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iot£2&i FEDERAL RESERVE statistical release -.fSBnsv?: H.3(S02) Tsble 1 For Release at 4:30 Eastern Time HAT AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 23, 1985 Adjusted for changes In reserve requirements1 Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars 1984—APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 37,110 37,450 38,290 38,239 38,386 38,143 37,758 38,113 38,709 nassrvst of depository Institutions nonborrowed plus nonborrowed required extended credit* 36,619 35,876 35,921 34,499 36,870 34,462 34,989 36,862 37,516 37,323 37,626 32,315 30,369 37,697 37,412 30,902 37,360 37,515 37,138 31,741 36,798 33,495 37,332 37,419 35,523 38,127 37,857 1985 — JAN. FEB. MAR. APR. P 39,713 40,366 40,566 40,920 38,318 39,077 38,973 39,597 39,368 39,881 40,032 40,465 10 24 40,310 41,349 38,535 40,191 8 P 22 PE 40,932 41,593 39,979 40,160 Date totfl||l | 492 580 774 613 689 628 620 693 853 190,587 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 Borrowings of depository Institutions from the Federal Reserve, NSA total seasonal extended credit* 139 1 ,234 -— 2,988 196 37 3,300 264 i 1,873 5,924 308 5,008 8,017 346 7,043 7,242 319 6,459 6,017 299 5,057 3,837 4,617 212 3,186 113 2,604 38,968 39,463 39,801 40,181 745 903 766 739 200,067 202,104 203,009 203,695 1 ,395 1 ,289 1 ,593 1 , 323 62 71 88 135 1 ,050 803 1 ,059 868 39,830 40,957 39,753 40,465 557 885 203,084 203,840 1 ,775 1 ,158 121 131 1 ,295 766 40,375 40,528 40,230 40,775 703 81 8 204,373 206,015 953 1,434 169 161 396 369 excess NSA4 Monetary base TWO WEEKS ENDING 1985-APR. MAY. P—-PRELIMINARY p E — 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. 2/ 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 RFSERVE 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 4/ CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 5/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REWIREtlFW-rae^r-REWXREir^ESrERVESV 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 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. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIFS CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOIF http://fraser.stlouisfed.org/ NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 Federal Reserve Bank of St. Louis 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 base3! Data -JAN. FEB. MAR. APR. used to satisfy required >•' nonborrowed required 37,156 36,522 37,526 37,471 37,264 38,043 38,512 39,235 40,696 35,922 33,533 34,225 31,547 29,247 30,801 32,495 34,618 37,509 36,664 35,942 36,752 36,858 36,575 37,415 37,892 38,542 39,843 190,344 191,084 193,971 195,516 195,677 196,229 196,688 198,771 202,586 20,353 19,562 20,217 19,891 19,270 20,143 20,099 20 ,843 21 738 20,152 20,446 20,770 21,134 21,688 21,232 21,875 21,827 22,316 16,802 16,960 17,308 17,579 17,995 17,900 18,413 18,392 18,958 3,349 3,486 3,461 3,555 3,694 3/333 3,462 3,434 3,358 41,125 40,273 40,494 41,654 39,730 38,984 38,901 40,332 40,380 39,370 39,728 40,915 201,353 199,937 201,287 203,816 21,577 20,416 22,065 23,218 23,044 23,927 21,863 21,567 19,547 19,857 18,429 18,436 3,497 4,070 3,434 3,131 10 24 41,199 42,284 39,424 41,126 40,642 41,399 203,011 204,560 23,073 23,519 21,274 21,880 18,126 18,765 3,148 3,115 8 P 22 PE 40,945* 41,012 39,992 39,579 40,243 40,195 203,422 205,879 22,761 21,984 21,327 22,358 1 8,185 19,028 3,142 3,330 1984—-APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 1985- Reserve balances, with F.R. Banks3: P total surplus' TWO WEEKS ENDING 1985—APR. MAY. P—-PRELIMINARY ^~REFLECT^ REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, UITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY 2/ 3/ 4/ 5/ 6/ 7/ rn2siSTST0FRT0TALERESERVE^ CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE RSNKS PLufTHE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT ?S INc[uDED IN ^HE 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. EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. „.„.,«™T M T«. ..unrr* DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RE^RVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS EQUAL^O ALL S A U L ^ C L ^ H E L ^ D U R I N G THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING SQUIRED RESERVE BALANCER AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT Zir^LTSCASH1;' « m ? U ^ RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR 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 DATE 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 Date total 1.984 1985 Reserves of depository Institutions nonborrowed | ~l APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 37,478 36,771 37,801 37,854 37,698 37,881 37,953 38,687 40,129 36,244 33,783 34,500 31,929 29,681 30,640 31,936 34,070 36,943 JAN. FEB. MAR. APR. P 40,703 39,878 40,066 41,257 ] Monetary base required 36,986 36,191 37,027 37,240 37,008 37,253 37,332 37,994 39,277 190,666 191,333 194,246 195,899 196,111 196,067 196,129 198,224 202,020 39,308 38,589 38,473 39,934 39,958 38,975 39,301 40,518 200,931 199,542 200,859 203,419 40,800 41,894 39,025 40,736 40,242 41,009 40,533 40,635 39,580 39,202 39,830 39,818 I TWO WEEKS ENDING 1985 -APR. MAY. 10 24 8 P 22 PE i j 202,612 204,170 203,010 205,502 P -PRELIMINARY PE— PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
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