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FEDERAL RESERVE statistical release
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H3(WH)
TaM«1
For n i l M M at 4.30 Eastern Time
MAY
AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS ANO THE MONETARY BASE
22, 1906
Adjusted for changes In reserve requirements1
Averages of dally figures, seasonally adjusted unlaas notad otherwise
Millions of dollars
Data
I
tota?
Rooefvoe of dapoaHory Institutions
nonoorrowed ~ ~ nonborrowad plus
required
extended credit'
19Mb -APR.
MAY
JUNE
JULY
AUG .
SEPT.
OCT.
NOV.
DEC.
41,148
41,035
42,669
43,083
43,654
43,882
44,244
44,847
45,612
39,825
40,521
41,464
41,976
42,581
42,593
43,056
43,106
44,294
40,693
41,055
42,129
42,483
43,151
43,249
43,685
43,637
44,793
40,410
41,051
41,764
42,227
42,826
43,216
43,491
43,919
44,554
1986 — J A N .
FEB.
MAR.
APR. P
45,881
46,370
46,865
47,272
45,111
45,486
46,104
46,379
45,608
45,978
46,622
47,013
9
23
47,096
46,982
46,223
46,122
7 P
21 PE
48,076
48,375
47,095
47,548
axcaas
NSA4
738
804
905
855
827
666
753
928
1 ,058
203,972
205,853
207,932
209,105
211,208
212,289
213,566
215,253
216,721
44,771
45,272
45,968
46,473
1,111
1 ,097
896
799
218,404
219,788
221,262
222,364
46,799
46,792
46,474
46,110
622
873
47,732
48,119
47,198
47,636
878
739
!
Borrowif >gs of depository institutions
from the Federal Reserve, NSA^
totaf
I
eeaeonaT
extended credit1
Monatary beee
1,323
1,334
1,205
1,107
1,073
1 ,289
1 ,187
1 ,741
1 ,318
135
165
151
167
221
203
172
107
56
868
534
665
507
570
656
629
530
499
770
884
761
893
36
56
68
73
497
492
518
634
222,085
221,794
874
861
76
64
223,859
224,940
981
827
89
92
I
j
I
I
TWO WEEKS
ENDING
1986-APR.
MAY
l
576
671
637
571
I
p-••-• PRELIMINARY
PE--PRELIMINARY ESTIMATE
1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR 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
RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM 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.
TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH 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 PER;OD 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 UP INTENDED
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 0! 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 CURRI NT VAULT CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REOUIRi:^ENTS.
AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASUELD OVER THE MONDAY-ENDING COMPUTATION PEI- IMD.
PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE: OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATIKK THAN
BY COMPONENT, AND EXCESS RLSERVF.S IS ADDED UN A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES
CONSISTS OF SEASONALLY ADJUSTED mlhl. kl-SERVi; (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASTS' PLUS THE
SEASONALLY ADJUSTED CURRENCY COMRONKNT OK' Till MONFY STUCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE
NOTE: HISTORICAL DATA ARE AVAII ABLE FROM THI" BANK INir .'! f f ION, 0.1.VI'MifJ
,: OF IT SI! ARCH ANO .'" TAT J...'T J('S. BOARD OF GOVERNORS OF = NF
:
! I: DE R AL RE SER VE S Y STEM , MASHI W\ 1 ON , D .C , 2 •"•:r'; 1
H.3(502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted forf changes in reserve requirements^
Averages of daily figures, not seasonally adjusted
Millions of dollars
""'
'
1
Vault cash4
Reserves of depository institutions
Monetary
base1
Data
total
nonborrowed
Reserve balance*,
with F.R. Banked
required
total
used to satisfy
required
reserves'|
surplus* t
1985—APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
41,652
4.1,051
42,352
42,803
42,963
44,447
45,469
46,382
48,142
40,329
39,718
41,147
41,696
41,890
43,158
44,282
44,641
46,824
40,914
40,247
41,447
41,948
42,135
43,782
44,716
45,454
47,085
205,321
206,414
209,970
212,269
213,156
214,501
216,192
218,962
223,534
23,217
22,385
23,367
23,503
23,415
24,972
25,431
26,385
27,620
21,567
21,898
22,180
22,530
22,839
22,465
22,724
22,457
22,956
18,435
18,666
18,985
19,300
19,548
19,475
20,038
19,997
20,522
3,132
3,231
3,196
3,230
3,291
2,990
2,686
2,460
2,434
1986—JAN.
FEB.
MAR.
APR. P
48,060
46,652
47,274
48,878
47,289
45,768
46,513
47,986
46,949
45,555
46,378
48,079
221,588
219,568
221,703
224,883
26,373
24,700
27,114
28,888
24,245
24,962
22,688
22,231
21,687
21,952
20,160
19,990
2,559
3,010
2,528
2,241
MAY
Ml ill
lipp'ifl
|i:::|:::s||||||s|H|||||:
jlllftlij
pill
lilfl
::m:jjj|j:jm
P i l l (ill
IfpilSl
i:jjH::jjijjJKHlJHH|
TWO WEEKS
ENDING
1986—APR.
Net carryover
of excess or
deficit
In reserve
balanceelj
HliliiHSPS
jjjjjjjijljjjjjlJjjjjjjjH
9
23
48,101
49,575
47,227
48,715
47,479
48,703
223,711
225,775
28,292
29,385
22,121
22,369
19,809
20,190
2,312
2,179
200
45
7P
21 PE
48,484
48,220
47,503
47,393
47,606
47,481
224,606
226,622
28,661
27,884
22,100
22,700
19,823
20,336
2,277
2,364
153
111
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.
OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE
CONSISTS
2/
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 COMPENSATE FOR FLOAT.
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 BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT
INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR
REQUIRED RESERVES DURING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES ON THE BASIS OF TWO-WEEK MAINTENANCE
PERIODS. REFLECTS EXCESS <•) OR DEFICIT <•-•) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE DA IE SHOWN.
H.3(502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes In reserve requirements1
Averages of dally figures, not seasonally adjusted
Millions of dollars
Date
total
Reserves of depository Institutions
nonborrowed
I
Monetary base
required
1985--APR.
MAY
JUNE
JULY
AUG*
SEPT.
OCT.
NOV.
DEC.
41,735
41,128
42,444
42,896
43,069
43,676
44,207
45,082
46,839
40,413
39,794
41,239
41,789
41,996
42,388
43,020
43,341
45,520
40,998
40,324
41,539
42,040
42,241
43,011
43,454
44,154
45,781
203,718
204,836
208,292
210,555
211,514
212,157
213,357
216,038
220,362
1986--JAN.
FEB.
MAR.
APR. P
47,113
45,684
46,338
47,933
46,342
44,800
45,578
47,040
46,002
44,587
45,442
47,134
218,741
216,784
218,985
222,139
9
23
47,124
48,538
46,251
47,677
46,502
47,665
220,913
222,924
7 P
21 PE
47,762
47,579
46,781
46,752
46,884
46,839
222,144
224,183
TWO WEEKS
ENDING
1986--APR.
MAY
P
PRELIMINARY
PE--PRELIMINARY ESTIMATE.
1/ FIGURES REELECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION
AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
OF THE MONETARY CONTROL ACT
@FedFRASER