.
DEC.
56,884
56,873
56,852
57,954
58,352
57,706
57,602
57,1176
57,825
58,1196
57,987
51,1136
56,304
56,317
56,325
Sli, 961
57,317
56,930
56,929
57,229
56,885
57,553
57,362
56,658
56,529
56,600
51>,589
57,231
57,604
57,203
57,124
57,3f>O
57,2911
58,003
57, 75&
57,142
55,936
57,127
57,273
5o,S16
5&,841
56,8114
57,032
57,368
57,064
56,1101
1,0&8
1,211
916
827
1,079
1,19Q.
761
1,032
793
1,129
923
1,Q29
1988--J.t.L
58,311
57,235
57,607
57,021
27
57,11611
58,589
56,020
58,081
So,SOS
511,413
10
2" p
58,510
58,478
58,2211
58,054
511,367
511,285
1987--J.t.L
l'BB.
a.t.L
.t.Pi.
au
JDIB
JDLI
.t.D&.
SEPT.
ocr.
Monetary baee1
4
242,581
243,755
Borrowings of clepoeltory lnalltutlona
from the Federal
NSA
total
extended· credit•
-nat
Re-.
246,526
;.!48,234
248,481
249,511
250,997
252,;.!52
2511,5&11
256,025
256,6811
580
55o
527
993
1,0.35
774
672
647
9110
943
t>25
777
34
71
91
120
196
259
283
279
231
189
126
9.J
225
283
2611
270
288
213
194
1,296
260,2116
.
1,Q82
59
372
5{),651
57,301
1,301
1,JB8
259,0119
260.,918
1,9115
508
bf>
511
4&85
332
57,Ul
57,1101
t,JB8
1,078
261,650
261,2110
2117
1125
55
11111
232
55,61>~
TIIO IIBBKS
244,311~
13~
409
1149
39'
483
UD~IG
-----1988-J.t.L
P&B.
13
17
P---PiBLJBX».lil
P&--PiBLIIII.lat BS'fll.l'fB
1/ iBSBifBS AID IOII'f.lil a.t.SB PIGOiBS IICOiPOi.t.'fl .lDJOS'fiBITS roa DISCOI'fiiUI'fiBS .t.SSOCI.l'f&D II'fK 'fKB laeLBIBI'f.l'fiOI or 'fiB
IOIB'f.lat COI'fiOL .t.C'f AID OTMBi iBGOL.l'fO&I CK.t.IGBS 'fO i&S&Ifl iJQUlil8&1'fS. 'fO ADJOS'f lOi DL5COI'fiiGI%I&S DO& 'fO CK.li&IS II
USiifB iBQOI&BIIBI'fS 01 USUfUILB IOIDIPOSU' J.IUILIU&S, 'fU Sllll 01 SOCK B&QUliBD USBJif&S .t.JIB S88U.t.C'fBD raa. 'fMI &aOU
S&ilBSo SlBlJ..liJ.I, 11 .t.DJOS'fliG roa DlSCOI'fiiDI'flBS 11 'f&l IOIEf&ll 8.l£1w 81QDli&l CL&A&IIG 8.t.J..t.IC&S AID lDJOSS.BIS$ WQ
COIP85£'fl POi lLOU ALSO &IB SO&'fUC'fBD 1'&01 'fU .t.C'fUU SUI&S.
2/ 'fO'f.t.L iiSBIIBS IO'f .lDJOS'fBD roa DlSCOI'fiiOI'fiiS COISIS'fS Ol JIISB8f& 8.t.L.t.ICBS II'fl rBDIJI.t.J. a&s&af& BAliS (BIICI BIC~OD&
. iBQUD&II CLB&IIIG 8lLUCBS .liD .t.DJOSUBI'fS 'fO CO.UIISl'fB roa I'LO.l'f) l"LUS f.t.OJ.'f C.t.SB OSBD TO S.l'fiSll USI&f& UQGI8Ba&ITS.
SOCK f.t.OLT CASK COISlSTS Ol ALL flULr C.t.SB MBLD DGBliG 'fHB LAGGB8 COBPUT.t.TIOI PIJIIOD 81 IIS'fl'fU'flOBS a.t.fiiG i&QO~JI&II JIBS&iiB
8.t.L.t.ICBS l'f r&DBB.t.L IBSBJifB B.li&S PLUS THB .l8001T or fADL'f C.t.SB &QUAL ~ &a~uia&u a&SE&WM$ OUM~·- raa a.t.II'fBI.liCI R&alOD lt
IISTITUIIOIS H.lfiiG 10 &&QUIIBD iBSBiVB BlJ..t.ICBS.
3/ &X'fBIDID Ci&Dl'f COISISTS or BOiiOiliG 11' 'fHB DISCOUI'f lliDOI UIDBi THB 'fiJIBS .liD COIDITIOIS BS'f.t.BLISBBD roa 'fHB &X'fBIDBD
CiBDU PiOGUI TO HBLP DBPOSI'fOU USrirO'fiOIS DB.t.J. ll'fH SOSUUBD LIQDIDl'fl PUSSUJIBS. BBC.t.USB 'fJUiiB lS lOT 'fBB S.t.U I.I&D 'fO
i&P.ll SUCB BOaBOBIIG PiOBP'fLl .t.S TBBJIB lS II'fH TilDI'fiOI.t.L SKOiT~'fBiB .l~OS'fall'f C8&DI'f. THI 801¥1 l.lil&'f IIPAC'f 01' &X'fBID&D
CiiDIT IS SIAIL.li 'fO TB.l'f Ol IOIBOBBOIBD &BSEBJ&S.
' / &BS&iiB B.t.LliC&S ll'fK l'&DEa.t.L &BSI&IB BAlKS PLUS f&UJ.T CASB 05&11 'fO S.t.TlSl! iBSBifl IBQUIBBIBITS LBSS BBUOiiBD iBSIJII&S.
5/ THI IOIB'f.t.BI BASI lOT .t.DJOSTBD roa DlSCOITIIOl'flBS COISIS'fS or 'fot.t.L iBSBifBS PLUS iBQOI&BD CJ.B.t.JIIIG BlJ..t.ICBS .liD .lDJDS'fiBI'fS
TO COBPBIS.t.'fB lOi rLO.t.'f .l'f l&D&i.t.L IBSBBJB B.t.IKS PLUS 'fHB CUB&BICI COBPOIBI'f or 'fiB 801&1 S'fOC& LBSS sal .t.aOOI'f Ol l.t.UL'f C.t.SB
BOJ.DIIGS or 'fHiil'f IIS'fl'fOTlOIS 'fHlT IS IIC~DDED II TBB CUIMBICI COBPQI&Ir or 'fBB 80111 S'fOC& PLUS, FOB IIS'fl'fOTIOIS IO'f H.lfiiG
&EUUDID 88SI8V8 B.lL.t.ICBS, 'fBB BICBSS or CDBBBIT VAULT C.t.SH OJ&a 'f88 .t.IOUI'f APPLIED 'fO SATISFI CO&BMI'f iBSBifB 88QUIBBI&I'fS•
.ll'TB& 'fB& Il'fiODOC'flOI or Cl&, CUiiiiCY liD f.t.UL'f C.t.SB F~GU&BS .l&B IB.l£0810 OJ&a 'fBB IOID.li-&IDIIG COIPUE.t.TIOI PBiiOD.
PRIOR TO caa. ALL COBROIBI'fS OP TBB IOIIT.t.BI B.t.SB OTBBB TB&I BICBSS i&SBJIVBS .lil SB.t.SOI.t.LLI .t.DJOS'fiD AS l 'BQLB, B.l'fB&a 'fall
BY COIPOIBI'f, .liD EICBSS iBSB&VES IS .t.DDID 01 .l 101' SB.t.SOI.t.LLY .lDJOS'fBD BASIS. .t.P'fiJI Cia, 'fKB SB.t.SOI.t.LLI .t.DJUS'fBD SBilBS
COISIS'fS OF SB.t.SOI.t.LLY .t.DJUSTBD TOTlL BBSB&f&s (WHICH IICLDD&s E%CBSS i&SB&VBS 01 .l lOT SB.t.SOI.t.LLI .lD~US'fBD BASIS) PLUS TBB
SB.t.SOI.t.LLI ADJUSTED CU&BBICI COIPOIEIT OF TBB SOllY STOCK PLUS TBB &IB.t.IIIIG I'fEIS SB.t.SOI.t.LLI .t.DJOS'r&D .t.S .l IBOLB.
lOT&: HlS'fO&lC.t.J. D.l'f.l .liB .t.V.t.IL.t.BL& raoa Till B.t.IKLIG SBC'flOI, DlflSlQI OF &BSB.t.JICH liD ST.l'fiSTICS, BOARD Ql GOJ&&IORS or IKI
raD&a.t.L aasaara s1sraa, ».t.SHIIG'fOI, D.c. 2oss1
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
1
Not' adjusted for. changes in re~r~~ requ)r~.~n~
Averages of daily fiiJUie&, not seas.onally adj~sted
Millions of dollars
Monetary
base~
Date
total
.,ua....
non borrowed
required
total
59,088
56,503
56,534
58.,4QO
57,303
58,008
58,166
57,714
58,873
60,163
6Q,580
61,346
58,600
55.849
56.,146
58.566
57,260
57,594
58,078
57,329
5!1,020
59,977
60,282
61.,094
246,75.2
24'6,.220
2411,97&
249,241
.249,940
.25.2,539
254,611
.254,360.
255,6!11
2511,076
2o1,611l
266,161
36.,584
33,fa25
3.5,318
37,807
36,1Ui6
36,309
3fa, 110
35,616
361,685
37.,:.149
37,453
31,673
25,05:.1
25,901
2.3,765
23.3'68
23.681
24.369
.24,613
.24,644
24.854
25,5117
25.431
.26,155
.23.,0.84
.23,1135
.21.,1U
.21,581
.21,873
.2:.1,117S
DIC.
59.,668
57,060
57,061
59,393
58,339
58,784
SS,838
58,361
59,813
0 I, 106
61,205
62.123
1988-JAJ.
10.2,641
61-,559
61,345
265,790
37,1486
26,919
.25,155
611,112
61,842
62,168
61,334
6:.1,8t:"
60..5
268,553
264,090.
39,175
Jl.002
26,5&6
26.533
.24,937
.24,B4Q
1,629
1.694
60.,656
59,766
60,369
59.341
59,368
·:;&.,688
262,76.2
262,535
33,691
34,093
29.411
21.9511
.26,965
.2-$,673
.2,45.2
2,.28.2
1987-JlL.
I'BB..
au
JUU
JULI
lUG.
san•.
aor.
oc~.
22.,Uia
:.12,745
23.128
23,85}
.2J,7S.2
24.,1149
1,968
2,466
2.02.2
1.762
1.8oa
1,893
1,885
1.899
1,726
1,1JQ
1,679
1,706
riiO IIIIlS
II DUG
-----
1988-JlJ.. u
21
PIB.. 10
24 l'
P---PRJ!LJ:B.IJIIBI
PB--PiBL.IB.IIl&l BST.I81T&.
I/ BBI'LBCTS lCTUlL BJ!SBiJB BBQU.IiBIBITS, IICLUDIIG THOSB 01 IOIDBPOSIT LIIBLLITIBS. I.ITB 10 1DdUS~8BITS SO BL.IBIJIIT&
Till Bri'BCTS OJ' DISCOITIIO.IT.IBS lSSOCilTBD IIITH I&PLK8BJIT1TIOI 01' TB& 801BrAif COIT&OL ICT 08 OTBBi i&QQLlTOlf
CB&IGBS TO &BS&BJI BBQDI&&8BiTS.
2/ COIS.ISTS OJ' TOTAL BBSBiY&S PLUS BBQUIBED CLBIBliG BlLliC&S liD lDJOSTaBITS TO C08l'BISAT& lOB 1~01~ 1• I'BDBBlL i&s&BIB
BilKS PLUS TK& COBi&ICI COBl'OIBIT OF THE 801&1 STOCK ~ISS THB laQDaT Or .I&ULT ClSB HOLDIIGS 01 ~HMLrr IIS~TU~IOIS TBlT
lS IICLUD&D Zl TBB CUBB&ICI C08l'OIIIT or Till lOlBl SrOCK PLUS, rOB liSTISUSIOIS BOT BAIZIG a&UUZBBD &&SBBIB &lLIBCBS, rBB
BICBSS or CO&a&IT 110Lr ClSB OJBB TBB 180Uir lPPLlBD TO S~ZSI'l CUBBBIT aBSBBIB &BQUia&BBITS. llt&i SBB IIT&ODUcriOI 01
CiB, CUBBIICt liD JlULT ClSB I'ZGUiJS lBB 8BlSUBJ!O OJBB TBB 80101~-&IDliG CQaPUZ&TlOI l'&alOD.
3/ BICLODBS iBQDl&BD CLBABIIG Bl~liC&S liD 1DJUST8BITS TO CQIPBISAT& I'OB I'LQlS.
' I DlTBS BBFBB TO THB a&IITBIIICB PBBIODS II WHICH THB 1101% CASH Cll B& USED TO SAZISI'f BBSHMI& BBUUIB&ABITS. OIDia
COITBIPOBliBOUS BBSBBI& BIQUZBBB&ITS. 81.IIT&Il1CI l'&BlODS &ID 30 DlfS li'S&i TB& LlGGID COBPDTlTIOI P&ilODS
I I IIBICB TBB B1L11CBS 18& K&LD.
5/ BQUlL TO ALL JlULT CASH BALD DUiiiG TUB LlGGBD COIPUTATIOII l'l&lOD Bl IISTlTOTIOIS BlfliG BBQUIBBD BB£&8VI BlLliC&S
IT I'BD&ilL BBSBBfl Bli«S PLUS TBB &BOUlT 01 VAULT CASH BQUAL TO &BQUla&D B&S&BJ&S DUiliG TH& a&IIITBiliC& PBBIOD lT
IISTITUTIOIS BlfliG 10 BBQUlBBD iBSBBfB BILIICBS.
6/ TO!lL J&ULT CASH AT IIST.ITUTIOIS BlfiiiG 10 BJ!UUIIBD iBSBBJB BlLliCBS £&SS TUB 180U&T OJ' JAOLT CASH &QUAL TO Ta&.II
&BQUlBBD BBS&BIBS DOiliG TBB BlliTBIIliCB PB8IOO.
1/ COIS.ISTS Or ClBBlOJBB OIILI AT DBPOSITOBl IISTirUTIOIS 8liiT1IIIJQ BBSEBJBS OB TUB BASIS or TBQ-BB&a A4IITBB11CB
PBBlODS. BBILBCTS BICBSS (•I 08 OBI'ICIT (-) BBSIBVBS BLIGIBLB TO aB ClBBIBD I'OBIIlBD liTO raa TIG-IB&a BBSBBI&
BliiT&IliCB l'&i.IOD BIDIIG 01 TUB DITB SHOll.
169
12
26.2
203
H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements 1
Averages of daily figuraa, not aeaaonally adjusted
Millions of dollars
Data
total
1987--JAI.
Reserves of depository institutions
non borrowed
Monetary base
required
58.731.
56,.088
56,.068.
58,.372
57,.299
57,.625
57,.743
57,.390
57,.1196
58,.037
58,.093
58,.965
58.151.
55,.»32
55,541
57,.379
56,.264
56,.849
57,.071
5o,.743
56,.556
57,.094
57,.116&
58,.188
57,.663
54,.877
55,.152
57,.54.
56,.221
56,.435
54,.983
56,.358
56,.103
.6,.909
51,.11Q
57,.936
60,.112
59,.Q.90
58,.816
261,.203
27
61,.670
59,3115
59,.725
58,.837
60~363
5&,.057
2611,.064
259,.1Ub
10
24 p
58,.197
57,.384
57,.91Cl
56,.960
56,.909
56,.306
258,.158
258.257
P.BB.
JIJ,B.
lPB.
JIAI
J.OII
JOLI
lUG •.
SEPT•.
ocr.
JIOJ•.
DEC.
1988-JAI.
2~3.~22
. 240,817
2,.1,.925
2~6.Q66
2~6,.832
2~9,.28o
251.424
251,..1&20
251,.603
25~.287
256,.821
;lo1,.214
TMO WEEKS
BID.IIG
-~-
--------
1988-.JAJ.
.r.u.
13
P--PRIL.IJI.IIA.iY
· PB--PBILIJI:IJilBI ~TI81TI.
1/ .l.IGU&iS RBF.LBCT lDJUSTJIEJITS .lOB D.ISCOITIIO:ITIBS ASSOC.Ilr&D 1.118
AID orHBB B~LATOBI CBAIG£S.TO iBSBRYI iiQU~&IIIITS.
~a&
.IIRL&aBITlTIOI o.r TB& IOI&IARI COMT&OL ACT
@FedFRASER