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FEDERAL RESERVE statistical release For - . 4:30 Easlem Time H.3 (502) Table 1 Adjusted 101' changes In r . - requ~' A-ages of dally ligures, . . - l y . . , _ unleea noted olllerwlaa Millions of dollars total' Date t<,d7--oc:r. NUV. DllC. 1 Ydij--JA II. FEB. liAR. APR. I!AY JUNE JUL! AUG. SEPT. ocr. PE .....,_ of clepoaltOf'Y inatltutlona required nonborrowed plus exte-credlt' nonborr- 59,'166 59,053 58,722 58,523 58,428 57,944 59,'158 59,573 59,7b0 60,374 60,365 60,637 61,238 61,090 60,995 b0,961 56,376 59,177 58,009 57,380 57,787 57,555 57,798 57,849 58,156 58,662 58,973 58,822 58,'128 58,748 59,382 59,'187 60,004 59,894 60,108 60,336 1>11,502 60,215 60,443 58,338 58,129 51,693 58,163 58,1140 58,832 59,515 59,325 59,750 60,231 60,137 60,024 59,880 ...,... Monetary baaa1 NSA' 1,129 923 1,029 1,295 1,133 929 859 1,040 888 1,007 953 972 1,080 255,296 256,938 257,9..!8 260,721 262,019 263,315 265,809 266,924 268,309 270,626 271,200 272,446 273,711 Bonowinga of depository Institutions from the Federal Reaarve, NSA total -1 ext•- credit• 171 189 126 93 449 39'1 483 1,082 396 1,752 2,993 2,578 3,083 3,440 3,2'11 2,8J9 2,299 59 75 119 14b 246 311 376 423 421 332 372 205 1,478 2,624 2,107 2,554 2,538 2,653 2,059 1, 781 9'13 625 I TIIO WEEKS ENOIIIG --------1988-0CT. NOV. ------ 3, 1988 IJIOVEMBER AGGREGATE RESERVES OF DEPOSITORY INSTITUT~NS AND THE MONETARY BASE 5 19 p 2 PE 60,901 61,040 58,463 58,836 o0,167 60,516 59,753 60,042 1,1148 998 273,183 273,48'1 2,438 2,204 433 337 1, 704 1,681 b0,894 58,5111 60,'172 5.?• 745 1,149 274,195 2,353 285 1,931 I I I -----· P---PRELII!IHARY PE--PRELIRIIIABY ESTIRATE 1/ RESERVES AND ROHETARY BASE FIGURES IIICOBPORATE ADJUSTRENTS .FOB DISCORTIIIUITIES ASSOCIATED WITH THE I!PLKRENTATIOIJI OF THE ROMETARY CONTROL ACT AIID OTHER REGULATORY CHANGES TO RESERVE REQUIBEI!ENTS. TO ADJUST .FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIBEREIITS 01 BESERVABLE NOIDEPOSIT LIABILITIES, THE SUN OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THB ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOB DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALA~CES AID ADJUSTNEITS TO COftPEMSATE FOB FLOAT ALSO ABE SUBTRACTED FROB THE ACTUAL SERIES. 2/ TOTAL RESER7ES NOT ADJUSTED FOB DISCOITINUITIES CONSISTS OP RESERVE BALAICES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE !IEQUIRED CLEAIUIIG BALANCES AND ADJUSTRENTS TO CORPEBSATE POll FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE BEQUIREIIENTS. SUCH VAULT CASH CONSISTS OF ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVIIG REQUIRED RESERVE BALANCES AT .FEDERAL RESERVE BANKS PLUS THE AIIOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVA~ DURING THE RAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALAB~ES. 3/ EXTENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERIIS AND CONDITIONS gSTABLISHED FOR THE EXTENDED CREDIT PROGRAft TO HELP DEPOSITORY INSTlTUTIONS DEAL WITH SUSTAINED LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAllE NEED TO REPAY SUCH BORROWING PRORPTLI AS THEBE IS WITH TRADITIONAL SHORT-TBRII ADJUSTMENT CREDIT, THE MONEY MARKET IIIPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBOhROWED RESEdVlS. II/ RESERVE BALANCES WITH FEDEBAL RESERVE BANKS P~US VAULT CASH USED TO SATISFY RESERVE REQUIHERKNTS LESS REQUIRED RESERVES. 5/ XHE IION~TARf BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIR~D CLEARING BALANCES AND ADJUSTRENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COKPOIENT OF THE KOREY STOCK PLUS, FOR IMSTITUTIOIS NOT HAVING liEQUII!ISD RESERVE BALANC.t:S, i'HE EXCESS 01' CUllREIJIT VAULT CASH OVER THE AIIOUIIT APPLIED TO SATISFY CURRENT RESERVE REQUIREftENTS. AFTER THE INTRODUCTION OF CCR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE KOIIDAY-EMDIIG COMPUTATION PERIOD. THE SEASONALL~ ADJUSTED MONETARY BASE CONSISTS OF SEASONALLJ ADJUSTED TOTAL RESEkVE (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALL~ ADJUSTED dASIS) PLUS rHE SEASOJALLl ADJUSTED CURRENCY CONPOHE•T 01' THE MONEY STOCK PLUS THE UEIIAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOT~: ~ISlORICAL DATA ARE AVAILABL~ FROM THE KONE~ AND nESERVES PROJtCTIONS SECTION, DIVISION 01' MONETARY AFFAIRS, BOARD OF GOVERNORS OF TH~ FEDERAL RESERVE SYSTEM, WASHINGTO~, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No.i;;d]usted for. changes in reserve requirements Averages of daify figures, not seaSonally adjUsf8d Millions of dollars carryover of excess or deficit Monetary basel Date total nonborrowed required 1987--0CT. IIOV. DEC. 61,10& &1,205 b2, 123 &0,163 60,580 61,346 59,917 o0,282 to1,094 258,07& 21>1,1>74 :l&o,1b1 37,2'19 37,453 37.673 25,5<!7 25,431 26,15::. 1988--JAII. PES. II AB. APR. liAr JUNE JULf AUG. :;J::PT. Ut;T. PE b2,640 60,047 &0,076 62,0&4 bO, &81 61,991 62,756 61,965 62,153 &1,920 61,558 59,b50 58,324 59,071 58,103 56,908 59,316 58,7 2'1 59,314 59,b21 1)1,345 58,914 5\1,147 b1,205 59,b41 &1,103 o1,749 61,012 o1,181 t>O,t140 265,7<!9 2b2,596 268,127 2 bti, 699 272,654 275,591 275,033 274,874 275,735 37.46 5 34,211 36, o;n 38,429 3&,509 37,907 3 7. 992 36,911 37,213 lb, 443 26,91-,j 26,119 25, \l..:o 25,21)0 25,1l7J 25,717 26,47\1 26,695 26, 72b 27, hb b1,590 62,474 59,152 60,270 o0,'14.! o1,477 27J,b75 271.200 36,527 36,696 26,92'1 27,&12 .l~,OoJ .!5, 778 1, 861 1,63'1 47 133 b1,412 59,059 6U,2oJ 27'1,863 36,112 211,8.!5 2~,300 1,525 92 2b3,919 .!J,ti~7 lJ,752 .!'l.ij'19 1, 7JO 1.679 1,706 2:>, 1:>:.> 1,7f>ij .!~,tlJo 2.} ·< ~ .. , l>'+':J 1, <117 1, 5o4 1,701) 1,nJ2 1, 715 1,841 1, 78b 1,718 .!J,b.Jt> 2'1, ll.! .!<i,Otl'l .!ij, 7bJ 25,0!>4 2'1,9'10 :.!5,47<! j TWO WJ::.:;r;s ENDINu ---------1988--0CT. NOV. 5 19 l' 2 PI:: P---PiiELIIIINARY PE--PRE~IIIIBARY 1/ 2/ 3/ 4/ 5/ 6/ 11 J::STI~ATE. REFLEt;TS ACTUAL RESERVE BE~UiiiEII~HTS, INCLUDING THOSE ON NOHDEPOSIT LIABILITIES, WITH NO ADJU~TII~NTS TO ELIIIINATE THE EFFECTS OF DISCONTIIOITIES ASSOCIATED WITH li!PLEIIEIITATION OP THE IIONETARI CONTROL ACT OR UTrlHR REuULATORf CHANGES TO BESERVE RE~OIREIIENTS. CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEAlilNG BALAJICES AIID ADJUSTIIEIITS TO COIIPEIISATJ:: FOR HOAT AT FEOERAL RESERVE BA~KS PLUS THE CURRENCY COIIPONEHT OF THE IIONE¥ STOCK LESS THE AftOUNT OF VAULT CASH HOLDINGS 0¥ THRIFT INSTITUTIONS THAT I~ INCLUDED IN THE CUiiBEliCI COII~OMENT OF THE liONEl STOCK PLUS, FOR INSTITUTIONS NOT RAVIIIu REQUIRED RESERVE BALANCES, THE EXL~SS OF CURRENT VAULT CASH OVER TliE AIIOONT APPLIED TO 31.TISFJ CURRENT RESERVE REQOIREIIENTS. Al'TEit THE IIITRODUCTION OF CRn, CURRENCY AND VAULT CASH FIGURES ARE ftEASURED OVER TUE IIONDAI-BNDIHG COIIPUTATION PERIOD. EJCl:LIIDES Bi::QUlRED CLEAI!ING BALANCES AND ADJUSTI!t:IIITS TO COIIPEIISATE FOR FLOAT. . DA'IES REFER TO THE I!AINTEIIAIICE PERIODS IH !IH!CH TH~ VAULT CASH CAl! BE DSJ::D. TO SATli5PI-:Ji~fi;'lfV~}jk_l!QIJIHEIIENT:i. UNDER CON! Elll'ORANEOUS I!ESERVE BEQUiltEIIRHTS, IIAINrEHAHCI! PERIODS EIID 30 DAYS AFTEI! TilE L~GGED L:OAA.UTA.TLON I?ER.IOQS , .. . ' IN oHICH 'I'HE BALANCES ABE HELD. EQUAL TO ALL VAULT CASH HELD DURING THE LAGu~D COIIPDTATION PERIOD Bf IHSTITUTIOIIS HAYING H~QUIREO RESE~VE BALANCES U" FEDEIUL RESERVE BAIIKS PLUS TH/l AIIOUNT OF VAULT CASH E\;DAL 1'0 REilUIRED RESERVES DURING THE IIAINTENANCE PEHIOD AT INSTITUTIOIIS HAVING NO REQUIRED RESEBVE BALAIICl>S. ,'.: TOTAL VAULT CASH AT INSTITUTIONS HAV !KG NO REI/UIHED IIESEilVE llALAHCES LESS THE AIIOUNT OF V'AULT CASH EQUAL TO THt:IN REQDIHED RESEFVES DURIBG THE llliNTEIIABCE PERIOD. CONSISTS OF CARRYOVER ONLf AT DEPOSITORY IN:TITOTIOHS MAINTAINING RESEIIVES ON THE BA~l~ Of T~-WEEK IIAINTENANCE PERIODS. REFLECTS EXCESS (•) Olt DEfiCIT (-) "ES<:I<VES ELIGIIlLE TO BE CARRIED FOR:jiARD INTO '£HJ;: TWQ-WEJ::K HESERYE I!AliiTBHANCE ~ERlOD ENDING ON THE DATE SHONN. ' H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY ~NSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requlrements 1 Averages of dally figures, r.ot seasonally adjusted Millions of dollars Date total ... Reserves of depository Institutions non borrowed Monetary base required 1987--ocr. IOJ. DEC •. 59,073 59,136 60,023 58,130 58,511 59,245 57,944 58,213 58,99 .. 254,119 257,651 262,053 1988-JlJ•. l'BB. Ul. lPB. 61,199 58,663 58,851 60,947 59,454 60,679 61,467 60,591 60,654 60,546 60,117 58,267 57,099 57,954 56,876 . .57,596 58,027 57,350 57,815 58,247 59,904 57,530 57,922 60,088 58,414 59,791 60,460 59,638 59,683 59,466 l62,006 259,010 260,172 265,007 265,732 269,442 272,411 271,734 271,567 272,422 60,041 61,190 57,603 58,986 58,893 60,192 270,289 273,959 60,005 57,653 58,857 271,519 1111 JUIE JOLt lUG. SBPT. ocr. PB 1'110 lEEKS BIDIIG ------------1988-ocr•. 5 19 p IOJ •. 2 PB P---PRBL.I!U:UU PB--PBBL.I!IBABJ ESTI!lTB. 1/ FIGURES REFLECT lDJUST!BHTS FOB DISCOHTINUIT.IBS lSSDCilTBD ilTH THE IftPLE!EITlTIOI OP THE SOliTARY COHTBOL lCT liD OTHBB BBGDLlTOiJ CHliGIS TO IESEBJE BEQOiiB8BITS.
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