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FEDERAL RESERVE statistical release iBB^— H.3 (502) Table 1 For M M M at 4:30 Eastern Time NAr AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date total' ' Reserves of depository institutions nonborrowed nonborrowed plus required extended credit3 36,175 36,148 36,388 35,876 35,921 36,619 34,499 34,462 36,870 37,516 34,989 36,862 32,315 37,626 37,323 30,369 37,412 37,697 30,902 37,360 37,515 31,741 36,798 37,138 33,495 37,332 37,419 38,127 35,523 37,857 > 1985 711 492 580 774 613 689 626 620 693 853 189,902 190,587 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 Borrowings of depository institutions from the Federal Reserve, NSA total seasonal extended credit* 27 133 952 44 1,234 139 2,988 196 37 264 3,300 1,873 5,008 5,924 308 346 7,043 8,017 6,459 7,242 319 5,057 6,017 299 3,837 4,617 212 2,604 3,186 113 38,968 39,463 39,801 745 903 766 200,067 202,104 203,010 1,395 1,289 1,593 62 71 88 1,050 803 1,059 39,915 40,199 39,773 39,840 782 810 203,270 202,746 1,865 1,289 69 98 1,224 839 39,835 40,967 39,758 40,463 557 897 203,090 204,348 1,775 1,158 121 131 1,295 766 1984—MAR* APR. HAT JUNE JULY AUG. SEPT. OCT. NOV. DSC. 37,099 37,110 37,450 38,290 38,239 38,386 38,143 37,758 38,113 38,709 1985—JAN. FEE. MAR. 39,713 40,366 40,567 38,318 39,077 38,974 39,368 39,881 40,033 13 27 40,555 40,650 38,691 39,361 10 P 2 4 PE 40,315 4 1 , 3 59 38,540 40,201 P 2 excess NSA4 Monetary base* TWO WEEKS ENDING 1985-MAR. APR. P 1/ PRELIMINARY PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE PIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION* OP THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FPOM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (IHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED 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 ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR 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 MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCI COMPONENT OF THE MONEY STOCK PLUS, FCP INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CUPRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRP, CURRENCY AND VAULT CASH FIGURES ARE MEASUFED OVER THE MONDAY-ENDING COMPUTATION PEFICD. PRIOR TO CRR, ALL COMPONENTS OF THF MONETARY BASE OTHER THAN EXCFSS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED EASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTFD TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BfSIS) PLUS THE SEASONALLY ADJUSTED CUFFENCY COMPONENT CF THE MONEY STOCK PLUS TF1E FEMAIKING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS CF THE FEDERAL PESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE 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 base21 Date total nonborrowed Reserve balances with F.R. Banks3 total required used to satisfy required reserves5 Net carryover of excess or deficit In reserve balances7 surplus8 1984—MAR. APR. HAY JUNE 4ULY AUG. SEPT. OCT. NOV. DEC. 36,280 37#156 36,522 37,526 37,471 37,264 38,043 38,512 39,235 40,696 35,329 35,922 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 187,815 190,344 191,084 193,971 195,516 195,677 196,229 196,688 198,771 202,586 19,486 20,353 19,562 20,217 19,891 19,270 20,143 20,099 20.843 21,738 20,396 20,152 20,446 20.770 21,134 21,688 21,232 21,875 21,827 22,316 16,794 16,802 16,960 17,308 17,579 17,995 17,900 18,413 18,392 18,958 3.602 3,349 3.486 3,461 3,555 3,694 3,333 3,462 3,434 3,358 1985—JAW. FEB. MAR. 41,125 40,273 40,494 39,730 38,984 38,901 40,380 39,370 39,729 201,353 199,937 201,288 21,577 20,416 22,066 23,044 23,927 21,863 19,547 19,857 18,429 3.497 4.070 3,434 13 27 40,500 40,286 38,636 38,997 39,719 39,477 201,218 200,859 22,407 21,458 21,518 22,353 18,093 18,828 3,425 3,525 77 80 10 P 2 4 PE 41,204 42,293 39,429 41,135 40,647 41,396 203,017 205,067 23,080 23,536 21.274 21,880 18,124 18,757 3,150 3,123 171 -10 P TWO WEEKS ENDING .....•_.»_.»—.» 1985—MAR. APR. | jf i P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF TOTAL RESERVFS PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COHPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COHPENSATE FOB FLCAT. 4/ DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE EANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAWING NO REQUIRED RESERVE BALANCES, 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIEED RESERVES DURING THE MAINTENANCE PERIOD. 7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE PERIODS. HEFLECT5 EXCESS (•) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEF.K RESEHVF. MAINTENANCE PEFIOD ENDING ON THE DATE SHOWN. ' K.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes inreserverequirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions I nonborrowed Monetary base required 1 9 8 4 — BAB. APE. BAT JOBE JUL! AOG. SEPT. OCT* BOI. DEC. 36,616 37,478 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 35,664 36,244 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 35,905 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 188,150 190,666 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 1985—JAM* FEB* BAB. P 40,703 39,878 40,067 39,308 38,589 38,474 39,958 38,975 39,301 200,931 199,542 200,860 13 27 40,077 39,847 38,212 38,558 39,295 39,037 200,794 200,420 10 P 24 PE 40,805 41,904 39,030 40,746 40,247 41,007 202,618 204,678 TWO WEEKS EBDIBG mm—~~~—>~m*m>~~mm~~ 1 9 8 5 — BAB. APB. P PBELIBIBABY PE~PBELIflINABY EST1BATE. 1/ FIGUBBS REFLECT ADJOSTHEMTS FOB DISCOBTIN0ITIES ASSOCIATED BITfl TflE IBPLBflEBTATIOM OF THE HOBETABY COHTBOI. ACT ABO OTHEfi REGULATORI CHABGES TO BESEBVE BEQOIBEflEBTS.
@FedFRASER