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FEDERAL RESERVE statistical release N.3(90Q Tab* 1 WmP M m m * 4:30 g i K m Tims AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE y y il^ A ^ HUT 9# 1985 x ju m Dale 19 8 4 — A P R . MAY JUNE JULY AUG. SEPT, OCT. NOV. DEC. I9 8 5 — J A N . FEB. MAR. AP R. PE total* Howboffomd 3 7 ,1 1 0 3 7 ,4 5 0 3 8 ,2 9 0 3 5 ,8 7 6 3 4 ,4 6 2 3 4 ,9 8 9 38,239 38,386 38,143 37,758 38,113 38,709 of dspoeHoty Imtftvdom nonborrowad plus required - »- -. -. - _-»««> m vnova uvuii •XOHt NSA4 Monatary baea* 32,315 30,369 30,902 3 1 , 74 1 33,495 35,523 3 5 ,9 2 1 3 4 ,4 9 9 3 6 ,8 6 2 3 6 ,6 1 9 3 6 ,8 7 0 3 7 ,5 1 6 37,323 37,412 37,360 36,798 37,332 38,127 492 58 0 774 1 9 0 ,5 8 7 1 9 1 ,6 8 9 1 9 3 ,9 0 4 37,626 37,697 37,515 37,138 37,419 37,857 613 609 628 620 693 853 39,713 40,366 40,566 40,927 38,318 39,077 38,973 39,604 39,368 39,881 40,032 40,472 38,968 39,463 39,801 40,168 40,310 41,352 38,535 40,194 39,830 40,960 40,962 40,009 40,405 ■ on w n n n of ovpovnory mavnuriofia from the Fadoral Rtearva, NSA total ••atonal •xtwMtod credit" 1 ,2 3 4 2 ,9 8 8 139 196 194,617 195,784 196,253 196,185 197,427 198,736 3, 3 0 0 5,924 8,017 7,242 6,017 4,617 3, 186 44 37 264 308 346 319 299 212 113 1 ,873 5,008 7,043 6,459 5,057 3,837 2,604 7 45 903 766 759 200,067 202,104 203,009 203,832 1 ,395 1 , 28 9 1 , 593 1 ,323 62 71 88 135 1 ,05 0 803 1 , 05 9 868 39,753 40,470 557 882 203,084 203,842 1 , 7 75 1 , 158 121 131 1 ,295 766 40,155 807 205,058 953 1 69 396 rwo WEEKS E N DING 19 8 5 - A P R . 10 24 P MAY. 8 PE P-— PRELIMINARY PE— PRELIMINARY ESTIMATE 1/ R E S E R V E S A N D M O N E T A R Y B A S E F I G U R E S I N C O R P O R A T E A D J U S T M E N T S F O R D I S C O N T I N U I T I E S A S S O C I A T E D W I T H T HE I M P L E M E N T A T I O N O F T H E M O N E T A R Y C O N T R O L A C T A N D O T H E R R E G U L A T O R Y C H A N G E S T O R E S E R V E R E Q U I R E M E N T S . T O A D J U S T F O R D I S C O N T I N U I T I E S D U E TO C H A N G E S IN R E S E R V E R E Q U I R E M E N T S O N R E S E R V A B L E N O N D E P O S I T L I A B I L I T I E S , TH E S U M OF S U C H R E Q U I R E D R E S E R V E S A R E S U B T R A C T E D F R O M T H E A C T U A L S E R I E S . S I M I L A R L Y # IN A D J U S T I N G F O R D I S C O N T I N U I T I E S IN T H E M O N E T A R Y B A S E , R E Q U I R E D C L E A R I N G B A L A N C E S A N D A D J U S T M E N T S TO C O M P E N S A T E FOR FLOAT AL S O ARE S U B T RACTED FROM THE ACTUAL SERIES. 2/ T O T A L R E S E R V E S N O T A D J U S T E D F O R D I S C O N T I N U I T I E S C O N S I S T S OF R E S E R V E B A L A N C E S W I T H F E D E R A L R E S E R V E B A N K S ( U H I C H E X C L U D E R E Q U I R E D C L E A R I N G B A L A N C E S AND A D J U S T M E N T S TO C O M P E N S A T E F O R FLOAT) P L U S VA U L T C A S H U S E D TO S A T I S F Y R E S E R V E R E Q U I R E M E N T S . S U C H V A U L T C A S H C O N S I S T S O F A L L V A U L T C A S H H E L D D U R I N G T H E L A G G E D C O M P U T A T I O N P E R I O D BY I N S T I T U T I O N S H A V I N G R E Q U I R E D R E S E R V E B A L A N C E S AT F E D E R A L R E S E R V E B A N K S P L U S TH E A M O U N T OF V A U L T C A S H E Q U A L TO R E Q U I R E D R E S E R V E S D U R I N G T H E M A I N T E N A N C E P E R I O D AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 3/ EXTENDED C R E D I T C O N S I S T S OF B O R R O W I N G AT T H E D I S C O U N T W I N D O W U N D E R T H E T E R M S A N D C O N D I T I O N S E S T A B L I S H E D F O R T H E E X T E N D E D C R E D I T P R O G R A M TO H E L P D E P O S I T O R Y I N S T I T U T I O N S DEAL W ITH S U S T A I N E D L I Q U I D I T Y P R E S S U R E S . B E C A U S E T H E R E IS N O T T H E S A M E N E E D T O R E P A Y S U C H B O R R O W I N G P R O M P T L Y A S T H E R E IS W I T H T R A D I T I O N A L S H O R T - T E R M A D J U S T M E N T C R E D I T , T H E M O N E Y M A R K E T I M P A C T OF E X T E N D E D C R E D I T IS S I M I L A R T O T H A T OF N O N B O R R O W E D R E S E R V E S . 4/ R E S E R V E B A L A N C E S W I T H F E D E R A L RESE R V E BANKS PLUS VAULT C A S H U S E D TO S A T I S F Y R E S E R V E R E Q U I R E M E N T S L E S S R E Q U I R E D RESE R V E S . 5/ T H E M O N E T A R Y B A S E N O T A D J U S T E D F O R D I S C O N T I N U I T I E S C O N S I S T S OF T O T A L R E S E R V E S P L U S R E Q U I R E D C L E A R I N G B A L A N C E S A N D A D J U S T M E N T S T O C O M P E N S A T E F O R F L O A T AT F E D E R A L R E S E R V E B A N K S P L U S T H E C U R R E N C Y C O M P O N E N T O F T H E M O N E Y S T O C K L E S S TH E A M O U N T O F V A U L T C A S H H O L D I N G S OF T H R I F T I N S T I T U T I O N S T H A T IS I N C L U D E D IN TH E C U R R E N C Y C O M P O N E N T OF T H E M O N E Y S T O C K PLU S, F O R I N S T I T U T I O N S N O T H A V I N G R E Q U I R E D R E S E R V E B A L A N C E S , THE E X C E S S OF C U R R E N T VAULT C A S H O VER THE A M O U N T A P P L I E D TO S A T I S F Y C U R R E N T R E S E R V E R E Q U I R E M E N T S . A FTER THE I N T R O D U C T I O N OF C R R , C U R R E N C Y AND VA U L T C ASH F I G U R E S ARE M E A S U R E D O V E R THE M O N D A Y - E N D I N G C O M P U T A T I O N PERIOD. P R I O R TO CRR, A L L C O M P O N E N T S OF TH E M O N E T A R Y B A S E O T H E R T H A N E X C E S S R E S E R V E S A R E S E A S O N A L L Y A D J U S T E D A S A W H O L E , R A T H E R T H A N BY C O M P O N E N T , A N D E X C E S S R E S E R V E S IS A D D E D O N A N O T S E A S O N A L L Y A D J U S T E D B A S I S . A F T E R CRR, THE S E A S O N A L L Y A D J U S T E D S E R I E S C O N S I S T S OF S E A S O N A L L Y A D J U S T E D T O T A L R E S E R V E S ( W H I C H I N C L U D E S E X C E S S R E S E R V E S O N A N O T S E A S O N A L L Y A D J U S T E D B A S I S ) P L U S T H E S E A S O N A L L Y A D J U S T E D C U R R E N C Y C O M P O N E N T OF T H E M O N E Y S T O C K P L U S T H E R E M A I N I N G I T E M S S E A S O N A L L Y A D J U S T E D A S A W H O L E . NOTE H I S T O R I C A L D A T A A R E A V A I L A B L E F R O M T HE B A N K I N G S E C T I O N , D I V I S I O N OF R E S E A R C H A N D S T A T I S T I C S , H O A R D OF G O V E R N O R S OF T H E F E D E R A L R E S E R V E S Y S T E M , W A S H I N G T O N , D.C. 20551 http://fraser.stlouisfed.org/ 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 Iigurea, npt seasonally adjusted Millions of dollars Resawis of depository Instltutions Monetary base2) Date total nonborrowed I Vault cash4 Reserve balances with F R Bank*5/ required total used to satisfy required reservseV surplus*! Nst carryover of excess or deficit In ressrve 1984— APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. 3 7 ,1 5 6 3 6 ,5 2 2 3 7 ,5 2 6 37,471 37 ,2 6 4 3 8 ,0 4 3 3 8 ,5 1 2 3 9 ,2 3 5 4 0 ,6 9 6 35 ,922 33,533 34,2 25 31 ,547 29,247 30,801 32,495 34,618 37,5 09 36 ,664 35 ,942 36 ,752 36 ,8 5 8 36,575 37,4 15 3 7 ,892 38,5 42 39,8 43 190,344 191,084 193,971 195,516 195,677 196,229 196,688 198,771 20 2,58 6 2 0 ,3 5 3 19 ,562 2 0 ,2 1 7 19,891 19 ,27 0 20 ,1 4 3 20 ,0 9 9 2 0 ,8 4 3 2 1 ,7 3 8 2 0 ,1 5 2 2 0 ,4 4 6 2 0 ,7 7 0 21 ,1 3 4 2 1 ,6 8 8 21 ,2 3 2 21 ,8 7 5 2 1 ,8 2 7 2 2 ,3 1 6 16,802 16,960 17,3 08 17,579 17,9 95 17,9 00 18,4 13 18,392 18 ,958 3 ,3 4 9 3 ,4 8 6 3.461 3,555 3 ,6 9 4 3,333 3.462 3 ,4 3 4 3,358 1985— JAN. FEB. MAR. APR. PE 41 ,1 2 5 4 0 ,2 7 3 4 0 ,494 41,661 39 ,730 38,984 38,901 40 ,339 40 ,380 39,3 70 3 9 ,7 2 8 4 0,903 20 1,353 199,937 201,2 87 203,954 2 1 ,5 7 7 2 0 ,4 1 6 22 ,0 6 5 2 3 ,2 3 0 2 3 ,0 4 4 2 3 ,9 2 7 2 1 ,8 6 3 2 1 ,5 6 7 19,5 47 19 ,857 18,429 18,432 3 ,4 9 7 4,070 3, 4 3 4 3, 135 4 1 ,1 9 9 42,2 8 5 39 ,424 41,1 27 4 0 ,642 41 ,4 0 3 203,011 20 4,560 2 3 ,0 7 3 23 ,5 2 8 21 ,2 7 4 21 ,8 8 0 18,126 18 ,7 58 3 ,1 4 8 3 ,1 2 2 171 -9 40 ,9 7 7 40 ,024 40,1 7 0 204 ,109 2 2 ,7 9 6 21 ,3 2 7 18,181 3 ,1 4 6 169 1 TWO WEEKS ENDING 1985— APR. MAY. 10 24 P 8 PE p --- P REL I M I N A R Y P E — PREL I M I N A R Y ESTIMATE. 1/ 2/ 3/ 4/ 5/ 6/ 7/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT L I A B I L I T I E S , U I T H NO ADJUSTMENTS TO ELIM IN A T E THE EFF ECTS OF D I S C O N T I N U IT I E S ASSOCIATED U I T H 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 FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF T H R IF T I N S T I T U T I O N S THAT I S INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR I N S T I T U T I O N S NOT HAVING REQUIRED RESERVE BALANCES, THE EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT APPLIED TO S A T IS F Y 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 F L O A T . DATES REFER TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO S A T IS F Y RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH THE BALANCES ARE HELD. EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY I N S T I T U T I O N S HAVING REQUIRED RESERVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT I N S T I T U T I O N S HAVING NO REQUIRED RESERVE BALANCES. TOTAL VAULT CASH AT I N S T I T U T I O N S HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR REQUIRED RESERVES DURING 'HE MAINTENANCE PERIOD. CONSISTS OF CARRYOVER ONLY AT DEPOSITORY I N S T I T U T I O N S MAINTAINING RESERVES ON THE BASIS OF TWO~WEEK MAINTENANCE PERIODS. REFLECTS EXCESS <+ ) OR D E F I C I T *■> R s , S E R V E S E L I G IB L E TO BE CARRIED FORWARD INTO THE TWO-WEEK RESFRVF MAINTENANCE PERIOD ENDING ON THE DATE S H O W N . H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1 9 8 4 --A P R . HAY JU N E JU L Y AUG . SEP T. O C T. NOV. dec; . 3 7 ,4 7 8 3 6 ,7 7 1 3 7 ,8 0 1 3 7 ,8 5 4 3 7 ,6 9 8 3 7 ,8 8 1 3 7 ,9 5 3 3 8 ,6 8 7 4 0 ,1 2 9 3 6 , 244 3 3 , 783 3 4 ,5 0 0 3 i , 929 2 9 ,6 8 1 3 0 ,6 4 0 3 1 , 936 3 4 ,0 7 0 3 6 , 943 3 6 ,9 8 6 3 6 ,1 9 1 3 7 ,0 2 7 3 7 ,2 4 0 3 7 ,0 0 8 3 7 ,2 5 3 3 7 ,3 3 2 3 7 ,9 9 4 3 9 ,2 7 7 1 9 0 ,6 6 6 1 9 1 ,3 3 3 1 9 4 ,2 4 6 1 9 5 ,8 9 9 1 9 6 , 111 1 9 6 ,0 6 7 1 9 6 ,1 2 9 1 9 8 ,2 2 4 2 0 2 ,0 2 0 1 9 8 5 --J A N . FEB. MAR . APR. 4 0 ,7 0 3 3 9 ,8 7 8 4 0 ,0 6 6 4 i , 264 3 9 , 308 3 8 ,5 8 9 3 8 ,4 7 3 3 9 ,9 4 1 3 9 ,9 5 8 3 8 ,9 7 5 3 9 ,3 0 1 4 0 ,5 0 5 2 0 0 ,9 3 1 1 9 9 ,5 4 2 2 0 0 ,8 5 9 2 0 3 ,5 5 6 4 0 , 800 4 1 ,8 9 6 3 9 ,0 2 5 4 0 ,7 3 8 4 0 ,2 4 2 4 1 ,0 1 4 2 0 2 ,6 1 2 2 0 4 ,1 7 2 4 0 ,5 6 3 3 9 ,6 1 0 3 9 ,7 5 7 2 0 3 ,6 9 6 PE TWO W EEK S E N D IN G 1 9 8 5 --A P R . M AY. T M 1 il 10 24 P 8 PE 1. PE F'K't: L I M I N A R Y 1/ F I G U R E S R E F L E C T A D J U S T M E N T S FOR D I S C O N T I N U I T I E S A S S O C IA T E D AND 0 1HE R R E G U L A T O R Y 1 C H A N G E S TO R E S E R V E R E Q U I R E M E N T S . E S T IM A T E :. W IT H TH E IM P L E M E N T A T IO N OF TH E M O N E TA R Y C O N TR O L ACT