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H3(802) Table 1 For W i l l i at 4:30 Eaatam Tim* AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE MAY 24, 1984 Adjusted for changes in reserve requirements' Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars Data 1903 total1 Reserves of depository Instlfutlona nonborrowed raqulrad nonborrowed plus extended credit' axcaas NSA4 Monetary base* Borrowings of depository institutions from the Federal Reserve. NSA total sessonal extended credit* -APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DLL . 34,506 34,596 35,051 3 5 , 194 35,218 35,307 35,31? 35,245 35,279 33,496 33,64 4 33,41'> 33,741 33,672 33,866 34,473 34,340 34,505 33,901 34,15 7 3 4 , 3 73 34,319 34,163 34,380 34,729 34,346 34,507 34,029 34,140 34,':>/1 34,6117 3 4 , 7 72 34,009 34,812 34,716 34,718 4 76 449 4JB0 $)7 4^6 498 505 5*9 561 "175,411 176,693 -•78,331 ^79,308 34*0,127 * 1 8 1 , 7 75 f * f l 2 ,845 ?B3,949 J$4,969 1 ,009 952 1 ,636 1 ,453 1 ,546 1 ,441 844 906 774 82 99 122 1 71 198 190 142 121 96 405 513 958 578 491 515 256 6 1984--JAN. \ E B. MAR. APR. 35,502 36,065 36,103 36,102 34,787 35,498 35,152 34,868 34,791 35,503 35,179 34,912 34,889 35,123 35,395 35,613 6fi 7 40 89 18^,939 m&, 5 8 2 188,712 189,627 715 567 952 1 ,234 86 103 133 139 4 5 27 44 11 25 35,576 36,475 34,263 35,243 34,299 35,287 35,232 35,907 344 568 188,415 190,247 1 ,313 1,232 131 138 36 44 9 P 2 3 PE 36,214 36,619 35,151 32,439 35,212 32,473 35,629 36,062 585 557 190,559 191,331 1 ,063 4,179 159 195 61 33 9 *m 9 TUO WEEKS ENDING 1984-APR. MAY 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 TOR 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 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 RESERyES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PL LIS THE CURRENCY COMPONENT Of THE MONEY STOCK LESS THtBfcAMGtiNT<: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 I HE MONETARY BASE UTHLR I HAN EXCJ.SS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDFD ON A NO I SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES C0NS1SIS OF SEASONALLY ADJUS1ED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONAUY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMEONFNT (IF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE H1S10RICAL DATA -INCLUDING CORRECTIONS TO H1S10RICAI DATA PREVIOUSLY REl EASED FOR THE PERIOD FROM 1959 TO 1960 ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHING I ON, D.C 20551 . H3(502) Table 2 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements' Averages of dally figures, not seasonally adjusted I of c Vault cash4 Reserves of depository Institutions Monetary base1 Oete total 1983—APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. | 1984—JAN. FEB. MAR. APR. nonborrowed Reserve balances with F.R Banks3. total used to satisfy required reserves* 22,566 22,010 21,807 22,139 21,965 20,585 21,059 20,943 20,986 19,569 19,710 20.098 20.413 20,035 20,798 20,471 20,558 20,755 16,085 16,272 16,607 16,808 16,695 17,331 17,078 17,201 17,908 3 , 485 3, 438 3 , 491 3,604 3, 340 3,467 3,393 3, 356 2,847 21,325 18,414 19,484 20,349 22,578 22,269 20,396 20,152 18,795 17,951 16,794 16.802 3,782 4,318 3,602 3,350 required 38,650 38,282 38,415 38,948 38,661 37,916 38,137 38,144 38,894 37,641 37,330 36,779 37,495 37,114 36,475 37,294 37,239 38,120 38.174 37,833 37.934 38.440 38,214 37,418 37,633 37,615 38,333 179.861 181.276 183.144 185,303 185,398 185,112 186.598 188,971 192,359 40,120 36,365 36,278 37,151 39,405 35,798 35,326 35,917 39,507 35,423 35,569 36,662 192,301 186,672 187,810 190,308 ' surplus' MAY 1 i 1 ! , ' ' 1 'i • '!.'' ' \ ' H i1' . i j.r i :• 1 i 1 S 11 25 36,758 37,659 35,444 36,427 36,413 37,091 189,354 191,093 20,237 20,556 19.803 20,476 16,520 17,103 3,282 3,373 22 "* 0 9 P 2 3 PE 36,592 36,501 35,528 32,321 36.006 35,944 190,209 191,173 20,014 19,415 20,010 20,655 16,577 17,086 3.432 3,569 34 74 P PRELIMINARY PE—PRELIMINARY ESTIMATE. W ?f£ L £ C T S * C T U A L RESERVE 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 CHANGES TO RESERVE REQUIREMENTS. 2/ 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. 3/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 4/ DATES REFER 10 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 PIUS 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 Or VAULT LASH EQUAL TO THEIR REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 7/ CUNSISIS OF CARRYOVER ONLY AT DEPOSITORY INSIITUTIONS MAINTAINING RESERVES ON IHE BASIS OF IWO WEEK MATNIT NANCE PERIODS. RFFIECrS fXCFSS ( O OR DEFICIT < ) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO IHE'lWU UI L K RESERVE MAINTENANCE F I RIOD ENDING UN Till DA IE SHOWN. , *11 » > 1i ' | TUO WEEKS ENDING 1984—APR. Net carryover of excess or deficit In reserve balances1 H.3 0O2) THUD AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adfuatad lor changaa in raaarva raquiramanta1 Avaragaa of daily flfluraa, not aaaaonally adftuatad Millions of doll*• Date I total 1983—APR. HAY JUNE JULY AUG SEPT. OCT. NOV. DEC. 1 1 9 8 4 ™ JAN. FEB. MAR. APR. Raaafvaa of dapoaitofy Institutions [ [ nonborrowad 34,512 34,282 34,444 34,978 34,713 35,008 35,313 35,350 35,997 | 33,503 33,330 32,808 33,525 33,167 33,567 34,469 34,445 35,223 37,303 35,654 35,630 36,462 36,588 35,087 34,678 35,229 36,123 36,945 34,810 35,713 1 ] Monatarybaaa caquirad 34,036 33,834 33,964 34,470 34,266 34,510 34,808 34,821 35,436 174,881 176,335 178,164 180,182 180,140 181,238 182,672 185,035 188,231 36,690 34,712 34,921 35,973 188,100 185,931 187,162 189,620 35,779 36,377 188.719 190,379 35,271 35,202 189,474 190,432 TWO WEEKS ENDING 1984--APR. MAY 11 25 9 P 23 PE . | 35,856 35,760 | 34,793 31,580 | J P PRELIMINARY PC—PRELIMINARY ESTIMATE. 1/ FIGURES REFLEC1 ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER