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FEDERAL RESERVE statistical release NOTE: REVISIONS IN THE RESERVES AGGREGATES (TOTAL, NUNBURROWED, NONBURROWEI) PLUS EXTENDED CREDIT, REQUJRFD, MONETARY BASE) BEFORE OCTOBER 1984 IN TABLES 1 AND 3 REFLECT A REVISED ESTIMATE OF THE PHASE-IN OF REQUIRED RESERVES FOR NONMEMBER INSTITUTIONS EFFECTIVE IN THE TWO-WEEK MAINTENANCE PERIOD ENDING SEPTEMBER 26, 1 9 8 4 . H.3(9Q2) TaWal •f^utts*; rdr rfslssss at 4:90 Eastsm Tims NOVEMBER AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 23, 1984 Adjusted for Changs* In raaarva raqulramanta1 Avaragaa of dally ftgurot, seasonally adjuatad unlaaa notad ofharwias Millions of dollars Data _ J j Wsssrvss of dapoaltory Institutions nonborrowsd plus nonoorrowsd raqulrad axtandad crsdlt* I axcaaa NSA4 Monatary baaa^ Borrowing* of dapoaltory Institutions from tha Fadaral Rsssrv* , NSA total saasonat 1 axtandad cradlt* 1983—OCT. NOV. DEC. 36,157 36,103 36,138 35,313 35,198 35,364 35,569 35,204 35,366 35,652 35,574 35,578 505 529 561 183,357 184,472 185,486 844 906 774 142 121 96 256 6 2 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. P 36,357 37,025 37,097 37,109 37,447 38,282 38,233 38,380 38,135 37,740 35,642 36,458 36,145 35,875 34,459 34,982 32,309 30,363 30,894 31,723 35,646 36,463 36,172 35,919 34,496 36,855 37,317 37,406 37,352 36,780 35,744 36,083 36,388 36,619 36,870 37,516 37,626 37,697 37,515 37,139 613 942 709 490 577 767 607 683 620 601 187,469 189,277 189,417 190,357 191,977 193,858 194,755 195,980 195,992 196,371 715 567 952 1 ,234 2,988 3,300 5,924 8,017 7,242 6,017 86 103 133 139 196 264 308 346 319 299 4 5 27 44 37 1 ,873 5,008 7,043 6,459 5,057 10 24 37,910 37,701 31,745 31,467 36,892 36,898 37,006 37,285 904 416 196,530 196,370 6,165 6,234 315 305 5,147^ 5,431 7 P 21 PE 37,573 38,254 32,201 33,778 36,384 37,666 37,036 37,607 537 647 196,144 197,*513 5,373 4,476 265 205 4,184 3,888 TWO WEEKS ENDING 1984-OCT. NOV. P 1/ PRELIMINARY P E — P R E L I M I N A R Y ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR D I S C O N T I N U I T I E S ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE R E Q U I R E M E N T S . TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE R E Q U I R E M E N T S ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL S E R I E S . SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL S E R I E S . 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 F L O A T ) P L U S VAULT CASH USED TO SATISFY RESERVE R E Q U I R E M E N T S . SUCH VAULT CASH C O N S I S T S 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 B A L A N C E S . 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 P R E S S U R E S . 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 R E S E R V E S . 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED R E S E R V E S . 5/ 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 R F Q U I R E M E N T S . AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION P E R I O D . 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 B A S I S . AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED B A S I S ) PLUS THE SEASONALLY ADJUSTED CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A W H O L E . 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 H.3 0O2) Tab* 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adJusted*forchanges In reserve requirements/ i t Averages 3? SaiTy figures, not seasonally adjusted ^ Millions of dollars ^ Vault cash4 Reserves of depository Institutions Monetary base 3 ! . Oats total non borrowed Reserve balances, with F.R. BanksX required total used to satisfy required reserves* ' Net carryover of excess or deficit In reserve balances7 * 111 1 surplus19' IIP!!! ! "iMlHIIHI 1983—OCT. NOV. DEC. 38,137 38,144 38,894 37,294 37,239 38,120 37,633 37,615 38,333 186,598 188,971 192,359 21,059 20,943 20,986 20,471 20,558 20,755 17,078 17,201 17,908 3,393 3,356 2,847 1984—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. P 40,120 36,365 36,278 37,154 36,519 37,518 37,464 37,258 38,035 38,494 39,405 35,798 35,326 35,920 33,531 34,218 31 , 5 4 0 29,241 30,793 32,477 39,507 35,423 35,569 36,664 35,942 36,752 36,858 36,575 37,415 37,893 192,301 186,672 187,813 190,344 191,080 193,962 195,525 195,697 196,232 196,674 21,325 18,414 19,484 20,351 19,560 20,210 19,885 19,263 20,135 20,080 22,578 22,269 20,396 20,152 20,446 20,770 21,134 21 , 6 8 8 21,232. 21,875 18,795 17,951 16,794 16,802 16,960 17,308 17,579 17,995 17,900. 18,413 3,782 4,318 3,602 3,349 3,486 3,461 3,555 3,694 3,333 3,462 TWO WEEKS ENDING 1984—-OCT. NOV. 1 ' •' I j, 1 ' ' .L! if •i , '• Mi 38,627 38,400 32,462 32,167 37,723 37,984 196,712 196,739 20,406 19,617 21,571 22,329 18,221 18,784 3,350* 3,545 7 P 2 1 PE 38,490 39,301 33,118 34,825 37,954 38,654 196,491 199,703 20,542 20,722 21,404 22,117 17,949 18,579 3,456 3,538 r ' 'lii , II p *U .'- • ] | f r' '^. " l lit « 1 10 24 :• » Hi .... ,•; i.i.i.h P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED MITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. 2/ CONSISTS OF T0T*L 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 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 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. * 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 BASIS OF TWO-WEEK MAINTENANCE PERIODS. REFLECTS EXCESS <•> OR DEFICIT <-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WEEK RESERVF http://fraser.stlouisfed.org/ MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. Federal Reserve Bank of St. Louis I Rl • 'i : 192 • 1 268 74 87 H.3(80a| Tab* J AQGREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changoa In roaorvo roqulromsnta1 Avoragos of dally IIgufoa, not aoaaonally adjusts* MlMiona of doNors Dai* total 1983—OCT. NOV. DEC. 1 Rsssrvss of expository Institutions nonborrowsd 1 I Monetary toot foqulrod 36,145 36,199 36,839 35,301 35,294 36,085 35,640 35,670 36,298 183,183 185,561 188,758 38,181 36,610 36,613 37,476 36,768 37,793 37,847 37,691 37,873 37,934 37,466 36,042 35,662 36,242 33,780 34,493 31,923 29,675 30,632 31,917 37,568 35,667 35,905 36,986 36,191 37,027 37,240 37,008 37,253 37,334 188,633 186,875 188,148 190,666 191,329 194,237 195,908 196,130 196,071 196,115 1© 24 38,061 37,831 31,896 31,597 37,158 37,415 7 P 21 PE 37,9*0 38,753 32,587 34,278 37,423 38,106 1 9 8 4 ™ JAN. FEB. MAR. APR. HAY JUNE JULY AUG. SEPT. OCT. P ! TWO WEEKS ENDING 1984—-OCT. NOV. j 196,146 196,170 195,960 199,155 P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED UITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER