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FEDERAL RESERVE statistical release F o r R e le a s e a t 4 : 3 0 p . m . H .3 ( 5 0 2 ) T a b le 1 A G G R E G A TE R ESER V ES OF D EPO SITO R Y IN S TITU TIO N S AND TH E M O N ETA R Y BASE NOVEMBER 2 7 , A d ju s t e d f o r c h a n g e s i n r e s e r v e r e q u ir e m e n t s 1 A v e ra g e s o f d a i l y f i g u r e s , s e a s o n a ll y a d ju s t e d u n le s s n o te d o t h e r w is e M illio n s o f d o lla r s R e s e rv e s o f d e p o s it o r y to ta l2 D a te nonbo r rowed 3 43877 44677 45409 441 3 8 4 4 785 45601 1 9 9 1 -O C T . NOV. D EC. 45953 47668 48385 46186 47746 48476 1 9 9 2 -J A N . FEB. , MAR. 43889 44678 45410 45954 47670 48386 re q u ire d 43055 43893 44623 45183 46681 47447 1992 B o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s fro m th e F e d e r a l R e s e r v e , NSA in s titu tio n s n o n b o rro w e d p lu s e x te n d e d c re d it* E a s t e r n T im e excess NSA 5 M o n e ta ry base6 to ta l 1083 892 979 313281 315332 317254 261 108 192 2 11 86 1003 1065 1028 319695 323411 324512 233 77 91 17 32 1 2 2 90 155 229 47 98 149 2 0 0 seasonal 38 22 e x te n d e d c r e d i t 4 12 1 1 APR. MAY JUNE 49001 49494 49 2 3 4 48911 49339 49005 48913 49339 49005 47863 48494 48321 1137 913 326500 328584 329642 JU L Y AUG. SEP. 49489 50322 51346 49205 50071 51058 49205 50071 51058 48524 49387 50352 965 935 994 332255 336865 341545 284 251 287 203 223 193 0 0 0 O C T. p 53142 53000 53000 52069 1073 345627 143 114 0 521 8 7 51928 51928 51004 1182 342969 259 196 0 185 118 146 95 0 0 66 53 37 0 0 1000 Tw o w eeks e n d in g 1 9 9 2 -S E P . 30 O C T. 14 28 52674 53499 52490 53382 52490 53382 51525 52428 1149 1071 344712 346257 NOV. lip 25pe 53662 5 4 349 53596 54211 53596 54211 52935 52982 727 1367 346955 348820 p e — p r e l i m i n a r y e s t im a t e p — p r e lim in a r y 1. 2. 3. 4. 138 i R e s e rv e s and m o n e ta ry b a s e f i g u r e s i n c o r p o r a t e a d ju s tm e n ts f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y c h a n g e s i n r e s e r v e r e a u ir e m e n t s . ( F o r m ore i n f o r m a t i o n , see T a b le 3 .1 . . . . . . . • . i ,i « S e a s o n a lly a d j u s t e d , b r e a k -a d j u s t e d t o t a l r e s e r v e s e q u a l s e a s o n a lly a d j u s t e d , b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s p lu s u n a d ju s t e d e x c e s s r e s e r v e s . ( A l s o , se e f o o t n o t e 2 on T a b le 2 and f o o t n o t e 2 on T a b le 3 . ) . . . . . . . • . i . j. i i S e a s o n a lly a d j u s t e d , b r e a k -a d j u s t e d n o n b o rro w e d r e s e r v e s e q u a l s e a s o n a lly a d j u s t e d , b r e a k -a d j u s t e d t o t a l r e s e r v e s le s s u n a d ju s t e d t o t a l b o r r o w in q s o f d e p o s i t o r y i n s t i t u t i o n s from th e F e d e r a l R e s e rv e . . .... r .. . j x E x te n d e d c r e d i t c o n s i s t s o f b o r r o w in g a t th e d is c o u n t w indow u n d e r th e te rm s and c o n d i t i o n s e s t a b lis h e d f o r th e e x te n d e d c r e d i t p ro g ra m t o h e lp d e p o s i t o r y i n s t i t u t i o n s d e a l w i t h s u s t a in e d l i q u i d i t y p r e s s u r e s . Because t h e r e i s n o t th e same need t<p re p a y s u c h b o r r o w in g p r o m p t ly as t h e r e i s 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 ju s tm e n t c r e d i t , th e money m a rk e t im p a c t o f e x te n d e d c r e d i t i s s i m i l a r t o t h a t o f n o n b o rro w e d 5. 6. O th e r b re a k T a b le 2 and f o o t n o t e 4 o n t a b l e 3 .) H.3 (502) Table 2 £??d?J&A7J S fgf’SySLSf J?|iP°£!IPRY i n s t i t u t i o n s A v e r a g e s of daily figures, not s e a sonally adjusted M i l l i o n s of dollars a n d th e m o n e ta ry base R eserves of d e p o s i t o r y institutions Date total2 Vault c a s h 5 nonbor r o w e d required M one t a r y base^ Reserve balances with used to satisfy required total Net carryover of reserve dUV 1991-OCT. NOV. DEC. 51584 530 5 7 55532 51323 52949 55340 50501 52165 54553 322712 326880 333611 23197 25004 26659 32299 31714 32513 28386 28053 28872 3913 3661 3641 1992-JAN. FEB. MAR. 55812 55238 56282 55579 55161 56191 54809 54174 55254 333094 333190 3 35817 25416 24918 28057 34135 34218 31647 30396 30320 28225 3739 3897 3422 APR. MAY JUNE 50455 48825 .49496 50365 48670 49267 49318 47825 48584 332694 333792 336431 22655 21071 21223 31071 31197 31729 27800 27754 28273 3271 3442 3456 JULY AUG. SEP. 49823 50162 51521 49538 49911 51234 48857 49227 50527 339865 342494 346207 21206 21272 22627 32145 32457 32343 28617 28890 28894 3528 3567 3448 OCT. p 53135 52993 52062 349829 23625 32992 29510 3482 1 9 9 2 - S E P . 30 51399 51140 50217 345600 22048 33033 29351 3682 -29 OCT. 14 28 53248 52821 53064 52704 52099 51750 349845 349301 23810 23031 32929 33334 29438 29790 3491 3544 184 NOV. lip 25pe 54072 54829 54006 54692 53345 53462 352219 354866 25532 25748 31689 33447 28540 29081 3150 4365 335 114 Two weeks en d i n g 220 pe--preliminary estimate changes5 in C^ e s e r C r r e q u ir e m ln t s e S ’ a d j u s tm e n ts io ^ e lim in a t e th e e f f e c t s o f d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u la t o r y Reserve oalances w i t h Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break- a d i u s t e d and not seasonally adjusted, consists of (1) total reserves plus (2) required clearina balances and ronnr+Hrc L ? h a 0 T n S a !e *°t Federal Reserve Banks plus (3) the currency component of the money stock plus (4 ), for all q u a r terly Report of Transaction Accounts, Other Deposits and Vault C a s h ” and for all those weekly reporters wh o s e vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy 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 f t e r t h e ° S i c u C rency and vault cash figures are measu r e d over computation periods ending on Mondays. 554r^Sqy i r? u ^ c i ? ? r i ^ ? _ ^ ? ^ arnce?_ain d -a d JH?^.mer?^s *° c ompensate for float and includes other o f f 7balance sheet "as-of" adjustments. raneous reserve . * 1- . | . _ |1 'J exceed their vault vault cash exceed s w^ *> » W WW 1 V W I WVjV4 A I W11 Iw l I V w • Total vault cash hel d by depos i t o r y institut 19 ns minus the amount applied to satisfy reserve requirements. C o n s I S lS O t d e f i c i t 5! - ! n s r r^v/ov/o r n r> 1 \/ a r re s e rv e s r e l i a i b l e r J o r x n c i 4*n ^i / i K\r* 4- «i l u l l M 1 ^ _______ __ ___ _____ ii i • r « ^ « . . ,?a i !?,*a i " i n 9 r e s e rv e s on t h e b a s i r o f ' t w o ^ w S ^ k ^ a in t e n a n c e p e r i o d s . R e f le c ts exce ss reserves e l i g i b l e to be carried forward into the two-week reserve maintenance period ending on the date shown. ( + ) or H.3 (502) Table 3 A G G R E G A TE R ESER VES OF DEPOSITORY IN S TITU TIO N S AND TH E M O N E TA R Y BASE A d ju s t e d f o r c h a n g e s i n r e s e r v e r e q u ir e m e n t s 1 A v e ra g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s t e d M illio n s o f d o lla r s R e s e rv e s o f d e p o s it o r y t o t a l2 D a te in s titu tio n s n o n b o rro w e d re q u ire d 3 M o n e ta ry b a s e 4 1 9 9 1 -O C T . NOV. DEC. 43667 44861 46975 43406 44753 46783 42584 43969 45996 311490 315146 321065 1 9 9 2 -J A N . FEB. MAR. 4 7 346 46848 47685 47113 46770 47594 46343 45783 46657 320429 320379 322691 APR. MAY JUNE 50015 4 8 622 49245 49925 48468 49016 48877 47622 48333 327448 328368 330935 JU L Y AUG. SEP. 49524 4 9 813 511 1 3 49240 49562 50825 48559 48878 50118 334093 336594 340105 O C T. P 52664 52521 51590 343673 Tw o weeks e n d in g 5 0 982 50723 49799 339401 O C T. 14 28 5 2 790 5 2 346 52605 52228 51640 51274 343743 343125 NOV. HP 25pe 53559 542 9 0 53493 54153 52832 52923 345907 348522 1 9 9 2 -S E P . 30 p — p r e lim in a r y 1. 2. 3. 4. ' p e — p r e l i m i n a r y e s t im a t e F i g u r e s r e f l e c t a d ju 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 , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n r e s e r v e re q u ire m e n ts . , B r e a k -a d j u s t e d t o t a l r e s e r v e s e q u a l b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s ( T a b l e 3 , co lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA ( T a b l e 1 , c o lu m n 5 ) . . . T o a d j u s t r e q u i r e d r e s e r v e s f o r d i s c o n t i n u i t i e s due t o r e g u l a t o r y ch a n g e s i n r e s e r v e r e q u ir e m e n t s , a m u l t i p l i c a t i v e ^ p r o c e d u r e i s u s e d t o e s t im a t e w h at r e q u i r e d r e s e r v e s w o u ld h a ve been i n p a s t peri<pds h ad c u r r e n t r e s e r v e r e q u ir e m e n t s been i n e f f e c t . B r e a k -a d ju s t e d r e q u i r e d r e s e r v e s a re e q u a l t o b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s a g a i n s t t r a n s a c t i o n s d e p o s its . T h e b r e a k - a d j u s t e d m o n e ta ry b ase e q u a ls ( 1 ) b r e a k -a d j u s t e d t o t a l r e s e r v e s p lu s ( 2 ) th e (u n a d j u s t e d ) c u r r e n c y co m p on ent o f th e money s t o c k p l u s ( 3 ) , f o r a l l q u a r t e r l y r e p o r t e r s on th e " R e p o r t o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s it s a nd V a u l t C a s h " and f o r a l l th o s e w e e k ly r e p o r t e r s whose v a u l t c a s h e x ce e d s t h e i r r e q u i r e d r e s e r v e s , th e b r e a k - a d j u s t e d d i f f e r e n c e b e tw e e n c u r r e n t v a u l t ca sh and th e am ount a p p l ie d t o 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 ir e m e n t s . Note: Histori c a l data a r e ava i l a b l e from the Money and Reserves Projections Section, D i v ision of M o n etary Affairs, B o a r d of Gover n o r s of T h e Federal Reserve System, Washington, D.C. 20551
@FedFRASER