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H.3 15021
For Immediate Rei-
Table 1
AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
A
!flY 26, t981
of aail fi ures
required
Penod
Monetary
base3
total
seasonally adjusted
1980--P.PR.
'!AY
JUNE
JULY
A!JG.
OCT.
NOV.
DEC.
p
p
44,8!16
11!1,1146
113,959
42.781
40,749
41,517
41,727
41,227
40,131
H81--JAN.
FEB.
!tAR.
APR.
p
p
p
p
40,099
39,758
40,247
40,249
38,704
38,454
39,248
38,911
39,555
39.575
39, 866
40,103
160. 1
160.6
161.3
162.2
103.8
704.3
703.6
711.3
517.4
523.3
524.7
531.1
184.1
178.9
176.9
171 ...
16.9
17.8
18. 1
17.7
167.1
161.1
158.8
159.7
2.3
2.1
2.0
2.8
110,521
39,41J7
40,097
40,509
40,781
39,0')7
38,560
38,955
39.6115
38,503
39.871
39,396
39,719
IJ0,505
40,676
162.1
160.6
161.7
162.9
163.2
703.8
708.6
711.7
712.3
712.21
525.2
527.2
530.8
532.3
533.7
111.2
178.0
177.5
117.8
175.8
18.7
17.8
18.7
11.3
17.7
158.4
160. 1
158.8
160.5
158.1
1.5
3.11
3.11
2.2
2.8
111,114
40,387
38,6113
38,653
40,718
IJ0,289
163.3
162.9
712.2
713.8
533.2
536.7
176.7
175.2
16.8
16.9
159.9
158.3
2.4
1.9
114,880
43,963
43,4 72
42,859
40,373
111,1611
111,704
111,221
110,619
4 2, 1125
42,9115
113,092
42,1164
39,715
39,852
40,394
39,161
38,929
41J,683
43,785
43,268
42,575
40,n1
40,908
111,498
40,723
110,067
157.5
157.8
158.6
159.6
158.0
159.0
160.6
161.5
162.5
657.7
651.5
656.9
658.2
662.5
675.6
684.2
694.6
710.3
464.7
1167.7
467.4
466.0
471.9
479.6
485.7
493.0
505.0
190.(1
182.1
187.2
190.0
189.0
193.9
196.4
199.6
203.3
16.8
16.2
16.6
16.8
14.2
15.8
16.5
18.0
18.2
173.6
165.9
170.6
173.2
174.8
118.1
179.8
181.6
185. 1
2.6
1.7
2.3
2.2
1.7
2.1
2.1
1.9
2. 1
111,569
39,631
39,753
110,217
40,175
38, 327
38,753
38,880
111,025
39,4118
39,372
110,071
161.0
158.9
159.6
161.6
712.6
701.5
703.2
713. c;
520.5
524.8
527.9
531.6
189.9
1711.6
173.2
178.9
18.1
17.5
17.6
17.3
171.8
157.()
155.6
161.7
2.1
2.0
2. 1
3.0
9 p
15 p
22 p
29 p
40,292
38,888
39,938
40,74 3
41,109
38,828
38,001
38,796
39,879
3 B, 831
39,642
38, 837
39,620
40,739
!11,00!1
160. 1
160.7
162. 0
162.3
161.5
705.7
713.5
716.0
716.2
708.5
529.9
530.9
531.9
531.7
5 32.1
17ll.ll
179.8
181.0
181.3
173.2
18.0
17.9
17.9
16.6
16.7
156.4
161.9
163.1
1611.7
156.5
1.4
2.8
3.1
3.1
3.2
6 p
13 p
111,485
110,026
39,0111
38,292
II 1, 089
39,928
163.6
162.6
709. 1
709.7
532. 1
536.7
1711.3
171.4
17. 1
16.11
157.2
155.0
2.7
1. 6
SEP~.
42,391
113,427
43,580
42,386
40,090
110,206
40,!117
39,168
38,441
44,649
44,268
!13,756
42,497
40,447
111,262
41,521
40,730
39,579
158.0
158.8
159.1
158.9
158.2
159.!1
160.7
160.4
159.6
655.4
656.8
658.0
658.5
667.8
678.2
68!1.7
694.3
701.8
464.2
467.7
467.9
467.0
474.2
!182.0
486.7
494.0
504.0
188.7
187.3
188.4
189.1
191.5
19!1.5
195.6
198.1
196.0
17.2
17.1
16.9
16.6
14.4
15.9
16.5
17.4
11.5
171.5
170.2
171.5
172.5
177.1
178.6
119.1
180.7
178.5
2.4
1.8
1.7
2. 5
2.1
1.8
2. 4
2.2
1.9
WEEK ENDING:
-----------1981--APR. 1
8
15
22
29
KAY
p
p
p
p
p
6 p
13 p
not seasonally adJusted
1980--APR.
KAY
JUNE
JULY
AUG.
SEPT.
OCT.
!IOV.
DEC.
p
p
1981--.JAN.
FE!l.
''lA R.
p
p
p
APP.
p
WEEK ENDING:
-----------1981--APR. 1
!'lAY
p
See ...,.,.. side for allpl.nation of footnotes.
H.3
Table.2
AGGREGATE RESERVES AND MONETARY BASE
Adjusted for changes in rnerve requirements 4
A veraaes ofd anv
"I fngures
I Monetary base- 3
_l'leserves Of deoositorv institutions
of depositorv. institutions
--wtiif 2
nonborrowed
reauired
nonborrowed
reQuired
!billions of dollars
millions of dollars
millions of dollars
not seasonally adJusted
seasonally adjusted
~,~serves
total 2
P11riod
I Mo~etary base·3
!billions of dollars
1980--lPR.
!lAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV. 5/ p
p
DEC.
37,516
37,1185
37,116 0
37,570
38,050
38.725
38.89 3
40,056
110,110
3?,060
36,1166
37,081
37,176
37,392
37,414
37,583
37,997
38,420
37,319
37,307
37,257
37,286
37,7118
38,470
38,687
39,559
39,557
1 .. 9.8
150.9
151. 7
152.8
154.6
155.7
156.9
158.9
159.5
37,532
37,061
37,007
37,665
37.706
3!!,401
38,875
40,056
40,598
35,077
311,0111
36,628
37,270
37,048
37,090
37,565
37,996
38,907
37,335
36,883
36,8011
37,380
37,110 ..
38,145
38,669
39,558
40,0115
1119.3
150.0
151. 2
153.5
154.5
155.3
156.9
160.0
162.5
p
p
p
p
110,017
39,588
39,981
39,983
38,683
38,284
38,982
38,6115
39,533
39,405
39,600
39,837
160.1
160.4
161.11
162.4
111,5118
39,461
39,1187
39,9 51
40,153
38,157
38,1187
38,6111
111,0011
39,278
39,106
39,805
161.0
158.8
159.7
161.9
p
p
p
p
p
110,255
39,181
39,831
40,2113
110,515
38,791
38,2911
38,699
39,379
38,237
39,605
39,130
39,513
110,239
40,410
162.3
160. P.
161.9
163.2
163.5
40,026
38,622
39,672
40, 1177·
40,843
38,562
37,735
38,530
39,613
38,565
39,376
38,571
39,354
40,473
110,738
160.3
160.9
162.2
162.5
161.7
6 p
40,848
40,121
38,377
38,387
40,452
40,023
163.6
163.2
111,219
39,760
38,748
38,026
40,823
39,662
163.9
162.9
1981--JAN.
FEB.
liAR.
lPR.
WEEK ENDING:
-----------1981--APR.
!lAY
1
8
15
22
29
13 p
P - PRELII!INARY
1/ RESERVES OF DEPOSITORY INSTITUTI~NS SERIES REFLECT ACTUAL RESERVE REQUIREI!ENT PERCENTlGES VITH NO lDJUSTI!ENT TO ELI!!INlTE THE EFFECT OF CHANGES IN REGULATIONS D AND K. PRIO_R TO !IOVEIIBER 13, 1980, THE DATE OF IIIPLEIIENTATION OF THE IIONETARY CONTROL ACT, ONLY THE RESERVES OF COI!IIERCIAL BANKS THAT VERB IIEI!BERS OF THE
FEDERAL RESERVE SYSTEI! WERE INCLUDED IN THE SERIES. SINCE THAT DlTE. THE SERIES INCLUDE THE RES~RVES OF lLL
DEPOSITORY INSTITUTIONS. IN CONJUNCTION WITH THE II!PLEI!ENTATION OF THE lCT, REQUIRED RESERVES OF IIEI!BER BlNKS
IERE REDUCED ABOUT $4.3 BILLION AND REQUIRED RESERVES OF OTHER DEPOSITORY INSTITUTIONS WERE INCREASED lBOUT
S1.4 BILLION. lLSO IN CONJUNCTI~N WITH THE I!ONETlRY CONTROL lCT, REQUIRED RESERVES OF CEPTAIN NONI!EI!BER BANKS
AND FOREIGN-RELATED INSTITUTIONS INCREASED BY APPROXIIIATELY $245 IIILLION EFFECTIVE FEBRUARY 18, 1981 PURSUANT
TO THE TRANSITIONAL PHASE-IN PROGRA!!. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT IIAR:;INAL RESERVE
REQUIREIIENT WAS !~POSED ON "~ANAiEO LIABILITI~sn.
THIS ACTIO!! RAISED REQUIRED RESERYES ABOOT S320 IIILLION.
EFFECTIVE IIABCH 12, 1980, THE 8 PERCENTAGE POINT IIAFGINAL RESERVE REQUIREMENT WAS RAISED TO 10 ?ERCENTAGE POINTS.
IN ADDITION THE BASE UPON WHICH THE ~ARGINAL RESERVE REQUIREIIENT WAS CALCULATED WAS REDUCED. THIS ACTION INCREASED
REQUIRED RESERVES ABOUT $1.7 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE ~AY 29, 1980, THE II~RGINAL RESERVE
REQUIRE!ENT WAS REDUCED FRO!! 10 TO 5 PERCENTAGE POINTS AND THE BASE UPON WHICH THE ~ARGINlL RESERVE REQUIRE~ENT WAS CALCULATED WAS RAISED.
THIS ACTION REDUCED REQUIRED P.ESE~VES ABOUT $9~0 ~ILLION IN THE WEEK ENDING
JUNE 18, 1980. E'f'FECTIVE JULY 21J, 1980, THE 5 PERCENT lllRGINAL RESERVE REQUIREMENT ON IIANAGED LIABILITIES
AND THE 2 PERCENT SUPPLEIIENTARY RESERVE REQUIRE~ENT AGAINST LARGE TI~E DEPOSITS WERE RE~OVED. ''!RESE'
ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION.
2/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAryLT CASH AT INSTITUTIONS WITH REQUIPED RESERVE BALANCES
PLUS VAULT CASH EQUAL TO REQUIRED RESEPVES AT OTHER INSTITUTIONS •
. 3/ INCLUDES RESERVE BALANCES AT FEDERAL RESERVE BANKS IN THE CURRENT VEF.K PLUS VAULT CASH HELD TWO WEEKS EARLIER USED TO SATISFY RESERVE REQUIREIIENTS AT ALL DEPOSITORY INSTITUTIONS PLUS CURRENCY QUTSIDE THE U.S~
TREASURY, FEDERAL RESERVE BANKS, THE VAULTS OF DEPOSITORY INSTITUTIONS, AND SURPLUS VAULT CASH AT DEPOSITORY INSTITUTIONS.
Ill RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO RE~OVE DISCONTINUITIES ASSOCI~TED WITH THE I~PLEI!ENTATION
OF THE !!ONETARY CONTROL ACT, ~ARGINAL RESERVE REQUIREI!ENTS, THE INCLUSION OF EDGE ACT CORPORATION RESERYES,
AND OTHER CHANGES IN REGULATIONS 0 AND K. PRIOR TO FEBRUARY 18, 1981, RESERVE AGGREGlTES SERIES HAVE BEEN
ADJUSTED HISTORICALLY TO CONFOR~ TO THE STRUCTURE OF RESERVE REQUIRE~~NTS CURRENTLY IN EFFECT. BEGIBNING
FEBRUARY 18, THE SERIES RAVE BEEN ADJUSTED TO RE~OVE THE EFFECTS OF SCHEDULED TRANSITIONAL CHANGES IN
RESERVE REQUIRE!ENTS UNDER THE ~CA.
5/ RESERVE ~EASURES FOR NOVE~BER REFLECT INCREASES IN REQUIRED RESERVES ASSOCIATED WITH THE REDUCTION OF WEEKEND
AVOIDANCE ACTIVITIES OF A FEW LARGE BAN~S. THE REDUCTION IN THESE ACTIVITIES LEADS TO ESSENTIALLY A ONE-TI!E
INCREASE IN THE AVERAGE LEVEL OF REQUIRED RESERVES THAT NEED TO BE HELD FOR A GIVEN LEVEL OP DEPOSITS ENTERING THE ~ONEY SUPPLY. IN NOVE~BER, THIS INCREASE IN REQUIRED RESERVES IS ESTI~ATED AT $550 TO $600 IIILLIGN.
@FedFRASER