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a3U*g& H.3(502) Table 1 POT Rstsase at 4;30 Eastern Time AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1 Adjusted for changes In reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Date _,__ BAT Reserves of depository Institutions nonborrowed plus required iKMiborrowed I extended credit* I excess NSA4 Monetary base* Borrowings of depository institutions from the Federal Reeervs , NSA seasonal extended credit1" total 1 9 8 4 — 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 35,876 34,462 34,989 32,315 30,369 30,902 31,741 33,495 35,523 35,921 34,499 36,862 37,323 37,412 37,360 36,798 37,332 38,127 36,619 36,870 37,516 37,626 37,697 37,515 37,138 37,419 37,857 492 580 774 613 689 628 620 693 853 190,587 191,689 193,984 194,617 195,784 196,253 196,185 197,427 198,736 1 , 234 2,988 3, 300 5,924 8,017 7,242 6,017 4,617 3,186 1985—JAN. FED. MAR. APR. 39,713 40,366 40,566 40,918 38,318 39,077 38,973 39,596 39,368 39,881 40,032 40,464 38,968 39,463 39,801 40,180 745 903 766 738 200,067 202,104 203,009 203,694 10 24 40,310 41,349 38,535 40,191 39,830 40,957 39,753 40,466 557 884 8 P 2 2 PE 40,926 41,661 39,973 40,227 40,369 40,596 40,224 40,818 702 842 P 30, 1985 139 196 264 308 346 319 299 212 113 44 37 1,873 5,008 7,043 6,459 5,057 3,837 2,604 1 ,395 1 ,289 1 ,593 1,323 62 71 88 135 1 ,050 803 1 ,059 868 203,084 203,841 1 ,775 1 ,158 121 131 1 ,295 766 204,367 205,651 953 1 ,434 169 160 ! TWO WEEKS ENDING 1985-APR. MAY. ' 396 369 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. 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 RFSERVF 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 NEFD 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 REQUIREMENTS LESS REQUIRED RESERVES. THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUSl 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 HAVIN 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 ADJUSTFD SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONAL I Y ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTFD AS A WHOLE. 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. 20':>::>i 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 base2' Date total nonborrowed Reserve balances with F.R. Banks3' total required used to satisfy required reserves5" surplus6 Net carryover of excess or deficit In reserve balances7 •1 1984- -APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 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 3,406 3,461 3, 555 3,694 3,333 3,462 3,434 3,358 1985- -JAN. FEB. MAR. APR. P 41,125 40,273 40,494 41,653 39,730 38,984 38,901 40,330 40,380 39,370 39,728 40,915 201,353 199,937 201,287 203,815 21,577 20,416 22,065 23,218 23,044 23,927 21,863 21,567 19,547 19,857 18,429 18,435 3,497 4,070 3,434 3,132 10 24 41,199 42,284 39,424 41,126 40,642 41,400 203,011 204,561 23,073 23,520 21 , 2 7 4 21 , 8 8 0 18,126 18,764 3,148 3,116 171 -9 8 P 22 PE 40,940 41,080 39,987 39,646 40,238 40,237 203,417 205,515 22,756 22,031 21 327 22 357 18,184 19,049 3,143 3,308 170 65 TWO WEEKS ENDING 1985-—APR. MAY. 111 -PRELIMINARY -PRELIMINARY ESTIMATE. 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. CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAI RESFRVE 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 RESFRVE BAIANCFS, 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 BAIANCES 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 BASTS 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. PE~ 1/ 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 Reserves of depository institutions nonborrowed Monetary base required ' 1984—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 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 1985—-JAN. FEB. MAR. APR. P 40,703 39,878 40,066 41,256 39,308 38,589 38,473 39,933 39,958 38,975 39,301 40,517 200,931 199,542 200,859 203,418 TWO WEEKS ENDING 1985—APR. MAY. , 1G 24 40,800 41,894 39,025 40,736 40,242 41,010 202,612 204,171 8 P 22 PE 40,527 40,702 39,574 39,268 39,824 39,860 203,004 205,138 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.