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FEDERAL RESERVE statistical release M3(502) Tab* 1 at 4:30 CsiHin Thus AQOREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changss In r m o t rsqutrsmsnts' AvoraQss of deify fIgurss, seasonally ad|ustsd unlaas notad othsnrtaa Mttftons of dotlsfs total* Dais OCTOBER n N i n i l Of CMpOTHOfy mvtituiKJnv fSQtltfSd nonbonowad plus nonbonowsd axtandad cradH* sxesss NBA4 M ^ ^ . 10. 1985 Borrow Inos of daposltory Institutions from ths FsdsrsJ Rsssrvs, NSA sxtsndsd cradll ssasonaf tots! 1984—SEPT. OCT. NOV. DEC. 38,086 37,961 38,466 39,081 30,844 31,944 33,849 35,895 37,303 37,001 37,686 38,499 37,458 37,341 37,773 38,229 628 620 693 853 196,206 196,397 197,672 199,032 7,242 6,017 4,617 3,186 319 299 212 113 6,459 5,057 3,837 2,604 1985- P 39,635 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,488 38,240 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,199 39,290 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,854 38,890 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,791 745 903 766 738 804 905 855 827 696 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,154 212,596 1,395 1 ,289 1 ,593 1 ,323 1 ,334 1 ,205 1 ,107 1 ,073 1 ,289 62 71 88 135 165 151 167 *?21 203 1 ,050 803 1 ,059 868 534 665 507 570 656 11 25 P 43,366 43,573 41,975 42,403 42,643 43,059 42,695 42,903 672 670 212,208 212,389 1 ,392 1 ,171 196 212 669 656 43,514 42,120 42,746 42,689 826 214,032 1 ,395 195 627 JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. TWO WEEKS ENDING 1985-SEPT. OCT. 9 PE P---PRELIMINARY PE--PRELIMINARY ESTIMATE 1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS. TO ADJUST FOR DISCONTINUITIES DUE TO CHANGES IN RESERVE REQUIREMENTS ON RESERVABLE NONDEPOSIT LIABILITIES, THE SUM OF SUCH REQUIRED RESERVES ARE SUBTRACTED FROM THE ACTUAL SERIES. SIMILARLY, IN ADJUSTING FOR DISCONTINUITIES IN THE MONETARY BASE, REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT ALSO ARE SUBTRACTED FROM THE ACTUAL SERIES. TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE 2/ REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT) PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS. SUCH VAULT CASH CONSISTS 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 BALANCES. 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 PRESSURES. 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 RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 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 HONEY^SfOCK b€SS 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. 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 BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE SEASONALLY ADJUSTED CIJRRENCi COMPONENT OF THE MONE, STOCK PIUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE HISTORICAL DATA ARE A V A I L M P L L I ROM THE BANKING SECTION. DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON. D.C. 20551 fable 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements/ Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2! Date total oonborrowed Reserve balance*, with F.R. Banks1-? total required used to satisfy required reserves*' Net carryover of excess or deficit In reserve _M balances^ surplus'' 1984—SEPT. OCT. NOV. DEC. 38,043 38,512 39,235 40,696 30,801 32,495 34,618 37,509 37,415 37,892 38,542 39,843 196,229 196,688 198,771 202,586 20,143 20,099 20,843 21,738 21 2 3 2 21^875 21,827 22,316 17,900 18,413 18,392 18,958 3,333 3,462 3,434 3,358 | 1 | 1 1985-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. PE 41,125 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,426 39,730 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,137 40,380 39,370 39,728 40,914 40,247 41,447 41,948 42,135 43,729 201,353 199,937 201,287 203,814 204,944 208,386 210,654 211,601 213,254 21,577 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,958 23,044 23,927 21,863 21,567 21,898 22,180 22,530 22,839 22,465 19,547 19,857 18,429 18,435 18,666 18,985 19,300 19,548 19,468 3,497 4,070 3,434 3,132 3,231 3,196 3,230 3,291 2,998 1 | I I 1 1 1 I I 11 25 P 43,509 44,792 42,118 43,621 42,838 44,122 212,580 213,110 24,630 25,027 21,887 22,705 18,880 19,765 3,008 2,940 n«ll!llliililll!H!lliiilfll!!niF 193 19 45,416 44,022 44,591 215,14© 25,488 23,067 19,929 3,139 TWO WEEKS ENDING 1985--SEPT. OCT. 9 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 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 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 PERIOD;:. REFLECTS EVCr-SS (O OR DEFICIT <••) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO WEEK RESERVE MAINTENANCE PER 101. ENDING ON THE DATE SHOWN. 86 H.3 (502) Tabl« 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository institutions nonborrowed Monetary base required 1984---SEPT. OCT* NOV. DEC. 37,881 37,953 38,687 40,129 30,640 31,936 34,070 36,943 37,253 37,332 37,994 39,277 196,067 196,129 198,224 202,020 1985—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. P 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,201 39,308 38,589 38,473' 39,932 39,309 40,754 41,303 41,523 41,912 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,505 200,931 199,542 200,859 203,417 204,535 207,992 210,260 211,234 212,029 43,122 43,089 41,731 41,919 42,451 42,419 212,193 211,408 43,688 42,293 42,862 213,411 TWO WEEKS ENDING 1985--SEPT. OCT. 11 25 P 9 PE P PRELIMINARY PE--PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER