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~FE: : ;:.:;:;:_D.; ;:;:E. :. . .;R;.:_A; .; ; ; ;L. . .; .R. ; . ; ;E; ; ;,. .;S; ;:. .; E; ; ;,.; .R~V.; . . ;E; ; ;. ._,; ;s:. . :;. :ta:.: . ; .t~is~tica~l~re~l...;;;..eas~~e;...__ .. ~ <>' ·cici.;i.t~ •• _ _ _ _ _ ( . )_- ., .... H.3111011 for ......... 4:30 ~Time TMie1 !Ill AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 12, 1988 Adjuated for changM In rwqu'-la' A--oN of delly f. . . . _ , . . l y lldjuated uniMa noted otlletWIM MIIIIOM of dol'- Dille 1987-APB. Ill I JUMB JOI.Y AUG. S.SPT. ocr. liOV. DBC. 1988-JAJ. UB. JilL APR. p - .....,_ of depoaltory lnatHu11ona rwqukwd 1101111onowec1 plua extended cNCIII' IIOIIbonowed ··- Monatery ~~ue• NSA4 llonowlnga of depoaltory lnatHu110na from tile Federal ..._.., NSA extended credit" tolel _.. 1,129 923 1,029 246,5:46 248, 2.3'1 248,481 2t9,511 250,997 252,252 254,564 256,025 256,684 993 1,0J5 176 672 6167 916U 943 625 777 120 196 259 28l 279 231 189 126 93 210 288 273 .194 132 1109 1149 394 483 57,021 57,306 57,699 58,604 1,295 1,133 929 868 260,2411 261,259 262,1604 265,0114 1,082 396 1, 752 2,993 59 75 119 146 205 1,1178 2,624 5d,t>8o 58,8..!0 58,092 58,484 917 677 2611,098 2611,1140 2,817 3,619 122 124 2,1194 3,278 59,7116 59,079 1,1011 266,578 ..!,224 191 1, 787 57,954 511,352 57,706 57,602 57,8711 57,825 58,496 57,987 57,1136 56,961 57,317 56,930 56,929 57,229 56,885 57,553 57,J62 56,658 57,231 57,60'1 57,203 57,124 :>7,3oO 57,294 S<i,OU3 57,756 57,142 57,127 57,273 56,516 56,841 56,8'14 57,1l32 57,368 57,064 56,407 58,316 58,U9 58,627 59,.1J71 57,234 58,0IJJ 56,875 56,478 57,606 58,248 58,354 59,102 59,009 59,161 56,192 55,542 60,183 57,959 827 1,079 1,190 761 1,032 193 312 TIIO li.BUS :UDJ:IG ------1988-APL llAI 6 20 4 p P---Pii..BLlllllllllY .PB--Pi.BI.I!IINABY ES'UI!ATE 1/ li..BSBBVES liD JIOliBTAit BASE FIGOBBS IICOiPORAT& AOJUST!!J'fS POR DZSCOITZliUITIBS ASSOCIATED WITH TH.B IftPL&!&NTATION OP TH& JIOliKTlRI COITBOI. AC'f liD OTHBB REGUI.lTOil CHliGES TO RBSBRfE iBQUXBEftBJTS. TO ADJUST POB DISCOITIIUITIBS DOl TO CHAIGBS II RBSBBfE BBQOIIi.B!BITS ON BBSBBYABLB IOliOBPOSIT LIABILI'fiBS, THB SUI! OP SUCH RBQOIBED RESERVES ABE SUBTRACTED PROR THE ACTUAL SBBZBS. SIIULlBI.I, II ADJUSTIIG POll DISCOIITIIIJITI.i!:S II THE ftOIB'flRI BASI·, BBQOIRID CLEARING illLAICBS liD ADJOSTftENTS TO COBPIISATE FOB FI.OlT lLSO lBI SUBTRlC'fED PROS XHI ACTUAl. SEIZES. 2/ TOTAL RBSBBJBS JOT lDJOSTBD FOR DISCOITIJOITIES COJSISTS OP BBSEBJB BAI.liCIS WITH PBDEBAI. RBSEBYB BAlKS (WHICH EXCLUDE RE~UXBED CLB&BZBG BAI.liC.BS liD ADJUST!BITS TO COftPBISl'fE FOB PLOAT) PLUS fAOI.T CASH OSBD TO SlTZSFI BESBRVB BIQOIREBBITS. SUCH VAULT CASH COJSISTS 0¥ ALL VAULT ClSR HII.D DOBIIG THE LAGGED COBPOTATIOI PBBIOD 81 ZISTITUTIOIS HlYIIG BBQOIBED RBSERfl ~AI.liCjS AT FEDERAL aKSEBYB BARKS PLUS THE lBOUIT 0~ VAULT CASH EQUAL TO REQUIRED RESERVES DUBIIG THB ftAIITIIlNCE PERIOD AT IJSTZTUTIOJS HAYIIG 10 BEQUZBED RESERVE BALANCES. 3/ E~TBIDID CREDIT COJSISTS OF BOHBOVIIG AT THE DISCOUNT WIIDOI UNDER THE TEBBS liD COIDITIONS BSTlBI.ISHBD POi THE EXTEIDBD CBBDI'f Pli.OGBAB TO HBI.P DE.POSITOHY 1JSTITDTION3 DElL MITH SUSTAINED LIQUIDITY PBBSSURBS. BECAUSE THEBE IS JOT THE SA!IE NBED ro RBPlY SUCH BOBROWIIG PRUI!PTI.I AS THBiB IS liTH TRADITIOIAI. SBOBT-TERft ADJUST!EIT CREDIT, THB !OllEY ftlHKET IRPICT OP EITBIDED CREDIT IS SI!II.lB TO THAT OF MOIBORiOWED RESERVES. 4/ BBSERYB BALANCES WZTB PEDEMAL RBSBRVB BAlKS PLUS VAULT CASH USED TO SlTISPt RESERVE REQUiiBBEITS LESS RIQUIRBD RISBRVBS. 51 THE ~ONETABI BASI lOT ADJUSTED FOB DZSCOJTIIOITIES COISISTS OF TOTAL RBSEii.YBS PLUS REQUIRED CI.BAkiiG BALliCBS AID lDJOSTREITS TO ~OKPENSlTB FOB FLOAT AT PEOEhAL ¥ESERYE UANKS PLUS THE CURREICI CO!PONKNr OP THE BOIBI STOCI PLUS, POB IJSTITUTIOIS JOT HlYIIG BEQOIH~D BESEaVE BALANCES, THE EXCESS OP CURRENT VAULT CASH OYER THE ABOOJT APPLIED TO SATISFY CUHREIT RESERVE BEQDIREBEliTS. AFTBB THB IBTRODUCIIOI OP CCR, CUiaBHCI ABD VAOI.T ClSB PIGORES ARB MEASURED OYER THE BONDAI-EIDING COI!PUIATlUN PERIOD. THE SEASONALLY ADJUSTED ftOIBTAiY ~ASE CONSISTS OF SEASOBALLt ADJUSTED TOTAl. RBSBHVE (IIBICH IBCLUDBS RXC~SS ¥LSERV~S OB A HOI SEASONALLY ADJUSTED dASIS) ~LUS THB SEASOJli.LY ADJUS'fED CORREICt COI!PONEIT OF THE BOIEI STOCI PLUS THE ~EBAIIIIG IT~ftS SEASONlLLI ADJUSTED AS A WHOLE. NOTe: HISTORICAL DATA ABE AVAILABLE FROB THE ftOIEY AHD RESERVES P&OJECIIONS StCTIOI, DIVISION OF BO.BTARI APPAIRS, BOARD OF GOV~BNOhS OF THE FEDERAL RESEkVE SYSTEM, WASHINGTON. D.C. 20551 H.3 (502) Table 2 AQ9RE~AT_E R£SERVE$ OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE · ~~fl!il~hange_s in reserve requirementj A-.gee -oTdilfY flgurn;. not seasonally adjuste · Mlftlona of dollenl .... .. ---- Monetery ba~ Date total IIOY. DB C. 1988--Jll. liB. Ill B. APR. p total requirM reservee•! 58,784 58,838 58,361 59,813 61,106 61,205 62,123 58,566 57,260 57,594 58,078 57,329 59,020 59,977 &0,282 61,094 249,241 249,940 252,539 254,671 254,360 255,691 258,076 261,671i 266,161 37,807 36,466 36,309 36,110 35,616 36,685 J7,21i9 37,453 37,673 23,348 23,681 24,369 24,613 21t,644 24,854 25,587 25,431 26,155 ..ll, 587 21,873 22,475 22,728 22,745 23,1.28 23,857 2J,752 24,449 1,762 1,808 1,893 1,885 1, 899 1, 726 1, 730 1, 679 1, 706 62,6110 60,047 60,076 62,074 61,558 59,650 58,3lll 59,081 61,345 58,914 59,147 01,207 265,789 262,598 263,979 268,135 37,485 34,211 36,027 38,442 26,919 2.8,119 25,926 25,200 25,155 25,836 24,049 23,632 1,764 2,283 1,877 1, 567 bO,b13 62,820 57,796 59,202 S9,69b 62,143 265,415 2o9,o39 37,003 39,118 25,33o 25,205 23,610 J.J,703 1, 726 1, 503 86 61,908 59,684 60,804 267,661 36,360 25, 11..! 23,5118 1,561i 23 58,339 ocr. required 58,400 57,303 58,008 58,166 57,714 58,873 60,163 60,580 61,3116 59,393 1987--lPB. IllY JURI JULY AUG. SEPT. nonbo"ow.d 1'10 IIBUS BIDIIG ----1988--APB. IllY 6 20 .. p P--- PBBL.IJII 11 BY PB--PBBLIIIIIIABY BSTIIIATB. 1/ BBFLBC!S ACTUAL IBSEBYB BBQUIRBBEITS, IWCLODIIG THOSB 01 UOIDEPOSIT LIABILITIES, IIITH 10 ADJUS~ftBIITS TO ELiftiWATE TBI ZPPBCTS OP OISCOITIWUITIBS ASSOCIATED iiTB IIIPLIIIBITATIOB OP THI IIOIITABY COITBOL ACT OR OTHBB REGULATORY CHAIGBS TO IBSERYE IBQUlBBIIEITS. 2/ COISISTS OF TOTAL BISEBYBS PLOS RBOUIRID CLilBII& B&£&1CIS liD &DJOSTIIEITS TO COBPIISATI FOR FLOAT AT PIDIRAL B!S!RYE BAllS PLUS THB CUBBBICl COIIPOIBIT Ol THE BOllY STOCK LESS THB A!OOIT or VAULT CASB BOLDIIGS Of THBIIT IJSTITOTIOIS THAT IS IICLUDID II THE CU&BBIC! COftPOIBIT OF THE 80181 STOCK PLUS, FOB IISTITUTIOIS MOT BAVIIIG BI~UIBBO BESEBJE BlLliCES, THE BlCESS OP COBBBIT VAULT CASH OVBI THB l!OOIT APPLIBD TO SATlSPI COBBBHT RESERVE REQUIBBftEITS. APTBB TBB IWTIODUCTIOI OP CBR, CUBI&IC! liD VAULT CASH FIGURES ARE fti&SURBD OYBB THB IIOIDAY-BIDIIG COHPOTATIOI PBBIOD. 3/ IICLDO&S BBQOIBBD CLB&BIIIG BALAICBS AID lDJUSTHEITS TO COIPBIS&TB POB PLO&T. 4/ DATBS RBFIB TO TBE !AliTEIAICE PERIODS II IIHICH TBB VAULT CASH CAl BE OSED TO SATISFY RESBBYE RBQUlREftEITS. OlDER COITIBPOiAIBOOS RBSEBVE RBQUIR~ftEITS, IIAIITBIAICE PBRIODS BID 30 DAIS AFTIB tHE LAGGED CO!POTAtiOI PBBlODS II WHICH THE BALAICBS ARB BBLD. 5/ BQOlL TO AL£ fAULT CASH BBLD DUBliG THB LlGGBD COHPUTlTlOI PB&IOD Br IISTITUTIOIS BAYING BBQUIIID iESBRYE BA£AICBS AT FEDERAL RBSERYB BANKS PLOS THE ABOOIT OP VAULT CASH BQOAL TO REQUIRED IESBIVES DURING THB IIAIITBiliCI PBRIOO AT liSTITUTIOIS HAYIIG 10 REQUIRED RKSBRYE BALAICHS. 6/ TOTAL VAULT CASH AT IISTlTUTIOIS HAYIIIG RO ~BUUIBED RESERVE BALANCES LESS THB AftODIT OP VAULT CASH EQUAL TO THEIR BIQUIBED BBSBBVES DOBIIG THE BAIITEIAICB PERIOD. 1/ COISISTS OP C&IRfOYBB OILY AT DBPOSITOBY lNSTITUriOIS RAIITAIJIIG B!SBiYKS 01 THE BASIS or TWO-WEEK ~AIJTBIAJCE P!llODS. REFLECTS IXCKSS (+) OH DEFICIT (-) BHSBHVES ELIGIBLE TO BB CARRIED FORWARD INTO THE TVO-VEBK BBSERYE IAIITBIANCE PERIOD EIDIIG ON THE DATB SHOIIN. .... H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted tor changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total 1987--APR. KAY JUME .JULY lOG. SEPT. OCT. IIIOV .. DEC. 1988--JAN. FEB. !fU. AP8. p Monetary base required 5d,372 57,299 57,625 57,743 57,390 57,496 !»8,037 58,093 58,965 51,319 56,2o4 56,81&9 57,071 5b,71t3 56,556 57,094t 57,1&68 58,188 57,5461& 56,221 56,435 56,983 56,358 56,703 56,909 57,170 57,936 :l46o,Ooo 24o,832 .l49,28b 251,424 251,420 251,603 253,287 25b,821 261,214 b0,170 57,646 57,811 59,893 59,089 . 57,250 56,059 56,900 58,875 56,513 56,882 59,026 261,202 258,193 259,932 2646,1b.J 58,446 60,669 55,629 57,050 57,529 59,992 261,5469 265,580 59,675 57,4651 58,571 263,71&8 TWO ll.t;EKS ENDING I -------------1988-APB. b 20 lilY Reserves of depository institutions non borrowed 46 p I P---PRBL.IJIIJUR.Y PE--eRELIJIIMABY ESTIBATE. 1/ FIGURES i.EPLECT ADJDST!ENTS POi DISCONTIIDITIES ASSJCIATED WITH THE lftPLE!EHTlTlOI OF THE HOMBTlRY COMTiOL ACT AND OTHER iEGULlTO&Y CHANGES TO RESERVE REQUIB.Ell~MTS.
@FedFRASER