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FEDERAL RESERVE statistical release •••f^P^ H.3(5Q2) Table 1 For niltaM at 4:30 Eastern Time HABCH AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 7, 1985 Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date totai1 Reserves of depository Institutions required nonborrowed plus nonborrowed extended credit4 I excess NSA4 Monetary base* Borrowings of depository institutions from the Federal Reserve, NSA total | seasonal 1 extended credit* 1984—JAN. FEE. MAB. APR. MAY JUNE JULY • AUG. SEPT. OCT. NOV. DEC. 36,357 37,026 37,099 37,110 37,450 38,290 38,239 38,386 38,143 37,758 38,113 38,709 35,642 36,459 36,148 35,876 34,462 34,989 32,315 30,369 30,902 31,741 33,495 35,523 35,646 36,464 36,175 35,921 34,499 36,862 37,323 37,412 37,360 36,798 37,332 38,127 35,744 36,083 36,388 36,619 36,870 37,516 37,626 37,697 37,515 37,138 37,419 37,857 613 943 711 492 580 774 613 689 628 620 693 853 187,484 189,026 189,902 190,587 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 715 567 952 1,234 2,988 3,300 5,924 8,017 7,242 6,017 4,617 3,186 1985—JAN. 39,713 38,318 39,368 38,968 745 200,067 2 16 30 39,453 39,824 39,594 36,763 38,193 38,618 38,800 39,564 39,211 38,246 39,190 38,823 1,207 634 771 13 P 27 PE 40,340 40,335 38,972 39,161 39,959 39,764 39,333 39,584 1,007 751 86 103 133 139 196 264 308 346 319 299 212 113 4 5 27 44 37 1r«73 5,008 7,043 6,459 5,057 3,837 2,604 1,395 62 1,050 199,190 200,317 199,824 2,691 1,631 976 81 58 63 2,038 1,371 593 201,723 202,156 1,369 1,174 60 81 | THO WEEKS ENDING 1985-JAN. FEB. P 1/ 1 ! 988 603 PRELIMINARY PE—PRELIMINARY ESTIMATE RESERVES AND flONEIARY BASE FIGURES INCORPORATE ADJUSTHENTS FOB 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 RESEBVE REQUIREMENTS ON RESEBVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ABE SUBTRACTED FROM THE ACTUAL SERIES. SIMILABLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, BEQUIBED CLEARING BALANCES AND ADJUSTHENTS TO COMPENSATE FOB FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESEBVE BANKS (WHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE BEQUIBEMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING BEQUIRED 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 ADJUSTHENT CREDIT, THE HONEY MARKET IHPACT OF EXTENDED CREDIT IS SIHILAR TO THAT OF NONBORROWED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESEBVES. 5/ THE MONETABY BASE NOT ADJUSTED FOB 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 HONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURPENT RESERVE REQUIREHEMTS. 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 PESERVES 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 ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3(S02) Table 2 AGGREGATE RESERVE OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE NoJ'adjusted for^changes in reserve requirements^ Average* Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash 4 of depository institutions Monetary base 2 ! Date total nonborrowed Reserve balances,! with F.R. BanksJP required total used to satisfy required reserve* 1 : surplus4 1984—JAN. FEB* NAB. APB. MAT JUNE JULI AUG. SEPT. OCT. NOV. DEC. 40,120 36,366 36,280 37,156 36,522 37,526 37,471 37,264 38,043 38,512 39,235 40,696 39,405 35,799 35,329 35,922 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 39,507 35,423 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 192,316 186,672 187,815 190,344 191,084 193,971 195,516 195,677 196,229 196,688 198,771 202,586 21,325 18,415 19,486 20,353 19,562 20,217 19,891 19,270 20,143 20,099 20,843 21,738 22,578 22,269 20,396 20,152 20,446 20,770 21,134 21,688 21,232 21,875 21,827 22,316 18,795 17,951 16,794 16,802 16,960 17,308 17,579 17,995 17,900 18,413 18,392 18,958 3,782 4,318 3,602 3,349 3,486 3,461 3,555 3,694 3,333 3,462 3,434 3,358 1985—JAN. 41,125 39,730 40,380 201,353 21,577 23,044 19,547 3,497 2 16 30 41,832 41,820 40,369 39,141 40,189 39,394 40,625 41,187 39,599 204,589 203,099 199,232 22,129 22,819 20,375 23,326 22,089 23,828 19,703 19,002 19,994 3,625 3,087 3,834 13 P 27 PE 40,545 39,963 39,177 38,789 39,539 39,212 200,133 199,443 19,921 20,686 24,893 23,203 20,624 19,277 4,269 3,926 TVO WEEKS ENDING 1985—JAN. FEB. P~ -PBELIHINABY PE- -PBELIHINABY ESTIMATE. 1/ REFLECTS ACTUAL BESEBVE BEQUIBEMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, NITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED KITH IMPLEMENTATION OF THE MONETABY CONTBOL ACT OB OTHEB BEGULATOBY CHANGES TO BESEBVE BEQUIBEMENTS. 2/ CONSISTS OF TOTAL BESEBVES PLUS REQUIRED CLEABIMG BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT AT FEDEBAL BESEBVE BANKS PLUS THE CUBBENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THfilFT INSTITUTIONS THAT IS INCLUDED IN THE CUBBENCY COMPONENT OF THE HONEY STOCK PLUS, FOB INSTITUTIONS NOT HAVING REQUIRED BESEBVE BALANCES, THE EXCESS OF CUBBENT VAULT CASH OVEB THE AMOUNT APPLIED TO SATISFY CUBBENT BESEBVE BEQUIBEMENTS. AFTEB THE INTRODUCTION OF Cfifi, CUBRENCY AND VAULT CASH FIGURES ABE MEASURED OVEB THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES BEQUIBED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT. 4/ DATES BEFEB TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY BESEBVE BEQUIBEMENTS. UNDEB CONTEMPORANEOUS BESEBVE BEQUIBEMENTS, MAINTENANCE PERIODS END 30 DAYS AFTEB THE LAGGED COMPUTATION PEBIODS IN BHICH THE BALANCES ABE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DUBING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING BEQUIBED RESERVE BALANCES AT FEDEBAL BESEBVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO BEQUIBED BESEBVES DUBING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO BEQUIBED BESEBVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO BEQUIBED BESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIB BEQUIBED BESEBVES DUBING THE MAINTENANCE PERIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING BESEBVES ON THE BASIS OF TNO-WEEK MAINTENANCE PERIODS. REFLECTS EXCESS (•) OB DEFICIT (-) BESEBVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK BESEBVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. 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 Reserves of depository institutions nonborrowed 1 1984—JAN, FEB. BAR. APR. HAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 38,181 36,611 36#616 37,478 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 37,466 36,043 35,664 36,244 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 1985—JAN. 40,703 Monetary base required 37,568 35,667 35#905 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 188,648 186,875 188,150 190,666 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 39,308 39,958 200,931 41,213 41,426 39,944 38,523 39,795 38,969 40,006 40,793 39,173 203,970 202,705 198,807 40,163 39,558 38,794 38,384 39,156 38,807 199,750 199,039 1 TWO SEEKS ENDING 1985—JAB. FEB. 2 16 30 13 P 27 PE | | L 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