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FEDERAL RESmM6~Hstatistical release f ·- --------------------------~~~------------------------------------------------------------------------------------· DERALRESERVR aA' 1Z FE OF Pl1U,ji\i>l\J~ H.3 1502J Table 1 For Release at 4:30 AGGREGATE RESERVES OF DEPO~ITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for cha~s in reserve re~irements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars p.~. Eastern Time MARCH 9, 1989 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions nonborrowed plus exte~ded credit required excefs NSA Honeta~y base total seasonal extended credit4 59177 58009 59382 59487 58440 58832 1133 929 262068 263301 396 1752 75 119 . 205 1478 60374 60365 60637 57380 57787 57555 60004 59894 60108 59515 59325 59750 859 1040 888 265606 266816 268267 2993 2578 3083 146 246 311 2624 2107 2554 JULY AUG. SEP. 61238 61090 60995 57798 57849 58156 60336 60502 60215 60231 60137 60024 1007 953 972 270503 271144 272467 3440 3241 2839 376 423 421 ·2538 2653 2059 OCT. 60956 61055 60979 58657 58194 59264 60438 60516 60508 59894 59936 59939 1062 1119 1040 273772 274658 275811 2299 2861 1716 332 186 130 1781 2322 1244 60545 60496 58883 59009 59929 60059 59401 59352 1145 1144 276739' 277789 1662 1487 76 96 1046 1050 60646 60342 58598 58815 59806 59843 59499 59371 1147 972 275880 277070 2048 1527 94 61 1208 1028 60835 60213 59565 58737 60357 59848 59292 59199 1543 1015 277543 277595 1270 1477 78 99 792 1111 60705 58905 60154 59789 915 278572 1800 115 1250 Date total 2 1988-FEB. MAR. 59573 59760 APR. HAY JUNE NOV. DEC. 1989-JAN. FEB. pe nonborrowed 3 Two weeks ending 1989-JAN. 11 25 FEB. MAR. 8 22p 8pe p--preliminary 1. 2. 3. 4. 5. 6. pe-~preliminary estimate Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. I For more information, s - Table 3. l Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. !Also, see footnote 2 on Table 2 and footnote 2 on Table 3.J Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of ~sitory inst1tutions from the Federal Reserve. Extended credit consists of borrowi~ 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 ~y such borrowing promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of nonborrow&d reserves. Excess reserves NSA ~ls unadjusted total reserves !Table 2, column ll less unadjusted required reserves !Table 2, column 3J. The seasonally adjusted, break-adjusted monetary base consists of Ill seasonally adjusted, break-adjusted total reserves plus 12) the seasonally adJusted currency component of the money stock plus 13J, for institutions whose vault cash exceeds their required reserves, the seasonally adJusted, break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. IAlso, see footnote 3 on Table 2 and footnote 4 on Table 3. l H.3 1502 J Table 2 AGGREGATE RESERVES OF DEPOSIT9RY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve reguirements Averages of daily figures, not seasonally adjusted Millions of dollars Vault cashs Reserves of depository institutions base Reserve balances with F.R. Banks 4 Honeta~y total used to satisfy requireCI reserves 6 surplus 7 Nat carryover of reserv1 balances Date total 2 nonborrowed required 1988-FEB. HAR. 60047 60076 59650 58324 58914 59147 262598 263979 34211 36027 28165 25960 25836 24049 2329 1912 APR. HAY JUNE 62064 60681 61991 59071 58103 58908 61205 59641 61103 268127 268899 272654 38429 36509 37907 25208 25882 25730 23636 24172 24084 1573 1710 1646 JULY AUG. SEP. 62756 61965 62153 59316 58724 59314 61749 61012 61181 275591 275033 274874 37992 36911 37213 26459 26895 26727 24763 25054 24940 1696 1841 1787 OCT. NOV. DEC. 61915 62407 63739 59616 59546 62023 60853 61287 62699 275775 278653 283176 36421 36997 37830 27i98 26745 27197 25494 25410 25909 1705 1335 1288 63468 60705 61806 59218 62323 59560 281312 277691 36475 32846 28376 29776 26993 27858 1383 1918 65403 62757 63355 61230 64256 61786 285079 279985 38724 36514 27904 27414 26679 26243 1225 .1171 146 143 61578 60316 60308 58839 60035 59301 277505 277741 32260 32478 31488 29739 29318 27838 2170 1901 82 229 60448 58648 59533 277822 34489 27581 25959 1622 40 1989-JAN. FEB. pe Two weeks ending 1989-JAN. 11 25 FEB. HAR. 8 22p 8pe p--preliminary 1. 2. 3. 4. 5. 6. 7. 8. pe--preliminary estimate Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. . Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of total reserves plus reqyired cleari~ balances and adjust..nts to compensate for float at Federal Reserve Banks plus the currency component of the money stock plus, for institutions whose vault cash exceeds their ~ired reserves, the excess of current vault cash over the amount applieCI to satisfy current reserve requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjust~~~ents. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Under contemporaneous reserve requirements, maintenance ~riods end 30 days after the lagged computation periods in which the balances are held. All vault cash held during the lagged computation period by "bound" institutions I i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions I i.e., those whose vault cash exceeds t~air r~ired reserves) to satisfy current reserve requirements. Total vault cash held by ~sitory institutions minus the amount applied to satisfy reserve requirements. Consists of carryover only at de~sitory institutions maintaining reserves on the basis of two-week maintenance ~riods. Reflects excess (+}or deficit 1-J reserves elig1ble to be carried forward into the two-week reserve maintenance period ending on the date shown. H.3 1502) Table 3 AGGREGATE RESERVES OF DEPO~ITORY Adjusted for changes in reserve requirements Averages of daily figures, not seasonally adjusted Millions of dollars INSTITUTIONS AND THE MONETARY BASE Reserves of depository institutions Date total 2 nonborrowed required 3 Monetary base4 1988-FEB. MAR. 58663 58851 58267 57099 57530 57922 259010 260772 APR. MAY JUNE 60947 59454 60679 57954 56876 57596 60088 58414 59791 265007 265732 269442 JULY AUG. SEP. 61467 60591 60654 58027 57350 57815 60460 59638 59683 272411 271734 271567 OCT. 60541 61155 62427 58241 58294 60711 59479 60035 61387 272442 275482 279891 62277 59565 60615 58079 61132 58421 278089 274541 64265 61550 62217 60023 63118 60579 281814. 276817 60328 59204 59059 57728 58785 58190 274229 274587 59390 57590 58475 274849 NOV. DEC. 1989-JAN. FEB. pe Two weeks ending 1989-JAN. 11 25 FEB. MAR. 8 22p 8pe p--preliminary 1. 2. 3. 4. pe--preliminary estimate Figures' reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves ITable 3, column 31 plus excess reserves NSA !Table 1, column 51. To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adJusted required reserves includes required reserves against tran$actions dePosits and nonpersonal time and sav1ngs deposits lbut not reservable nondeposit liabilit1es.) Break-adjusted monetary base equals Ill break-adjusted total reserves plus 121 the (unadjusted) currency component of the money stock plus 131, for institutions whose vault cash exceeds their required reserves, the break-adjusted excess of current vault cash over the amount applied to satisfy current reserve requirements. Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board Digitized forNote: FRASER of Governors of The Federal Reserve System, Hashington, D.C. 20551
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