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FEDERAL RESERVE statistical release H.3 f W ) Tabla 1 ^ Hataaaa at 4:30 Eaatam Tima HAY 1, 1986 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjustad for changaa in raaarva raquiramants1 Avaragaa of daily figuraa, aaaaonally adjustad uniaaa notad otharwiaa Millions of doilars Data total* Raaarvaa of dapoartocy inatttuttona raqutrad nonborrowad nonborrowad pfus axtandad credit* 3 9 ,7 0 5 3 9 ,9 3 7 3 8 ,8 7 8 3 9 ,9 7 2 3 9 ,3 8 7 4 0 ,2 5 6 4 0 ,5 1 9 3 9 ,9 8 9 4 0 ,5 2 2 4 1 ,2 7 2 4 1 ,6 3 8 4 0 ,9 7 2 4 1 ,7 5 1 4 1 ,5 0 0 4 2 ,0 0 6 4 2 ,3 6 6 4 2 ,6 9 0 4 2 ,1 2 1 4 2 ,8 4 1 4 2 ,8 7 4 4 2 ,2 1 8 4 2 ,8 9 8 4 3 ,0 9 3 4 2 ,4 6 4 4 3 ,4 4 9 4 2 ,6 3 6 4 3 ,1 6 7 4 4 ,1 2 8 4 3 ,8 6 7 4 4 ,3 6 7 axoaaa NSA4 Monatary baaa Borrowfnga of dapoaitory fnatttutlana from 1tha Fadaral Raaarva NSA aaaaonal axtandad cradtt* total 766 738 804 905 855 827 666 753 928 1 ,0 5 8 2 0 2 ,9 5 8 2 0 3 ,6 7 2 2 0 5 ,4 5 9 2 0 7 ,5 6 7 2 0 8 ,7 3 0 2 1 0 ,8 4 6 2 1 2 ,0 7 6 2 1 3 ,1 1 7 2 1 4 ,9 3 4 2 1 6 ,4 3 7 1 ,5 9 3 1 ,3 2 3 1 ,3 3 4 1 ,2 0 5 1 ,1 0 7 1 ,0 7 3 1 ,2 8 9 1 ,1 8 7 1 ,7 4 1 1 ,3 1 8 88 135 165 151 167 221 203 172 107 56 1 ,0 5 9 868 534 6 65 507 570 656 629 530 499 4 4 ,2 5 4 4 4 ,7 2 0 4 5 , 431 1,111 1,0 9 7 896 2 1 8 ,0 3 8 2 1 9 ,4 1 2 2 2 0 ,9 3 0 770 884 761 36 56 68 497 492 518 4 5 ,7 0 6 4 6 ,3 2 2 4 4 ,9 6 0 4 5 ,6 3 1 976 926 2 1 9 ,9 7 7 2 2 1 ,4 2 2 704 769 4 6 ,3 2 7 4 6 ,5 4 1 4 6 ,0 0 6 4 5 ,8 3 2 619 899 2 2 1 ,8 3 8 2 2 1 ,6 3 2 874 861 1985— HAB. APB. BAY JUNE JULY AUG. SE PT. OCT. BOV. DEC. 4 0 ,4 7 1 4 0 ,7 1 0 4 1 ,3 2 3 4 2 ,1 7 7 4 2 ,6 0 6 4 3 ,1 9 3 4 3 ,5 0 7 4 3 ,6 5 1 4 4 ,3 7 7 4 5 ,1 8 6 1986— JAB. FEB. BAB. P 4 5 ,3 6 5 4 5 ,8 1 7 4 6 ,3 2 7 4 4 ,5 9 4 4 4 ,9 3 4 4 5 ,5 6 7 4 5 ,0 9 1 4 5 ,4 2 6 4 6 ,0 8 5 12 26 4 5 ,9 3 6 4 6 ,5 5 7 4 5 ,2 3 2 4 5 ,7 8 8 9 P 23 PE 4 6 ,6 2 5 4 6 ,7 3 1 4 5 ,7 5 1 4 5 ,8 7 0 . TBO BBEKS BBDIBG 1 9 8 6 -HAB. APB. P— -P B B L IB IB A B Y 1/ 2/ 3/ 4/ 5/ . 65 69 475 535 76 64 576 671 PE— P B E L IH IN A B Y E S T IH A T E BESEBVES ABD HOHBTABY BISK PIGOBBS IBCOBPOBATB ADJUSTIIBITS FOB D IS C O H T IB 0 IT IB S ASSOCIATED WITH THB IHPLBHBNTATIOH OP THB HOBBTABT COBTBOL ACT ABD 0TBBB BEGULATOBY CHABGBS TO BBSBBVB BEQUIBEHBBTS. TO ADJUST POB D IS C O B T IB U IT IB S DUB TO CBABGBS I B BBSBBVB BBQOIBBHBBTS OB BBSBBVABLB B0BDBP0S1T L I A B I L I T I E S , THB SOB OP SOCH BBQUIBBD BBSBBVBS ABB SUBTBACTBD PBOB TBE ACTUAL S E B IB S . S IH IL A B L Y , IB ADJUSTIBG POB D ISC O B T IB U IT IB S I B TBB HOBBTABI BASE, BBQUIBBD CLEABIBG BALABCBS ABD ADJUSTHBBTS TO COHPBBSATB POB FLOAT ALSO ABB SUBTBACTBD PBOB TBB ACTUAL S E B IE S . TOTAL BBSBBVBS BOT ADJUSTED POB D IS C O B T IB U IT IB S C OBSISTS OF BBSBBVB BALABCBS B IT B PBDBBAL BBSBBVB BABBS (HHICH EXCLUDE BBQUIBBD CLEABIBG BALABCBS ABD ADJ9STEBNTS TO COHPBBSATB FOB FLOAT) PLOS VAULT CASH OSBD TO S A T IS F Y BBSBBVB BBQUIBBHBBTS. SUCH VAULT CASB COBSISTS OF ALL VAULT CASH HBLD DUBIB6 THB LAGGED COBPUTATIOB PBBIOD B I IB S T IT U T IO B S HAVIBG BBQUIBBD BBSBBVB BALABCBS AT PBDBBAL BBSBBVB BABBS PLUS THB ABOUBT OF VAULT CASH BQUAL TO BBQUIBBD BBSBBVBS DUBIBG THB HAIBTBBABCB PBBIOD AT IB S T IT U T IO B S BAVIBG BO BBQUIBBD BBSBBVB BALABCBS. BITBBDBD CBBDIT COBSISTS OF BOBBOBIBG AT THB DISCOUBT BIBDOB UBDBB THB TBBHS ABD COBD ITIO BS ESTABLISHED POB THB EXTBBDBD CBBDIT PBOGBAB TO HELP DEPOSITOBT IB S T IT U T IO B S DEAL BITH SUSTAINED L IQ U ID IT Y PBESSUBBS. BECAUSE THBBB I S BOT THE SAHB I BED TO BEPAY SUCH BOBBOBIBG PBOHPTLY AS THBBB I S BITB T BA DITIO B AL SHOHT-TEBfl ADJUSTBEBT C B B D IT , TAB BOBBY BABKBT IBPACT OF BITBBDEB CBBDIT I S S IH IL A B TO THAT OF BOBBOBBOWED BBSBBVBS. BBSBBVB BALABCBS BITH FEDEBAL BBSBBVB BABKS PLUS VAULT CASH USED TO SATISFY BESBBVB BBQUIBBHBBTS L ESS BBQUIBBD BBSEBVES. THE HOBBTABY BASE BOT ADJUSTBD POB D IS C O B T IB U IT IB S C O BSISTS OF TOTAL BBSEHVES PLUS BBQUIBBD CLEABIBG BALABCBS ABD ADJUSTHBBTS TO COBPBBSATB POB FLOAT AT PBDBBAL BBSBBVE BABKS PLUS THE CUBBBBCY COBPOBEBT OP TBB HOBBY STOCB LESS THE ABOUBT OF VAULT CASH HOLDIBGS OF THBIFT IB S T IT U T IO B S TBAT I S INCLUDED IB THE CUBBBBCY COBPOBEBT OF THB HOBBY STOCK P L U S , POB IB S T IT U T IO B S BOT HAVIBG BBQUIBBD BESBBVB BALABCBS, TBE EXCESS OF CUBBENT VAULT CASH OVBB TBB ABOUBT APPLIED TO S A T ISF Y CUBBEBT BBSBBVE BBQUIBEHEBTS. AFTBB THB IB tB O D U C T IO N OF CBB, CUBBENCY ABD VAULT CASH FIGUBES ABE HEASUBBD OVEB THB HOBDAY-BN DING COBPUTATIOB PBBIO D . P B IO B TO C B B , A L L COBPOIIJSBTS OF TH E HOHETABY BASE OTHEB THAB EXCESS BBSBBVBS ABE SBASOBALLY A D JU STBD AS A WHOLE, BATHBB TBAB BY CO BPOBEBT, AHD E IC E S S BESEHVES I S ADDED OH A BOT SEASOBALLY A D JU S TE D B A S IS . AFTEB C B B , TH B SBASOBALLY AD JU STED S E B IB S C O B S IS TS OF SEASOBALLY ADJUSTED TO TA L BESEBVES (H HICH IN C LU D E S EXCESS BESEBVES OH A NOT SEASONALLY A D JU S TE D B A S IS ) PLUS TH E SEASOBALLY A D JU S TED CUBBENCY COHPONENT OF TH E HONEY STOCK PLUS TH E B E H A IN IN G IT E H S SEASONALLY A D JU STE D AS A WHOLE. N O TE : B IS T O B IC A L DATA ABE A V A ILA B LE FBOH TH E BANKING S E C T IO N , D IV IS IO N OF HESEABCH AND S T A T I S T I C S , BOARD OF GOVBBNOBS OF TH E PBDEBAL BESEBVE S Y S T E H , WASHINGTON, D .C . 2U5S1 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND TH E MONETARY BASE Not adjusted for changes in reserve requirements^ Averages of daily figures, not seasonally adjusted Millions of dollars .< • Vault cash4 Reserves of depository institutions Monetary base2' Date total nonborrowed Reserve balances with F.R. Banks3 total required used to satisfy required reserves5 surplus6 Net carryover of excess or deficit in reserve balances7 llllSfflffilllffifflllffl 198 5 — MAR. APB. MAY JUNE JULY AU G . SEPT. OCT. NOV. DEC. 40,494 4 1,652 41,051 42,352 42,803 4 2,963 44,447 45,469 46,382 48,142 38,901 40,329 39,718 41,147 4 1 , 6 96 41,890 43,158 44,282 4 4* 64 1 46,824 39,728 40,914 40,247 41,447 41,948 4 2 , 1 J5 43,782 44,716 45,454 47,0tt5 201,219 203,746 204,874 208,317 210,580 211,525 212,876 214,472 2 1 7 , 177 221,485 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,431 2 6 , J85 27,620 21,863 21,567 21,898 22,180 22,530 22,839 22,465 22,724 22,457 22,956 18,429 18,435 18,666 Id,985 19,300 1*,548 19,475 20,038 19,997 20,522 3,434 3,132 3,231 3, 1 9 6 3,230 3,291 2,990 2, 6 8 o 2,460 2,434 198b— JAN. FEB. NAB- 48,060 46,652 47,274 47,289 45,768 46,514 46,949 45,555 4 6 , J78 219,588 217,672 219,836 26,373 24,700 27,114 24,245 24,962 22,688 21 , 6 8 7 21,952 20,160 2,559 3,010 2,528 12 26 47,118 47,113 46,414 46,344 4 6 , 14^ 4 6 , 187 219,010 219,833 27,102 26,704 22,577 22,986 20,01b 20,409 2,561 2,577 91 109 9 P 23 PE 48,103 49,596 47,229 48,736 47,484 48,698 221,809 223,769 28,294 29,411 22,121 22,369 19,809 20,185 2,312 2, 184 200 44 P TWO WEEKS ENDING 1986 — MAB. APB. iiiiiiliiiiiji P --- P R E L I M I N A R Y PE— P B E L I M I N A B Y E S T I M A T E . 1/ R E F L E C T S A C T U A L B E S E B V E B E Q U I B E M E N T S , I N C L U D I N G T H O S E ON N O N D E P O S I T L I A B I L I T I E S , K I T H NO A O J 0 S T M E N T S 1 0 E L I M I N A T E T H E E F F E C T S O F D I S C O N T I N U I T I E S A S S O C I A T E D WIT H I M P L E M E N T A T I O N OF T H E H O N E T A H Y C O N T R O L A C T O R O T H E R R E M U L A T O R I CHANGES TO BESERVE REQUIREMENTS2/ C O N S I S T S O F T O T A L B E S E R V E S P L U S R E Q U I R E D C L E A N I N G B A L A N C E S A ND A D J U S T M E N T S T O C O M P E N S A T E F O R F L O A T A T F&DEHkL R E S E B V E BANKS PLUS THE CURRENCI C O M PONENT OF THE HONEY STOCK LESS THE AMOUNT OF VAULT CASH H O L DINGS OF T HRIFT INS T I T U T I O N S THAT IS I N C L U D E D I N T H E C U B B E N C Y C O M P O N E N T O F T H E H O N E Y S T O C K P L U S , F O B I N S T I T U T I O N S N O T H A V I N G R E Q U I R E D B E S E B V E B A L A N C E S , T H E EXCESS OF CUBB E N T VAULT CASH OVEB THE AMOUNT APPLIED TO SATISFY C U B RENT RESERVE REQUIBEMENTS. A F T E M THE I N T B O D U C T I O N OF C B B , CUfiBENCY A N D V A U L T C A S H F I G U B E S A B E M E A S U B E D O V E B T H E M O N D A Y - E N D I N G C O M P U T A T I O N P E R I O D , 3/ EXCLUDES R E Q U I R E D CL E A R I N G B A L A N C E S AND A D J U S T M E N T S TO C O M P E N S A T E FOR FLOAT. 4/ DATES REFER TO THE MAINTENANCE P E R I O D S IN W H I C H T H E V A U L T C A S H C A N B E U S E D T O S A T I S F Y R E S E R V E B E Q U I B E M E N T S . UNDER C O N T E M P O R A N E O U S R E S E R V E B E Q U I R E M E N T S , M A I N T E N A N C E P E R I O D S E N D JO D A Y S A F T E R T H E L A G G E D C O M P U T A T I O N P E R I O D S IN W H I C H T H E B A L A N C E S A R E H E L D . 5/ E Q U A L T O A L L V A U L T C A S H H E L D D U R I N G T H E L A G G E D C O M P U T A T I O N P E R I O D BY I N S T I T U T I O N S H A V I N G B E Q U I B E l ) B E S E B V E B A L A N C E S AT F E D E B A L B E S E B V E BANKS PLUS T H E A M O U N T O F V A U L T C A S H E Q U A L T O R E Q U I R E D R E S E R V E S D U R I N G T H E M A I N T E N A N C E P E R I O D AT I N S T I T U T I O N S H A V I N G NO R E Q U I R E D R E S E R V E B A L A N C E S . 6/ T O T A L V A U L T C A S H AT I N S T I T U T I O N S H A V I N G NO R E Q U 1 B E D R E S E B V E BALANCES L ESS TH E AMOU N T O F V A ULT C A S H E Q U A L TO T H EIR BEQUIBED RESEBVES DURING THE MAINTENANCE PERIOD. 7/ C O N S I S T S OF C A R R Y O V E R O N L Y AT D E P O S I T O B Y I N S T I T U T I O N S M A I N T A I N I N G R E S E B V E S ON T H E B A S I S OF T W O - W E E K M A I N T E N A N C E PERIODS. R E F L E C T S E X C E S S («■) O R D E F I C I T (-) R E S E R V E S E L I G I B L E T O BE C A R R I E D F O R W A R D I N T O T H E T W O - W E E K R E S E R V E M A I N T E N A N C E P E B I O D E N D I N G ON T H E D A T E 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 Reserves of depository institutions nonborrowed Date total Monetary base required 1 9 8 5 — flAB APfi- 40 * 0 6 6 4 1 ,2 5 4 3 8 ,4 7 3 3 9 .9 3 2 3 9 ,3 0 1 4 0 ,5 1 6 MAY JUNE JULY AUG. 4 0 ,6 4 3 3 9 ,3 0 9 4 0 ,7 5 4 41*3 0 3 3 9 ,8 3 9 4 1 ,0 5 4 4 1 .5 5 4 4 1 ,5 2 3 4 1 .9 3 2 4 1 ,7 6 8 4 2 .5 5 5 4 2 ,9 9 4 4 1 ,9 5 9 4 2 ,4 1 0 42*596 4 3 ,2 2 1 4 3 ,7 4 7 SEPT. OCT. 4 2 ,5 5 9 4 2 ,8 8 4 2 0 0 ,7 9 2 2 0 3 ,3 4 9 2 0 4 ,4 6 5 2 0 7 ,9 2 3 210 ,, 1 8 /’ 2 1 1 j, 1 5 b __ *649 2 1 2 ,7 5 0 2 1' 5 , 4 2 0 2 19, 7 4 / 4 3 , b97 4 5 ,3 4 7 DEC. 4 4 ,6 2 5 4 6 ,4 0 4 1 9 8 6 — J A il. FEB. ttAH. 4 6 ,6 3 3 4 5 ,1 7 5 4 5 ,8 3 3 4 5 ,8 6 2 4 4 ,2 9 2 4 5 ,0 7 2 4 5 ,5 2 2 4 4 ,0 7 8 4 4*937 2 1 6 ,1 9 5 2,18, 3 9 4 4 5 ,7 0 1 4 5 ,6 6 2 4 4 ,9 9 7 4 4 ,8 9 3 4 4 *7 2 5 4 4 ,7 3 6 2 1 7 ,5 9 4 2 18*387 4 6 ,6 2 5 4 8 ,0 5 9 4 5 ,7 5 2 4 7 ,1 9 9 4 6 ,0 0 6 220* 332 222*232 NOV. P 4 5 ,0 8 6 218,161 TWO HEE K S EHOIMG 1986— HAS. 12 26 APR* 9 23 P PE -P B E LIN IN A & Y •»P R E L I M I N A R Y E S T I M A T E F I G U B B S B B F L E C T ADJ USTMENTS A ID OTHSB BBGOLATOBX FOB CHANGES TO DIS C O H T IllO IT IiS S BBSBBVB ASSOCIATED B E flU IB E H B l lT S . HITH 4 7 ,1 6 1 THE I K P I.B H E H T A T I O N OF THE HOMETABI COHTUOL ACT
@FedFRASER