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FEDERAL RESERVE statistical release NOV H.3 (502) For Immediate Release Table 1 NOVEMBER AGGREGATE RESERVES AND MEMBER BANK DEPOSITS 3, 1980 Average of daily figures jnts SKKEmaBEEE^iTE d de"p<3sits ypri>E(§; Member bank reserves 1 Period total nonborrowed Monetary base 2 required time and savings total y total PC other interbank US. government demand billions of dollars millions of dollars seasonally adjusted 1979—AUG. SEPT. OCT. NOV. DEC. 41,110 41,429 42,199 43,057 43,567 40,025 40,089 40,177 41,151 42,095 40,888 41,238 41,927 42,812 43,126 148.6 150.0 151.5 152.8 153.8 625.4 631.5 638.2 641.9 644.4 436.3 441.7 446.6 450.1 451.1 187.0 188.1 189.8 190.0 191.5 12.2 13.3 15.1 14.7 15.4 174.8 174.7 174.7 175.3 176.1 2.1 1.7 1.7 1.9 1.8 1980—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. P 43,441 43,350 43,669 44,846 44,446 43,959 42,781 40,745 41,536 42,200 41,695 40,846 42,391 43,427 43,580 42,386 40,087 40,225 43,191 43,139 43,483 44,649 44,268 43,756 42,497 40,450 41,272 154.7 155.6 156.6 157.9 158.5 158.9 158.8 158.2 159.5 643.7 647.2 649.1 655.4 656.8 658.0 658.5 667.8 678.2 451.9 454.4 457.9 464.2 467.7 467.9 467.0 474.2 482.0 189.5 190.9 189.4 188.7 187.3 188.4 189.1 191.5 194.5 13.6 14.5 15.6 17.2 17.1 16.9 16.6 14.4 15.9 176.0 176.4 173.9 171.5 170.2 171.5 172.5 177.1 178.6 2.3 1.9 1.8 2.4 1.8 1.7 2.5 2.1 1.8 WEEK ENDING: 1980—SEPT. OCT. 3 10 17 24 P P P P 41,528 41,136 41,354 41,801 40,180 40,542 40,141 40,171 41,039 40,897 41,050 41,747 159.5 158.6 159.4 159.9 673.2 680.0 679.1 676.9 478.8 481.3 481.6 482.8 192.5 196.3 195.7 192.5 16.0 16.1 15.3 15.0 176.5 180.3 180.4 177.5 1.9 2.4 1.8 1.6 1 8 15 22 P P P P 41,912 41,531 41,320 41,881 40,039 40,283 40,213 40,678 41,534 41,137 41,107 41,813 160.7 160.1 160.4 161.3 677.6 682.7 684.4 685.8 483.7 485.0 486.7 486.8 192.4 195.1 194.7 197.0 15.6 15.9 15.5 17.3 176.9 179.2 179.2 179.7 1.5 2.7 3.0 2.0 not seasonally adjusted 1979—AUG. SEPT. OCT. NOV. DEC. 1980—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. P 40,715 41,054 42,280 42,997 44,020 39,630 39,713 40,258 41,092 42,547 40,494 40,862 42,007 42,753 43,578 148.4 149.4 151.3 153.5 156.3 620.4 629.1 637.8 642.2 652.6 434.2 439.5 445.7 449.2 452.0 184.5 187.5 190.5 191.3 198.6 12.0 13.3 15.1 15.2 16.0 172.6 174.2 175.4 176.2 182.6 1.7 2.1 1.6 1.7 2.0 45,179 43,177 43,096 . 44,880 43,963 43,472 42,859 40,370 41,182 43,938 41,522 40,273 42,425 42,945 43,092 42,464 39,711 39,871 44,928 42,966 42,910 44,683 43,785 43,268 42,575 40,074 40,919 155.9 154.0 154.9 157.5 157.8 158.6 159.6 158.0 159.0 652.1 643.9 648.0 657.7 651.5 656.9 658.2 662.5 675.6 454.6 455.8 460.6 464.7 467.7 467.4 466.0 471.8 479.6 195.4 186.2 185.5 190.4 182.1 187.2 190.0 189.0 193.9 14.5 14.3 15.2 16.8 16.2 16.6 16.8 14.2 15.8 180.9 172.0 170.4 173.6 165.9 170.6 173.2 174.8 178.1 2.1 1.8 1.9 2.6 1.7 2.3 2.2 1.7 2.1 WEEK ENDING: 1980—SEPT. OCT. 3 10 17 24 P P P P 41,099 40,291 40,719 41,652 39,751 39,697 39,506 40,022 40,610 40,052 40,415 41,598 159.0 158.9 158.8 159.0 667.0 677.4 679.5 672.3 476.3 478.7 478.9 480.2 189.3 196.6 198.2 189.9 14.4 16.5 15.4 15.0 174.9 180.1 182.7 174.8 1.4 2.1 2.5 2.3 1 8 15 22 P P P P 42,257 41,177 41,172 42,179 40,384 39,929 40,065 40,976 41,879 40,783 40,959 42,111 159.4 160.3 160.6 161.0 674.7 684.5 684.4 684.5 482.2 484.4 485.7 485.6 190.7 197.4 196.2 197.1 15.4 16.6 14.9 17.3 175.3 180.8 181.3 179.8 1.7 2.7 2.4 1.8 See reverse side for explanation of footnotes. | | H.3 Table 2 AGGREGATE RESERVES AND MONETARY BASE Adjusted for changes in reserve requirements3 Averages of daily figures Monetary base Member bank reserves required Period total I non borrowed millions of dollars _____ billions of dollars seasonal I l adjusted total Member bank reserves l non borrowed required millions of dollars not seasonally adjusted Monetary base billions of dollars 1979—AUG. SEPT. OCT. NOV. DEC. 38,414 38,696 39,289 39,439 40,047 37,329 37,356 37,267 37,534 38,575 38,192 38,505 39,017 39,195 39,606 145.9 147.3 148.6 149.2 150.2 38,037 38,337 39,376 39,388 40,490 36,951 36,996 37,354 37,483 39,017 37,815 38,145 39,104 39,144 40,048 145.7 146.7 148.4 149.9 152.8 1980—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. P 40,015 39,956 40,066 40,124 40,116 40,078 40,177 40,717 41,507 38,774 38,301 37,243 37,669 39,098 39,699 39,783 40,059 40,196 39,764 39,745 39,880 39,927 39,938 39,875 39,893 40,422 41,244 151.3 152.2 153.0 153.2 154.2 155.1 156.2 158.1 159.5 41,715 39,761 39,482 40,148 39,655 39,595 40,267 40,342 41,154 40,474 38,106 36,659 37,693 38,637 39,216 39,872 39,684 39,842 41,464 39,550 39,296 39,951 39,478 39,392 39,983 40,046 40,890 152.5 150.5 151.3 152.8 153.4 154.7 157.0 158.0 158.9 WEEK ENDING: 1980—SEPT. OCT. 3 10 17 24 P P P P 41,496 41,105 41,324 41,774 40,148 40,511 40,111 40,144 41,007 40,866 41,020 41,720 159.4 158.6 159.3 159.9 41,067 40,260 40,689 41,625 39,719 39,666 39,476 39,995 40,578 40,021 40,385 41,571 159.0 158.8 158.8 158.9 1 8 15 22 P P P P 41,887 41,505 41,295 41,856 40,014 40,257 40,188 40,653 41,509 41,111 41,082 41,788 160.7 160.1 160.4 161.2 42,233 41,151 41,147 42,154 40,360 39,903 40,040 40,951 41,855 40,757 40,934 42,086 159.3 160.2 160.6 161.0 P - PRELIMINARY 1/ MEMBER BANK RESERVES SERIES REPLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO AEJUSTMENT TO ELIMINATE THE EFFECT OF CHANGES IN REGULATIONS D AND M. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINT MARGINAL RESERVE REQUIRMENT WAS IMPOSED ON "MANAGED LIABILITIES". ON OCTOBER 25, 1979, RESERVES OF EDGE ACT CORPORATIONS WERE INCLUDED IN MEMBER BANK RESERVES. THIS ACTION RAISED REQUIRED RESERVES $318 MILLION. EFFECTIVE MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE POINTS. IN ADDITION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT IS CALCULATED WAS REDUCED. THIS ACTION INCREASED REQUIRED RESERVES ABOUT $1,693 BILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980, THE MARGINAL RESERVE REQUIREMENT WAS REDUCED FROM 10 TO 5 PERCENTAGE POINTS AND THE EASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT IS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980 MILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24, 1980 THE 5 PERCENT MARGINAL RESERVE REQUIREMENT ON MANAGED LIABILITIES AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINST LARGE TIME DEPOSITS WERE REMOVED. THESE ACTIONS REDUCED REQUIRED RESERVES ABOUT $3.2 BILLION. 2/ INCLUDES TOTAL RESERVES (MEMBER BANK RESERVE BALANCES IN THE CURRENT WEEK PLUS VAULT CASH HELD TWO WEEKS EARLIER); CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND THE VAULTS OF COMMERCIAL BANKS: AND VAULT CASH OF NONMEMBER BANKS. 3/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUSTED TO REMOVE DISCONTINUITIES ASSOCIATED WITH MARGINAL RESERVE REQUIREMENTS, THE INCLUSIONS OF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES IN REGULATIONS D, K, AND M. HISTORICAL DATA AND A DESCRIPTION OF THE ADJUSTMENT PROCEDURE ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551.
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