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FEDERAL RESERVE statistical release ii ia» ft A ft y i& H.3(502) T»W«1 For Release at 4:30 Eastern Time S*4& WfHli AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BA SOTKMBSB 7, 1985 Adjutttd for ch«ng«t in WMHTO roquirwrMMitt1 Av«r«g«s of dally figures, seasonally adjustsd untaws noted otherwise Millions of dollars total1 Date Reserves of depository Institutions nonborrowed required nonborrowed plus extended credit9 Monetary base* excess NSA4 Borrowings of depository institutions from the Federal Reserve, NSA | seasonal extended credit' total 196,397 197,672 199,032 6,017 4,617 3,186 299 21 2 113 5,057 3,837 2,604 745 903 766 738 804 905 855 827 666 761 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,154 212,394 213,443 1 ,395 1 ,289 1 ,593 1 ,323 1 ,334 1 ,205 1 ,107 1 ,073 1 ,289 1 ,187 62 71 88 135 165 151 167 221 203 -172 1 , 050 803 1 ,059 868 534 665 507 570 656 629 42,962 42,771 647 818 212,791 213,347 1 ,395 1,118 195 169 627 649 43,016 790 214,343 1 ,075 151 598 1984—OCT, NOV. DEC. 37,961 38,466 39,081 31,944 33,849 35,895 37,001 37,686 38,499 37,341 37,773 38,229 620 693 853 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. PE 39,635 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,507 43,651 38,240 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,218 42,464 39,290 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,874 43,093 38,890 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,841 42,890 43,609 43,590 42,215 42,472 42,841 43,120 43,807 42,732 43,330 j TWO WEEKS ENDING 1985-OCT. NOV. 9 23 P 6 PE ? T ~ ™ t I M I N A R Y D M0NETARY BASE PE—PRELIMINARY ESTIMATE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE 2n£l5xE5 £« MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN ^ T r r E S S VM . ^ P R! 1 ^ 1N^ 0 ^U ^ T?I ?N G? F^08R^ ^ ^ ^ 0 5 1 1 L I A * I L I T I E : S , THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL rnM^M;Arc inS b^i x^ f DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. 2/ J ? J u T p ? n J n ^ L r ^ f i l i r I P ^ l 5 I ^ 5 ! I L I ^ I T I E S CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE A REQUIRED LCLEARING BALANCES FAND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. C NSI5:TS ALL VAULT CASH HELD OApAMn^ I-r ^^° ° DURING THE LAGGED COMPUTATION PERIOD BY INSTITUTIONS HAVING REQUIRED RESERVE FEI ?S«5SM5 >E:RAL RESERVE BANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. 3/ r«nT?E? ,nr2A2IInCf!I!?JSIS 0 F B 0 R R 0 W I N G A T T H E DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXTENDED B REPAY sEES S S E R K T E ^ CREDIT'IS^XAR^T'O T H T O ^ O ^ 4/ 5/ D PL WI ™ 5U * T A I N E D LIQUIDITY PRESSURES. BECAUSE THERE IS NOT THE SAME NEED TO SHORT-TERM ADJUSTMENT CREDIT, THE MONEY MARKET IMPACT OF EXTENDED ? H F E M n N F ? ^ f ^ r W i n T [ n . ^ r r n ^ n P ^ B A N K S P L U V A U L T CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. TS C S S P I K K F K P 2 ? L $ D ^ r S « S ? J"C0NTINUITI£S CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEARING BALANCES AND ADJUSTMENTS R H O L M E E I OF THR?PT t2«T?NTTnSr ?hA5 E fr R T^?^ KS P L U S ™ E C U R R E N C Y COMPONENT OF THE MONEY STOCK LESS THE AMOUNT OF VAULT CASH REPUTES S p J S S r L 2 2 J J J U T J 2E^XrCIE^ L0I F5 ^C IU NR CRLEUNDTE DV AI UN L T™ E CURRENCY COMPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING AP?PD r L TMT^nLrTTn^nfvI^ ^ CASH OVER THE AMOUNT APPLIED TO SATISFY CURRENT RESERVE REQUIREMENTS. CURRENCY A N D V A U L T C A H F G till* In r52 APP ™2?n2Lr? R Ar* I URES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. F E M0NETARY BASE 0THER RY P L P L ^ T ' A ^ r2n£2rSE?^r-? , ™ ™ A N EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN rL?T?T? nr ic5?SKiA?P5 LR,n?f^ES lS A D D E D ° N A N0T SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES ccArnfIf, 2 A ^ M O S ? ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE NnTF Sf?TnPTLf D ^ATl E Arn U ^w^FL C 0 M P 0 N E N T 0 F T H E M 0 N E Y SJ0CK PLUS T H E REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. FEDFRA RFSERVE SYSTFM WASHINGTON F R ° M ™ E B A N K I N G ^ E C T I 0 N ' DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE H.3(50*) Tab)* 2 AQOREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE No.t^diusted toy-changes in reserve requirements; j , r Averages of* daily "~ f y ffigure*,Tiot i ^seasonally " "' adjuste* Millions of dollars *^ Vault cash4 of depository Institutions Reserve balances., with F.R. Banked total 1984- OCT. NOV. DEC. 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. PE nonborrowed used to satisfy required required 38,512 39,235 40,696 32,495 34,618 37,509 37,892 38,542 39,843 196,688 198,771 202,586 20,099 20,843 21,738 21,875 21,827 22,316 18,413 18,392 18,958 41,125 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,447 45,471 39,730 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 44,284 40,380 39,370 39,728 40,914 40,247 41,447 41,948 42,135 43,782 44,710 201,353 199,937 201,287 203,814 204,944 208,386 210,654 211,601 213,048 214,677 21 ,577 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 25,427 23,044 23,927 21,863 21,567 21,898 22,180 22,530 22,839 22,465 22,724 19,547 19,857 18,429 18,435 18,666 18,985 19,300 19,548 19,475 20,044 45,523 45,542 44,129 44,424 44,876 44,724 213,877 215,310 25,553 25,243 23,067 22,831 19,971 20,299 45,290 44,215 44,499 214,471 25,607 22,151 19,683 Net carryover surplus4 ? TWO WEEKS ENDING 1985—OCT. NOV. 9 23 P 6 PE 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 WITH IMPLEMENTATION OF THE MONETARY CONTROL ACT OR OTHER REGULATORY 2/ 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 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 3/ CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 4/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 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 5/ IN WHICH THE BALANCES ARE HELD. 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 6/ INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR 7/ TOTAL REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. CONSISTS OF CAKIAYOVER 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 MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. H.3(502) Tabla3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in raaarva requirements1 Averages of daily figuraa, not saaaonally adjusted Millions of dollars Data total Raaarvaa of depository inatitutiona nonborrowad Monetary baaa raquirad 1984—OCT. NOV. DEC. 37,953 38,687 40,129 31,936 34,070 36,943 37,332 37,994 39,277 196,129 198,224 202,020 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. PE 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,221 43,747 39,308 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,932 42,560 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,555 42,986 200,931 199,542 200,859 203,417 204,535 207,992 210,260 211,234 211,821 212,953 43,783 43,819 42,389 42,701 43,136 43,001 212,137 213,587 43,580 42,505 42,790 212,761 TWO UEEKS ENDING 1985—OCT. NOV. 9 23 P 6 PE p — -PRELIMINARY PE--PRELIMINARY ESTIMATE. 1/