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FEDERAL RESERVE statistical release H.3~ Far. T-.1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjuat.cl lor c:MngM I n - NqUI-111 A--o- of eMily~ - ' l y adjuet.cl unlea not.cl othetwlse Mllllone of dol..,. tot.r' 0... 1987--;;it:l."l:. OCT. NOV. !>11,815 59,466 !>'1,053 o..::c. 58,722 198tl--JAN. 59,45!1 59,::.73 59,7b0 bO,J74 b0,Jb5 bO,t>J7 b1,2J8 t.l, 090 1>1 ,o09 ¥EB. liAR. APll. !lAY JUliE JUU AUG. ;;t;.PT. p ........ .........,. of depository 111811tutlone nonborrowed nonborrowed plue extended credit' 57,11711 58,!>23 :,b,.!83 Sti,'l73 58,1128 57,':1411 :Jti,B.U 5tl,J76 5'J, 117 58,009 57,380 So,711tl S/,167 ::.7,!>55 :>7,798 ~7,!149 !>11,169 5tl,4.c!li :)~,38" .,._ 793 1, 129 923 1,029 58, 163 511,1140 1,295 1,133 929 1159 1,0110 888 1,007 953 975 :.':l,il<l7 56,632 bu,uOII :>:i,tl94 bu,1011 ov,33o uv,S02 b\J,2Lil 39,315 59,.S..!5 59,750 1>0,231 bU, 1J 7 611,033 Monetary base1 Borrowings of depository institutions from the Federal Reserve, NSA aeuonal extended credit• total 253,0~11 255,2':11> 256,938 257,92<:1 260,7.!1 262,01'1 263,31!> 265,80~ <166,9..!4 268,3\J':I 270,b2b 271,2Ull 272,4btl 940 94J 625 :tJ1 117 9J 409 11119 J911 483 1,0.114! 391> 1, 732 ",993 2,5711 J,OIJJ J,II .. O 3,2111 l,tlJ9 59 75 119 14b 2116 J 11 37o 4.lJ 4:.!1 J72 .!05 1,1178 2,624 2,107 2,554 2,538 2,653 2,059 111~ 1;1 6 i TWO ioili.t:KS EIIDlNG --------- 198ti-SEPT. uc'l'. JJ, 1'.HHI OCTOB!li! NSA• !>8,0.!1 58,338 511,129 :>7, 1>9 3 -.eat 4:30 Eutem ~ 7 .!1 5 p bl ,U84 b1,013 57,':191 :0.8,043 61J 1 117J bU,l1d 59,961 b0,.250 1,123 763 271,74:J 272,3.!o toO,':IIIJ 511,505 ou,209 59, 753 1, 191 273,2119 3,093 1132 ,.... I 40tl 2,482 2,075 II.SJ 1, 704 ",438 I ----- I P---i't<ta.ltHNARY PE--PREUIIIIIABY t:STI!IA1'E 1/ Jjt;;:,.i;;~tVES AND IIONE'lAln !lASE FIGURES LNl:ORPOIIAT-" liJJU;;iT!IEN'l:S FOR OISCONTlBOUIES ASSOCIATEJJ H'fH TilE llll!I.EliENTATION OF THE IIU~ETARY CONTROL Al:T AND OTH£8 REGULATORY CHAMGES TO RESERVE R£QUIREIIENTS. TO ADJUST FOR OISCOITINUlTlES ODE TO CHANGES IN NB;;iERVE REQUlREIIENTS uN RE;;ERYABLE NONDEPOSIT LlaUILITlES, THE SUI! OF SUCH REQUIRED RESERVE;; ARE ~UBTRACTED FRO!I THE ACTUAL ;;EHlES. SIIIILARLY, lN ADJUSTING FOR DlSCONTINUlTir:S IN THE IIONETlNY BASE, REQDlkED CLEAlllNG HALANl:ES AND ADJOST!IENTS TO CUi'IPE!lSATt: FOR FLOU Al.::>O ARE SUI:ITilAC1'ED l'iWII fllt: ACTUAL SERIES. 2/ TCTAL RESEBVJ;S NOT AiJJUSTED FOR DISCONTINUITIE;; CONSISTS OF RESERVE BALANCES wiTH FEDEBAL Rt:;;ERVE BANK;; (WHICH EXCLUDE RE"Ul..h..:D CLEAli.lNG BALANCES AND ADJUSTII.t:NTS TO l:OIIPUSAT.r: FOR FLOAT) PLUS VAULT CASH USED TO SATISI'J. DESERVE REQUIRE!IEIITS. SUI.:ll VAULT CA;;H CUN!;l;)'l::; O.F ALL VAUL1' CASH ttEl.JJ UUlU.Nu 'flUS l.A-'GEw COHPUTUIOI> l'ElilOD DY INSTll'UT.lUJIS HAVING RE\lUIBED RESERVE IIALUI<.E;; AT n:Di.hAL hESE.iiV.t: BAhi\S PLU;; 'rHE AIIUUiiT Of VAULT CA;;H EQUAL TO .ltEQUillED RESERVJ>S DUlilHG Tiff! tiA.lliTEliANCE Pt:.IIIOU AT lN$1I:J.U1lUNS 8t.VlhG I>U hi::~.<UIR£0 lii;.St.BVt; BALANt:J>;;. 3/ t:XT~NIJEU CRt.uiT CUN51Si5 UF BUhjO~ING ~'r THE iJlSCO~NT WINUUW UNDER TBE TERIIS AND CONDITiON;; ESTABLISitED FOR THE EXTENDED ChEUH' t>hOGRAII TO HU.. P LEPUSUUltY J.N.:>'l:ITOTlUN;:, DEAL li1Tli SUSTAINED LIQUIDITY PltESSUl!ES. ilECAUS.E ·rHER.B IS !lOT Tlt.t: SAllE lihED TO h.t:<'AY ;;uo...H BURROWING l!1Wl1PTLY A;; THen: IS Ol'l'll TttAillTJ.ONAL SHOR'f-TERII ADJU;;TIIEIIT CREDIT, flit; IIONJ::Y IIAltK.B'l' IIIPACT OF EXTENDED Ct,.:;Ll1 J.S SllllLAll 1'0 TilAT Of NONBOR!iUolt;l.) RJ::;;E~tV£.;;. '</ ti,;;;t;liH. i>ALANI.:ES ollit FEiJi:.!iAL llt:;;EhVE DANK;; I.';.O;; VAUL1' CASH U!i.t:U TO SATISFY l'E;;t:I!VE REQULlri:liiEIIi'S J.BSS RE\lUiliED .IIESERVES. 5/ THE !IO!iETARY BASE NO'I' A!!JUSTED f'UR IJI!ii.:ONTHIU.I.Tlt:S CONSISTS Of TOTAL liESERVES PLUS .REQUJ:~t.t:IJ <.:J.EAitiNG dALAiiCES AND ADJUST/lENTS 10 <.:OIIPENSA'fE FuR FLOAT AT Ft:Di:RAL iir:S.t:hVE 1>ANKS i!LU;;i Tilt: CUI!REIICY COIIPONENT OF TH.t: IIONlH ;;-.roCK !'LOS, fOR lliS'riTUTIOUS NOT UAVlNG Itt.QUIRi.D HESEHt; dAl.ANCES, THE i::;(CE::;;; uf CURRENT VAULT CASH OVEk THE AtiOUiiT APPLllW 'fO ;;A'l'LS.t'~ CURRENT R.t:SERVi: ""'"Uilii:.liENTS. H'fl::li 'lili:. IN'fRUDUCTlUN OF C<.:f<• CUHRENC~ AND VAUJ.T CASH FIGURES ARE IIEASUlt.t;;ll UVI:!R THE !IONDAY-ENDING CO•'IPUTA'.i:J.ON PEI.lOiJ. 1Hi:. SJ>ASUNAL.LY ADJUS'l'Etl IIONEl'All~ BASE (.;OIISISTS 01' SEASONALLY ADJUST.IW to·rAL RE;;t:t<VE (WHICH INCLUIJES E6CLS~ h~;;EhVES 0~ A Nu1 s.r;a;;ONAL;.Y ADJUSTEO ~ASlS) PLUS THE Si::ASONALLY ADJUSTED CURRENl:Y COIIPONENT OF THE !lONEY STOCK PLU~ 'l:HE REMAINING lTJ:.t.S SUSUULLY AIJJUS'J:J::u AS A lil!Ol.E. NOTi::: i!lS1u~tlCAL DATA ARE AVAILABLl: HWII THE liONEl ANtJ RJ::SERVES Pl!OJECTIOiiS SECTION, DIVISION U.t' IIONI>TAR.Y AFFAIRS, BOARD OF GOVEkNU!lS Ut THE YEULRAL hl;;tiiVE S~STEII, ~ASHINGTuN, D.C • .!0551 H.3 (502) Table 2 AGGREGATE RI;SERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not;~djusted for. changes in reserve~quirement~ Av8fages of daily figures, not seasonally adjuste Millions of dollars . Monetary base~ Date 19117--:;~1"~·. OCT. NOV. DEC. 198ti--.JAN. F~B. liAR. APli. MAY JUN.<:. .JUU AUG. SJ::i''!. p total non borrowed required :..~,til J o1,106 (> 11205 o..:, 123 51111173 t.IJ,lb3 b01580 o1,J46 .>9,911 0<.11282 6:<,o40 uo, 04 7 u0,07o o.G,Ob4 t>O,b81 U 11991 t.2, 756 t.1,965 u2,1o6 b 1, 558 0.9,o50 5ti,J24 59,071 581103 58,908 !>9,31b Sti, 7:.!4 59,327 6 1,t127 oL,bdO 1> 1 ,o32 :.!!>511>91 251:1,076 2o 1,6711 21>t>,1b1 361685 21418!>11 311249 311453 25,587 25,431 26,1!>5 b 1 ,J<I!> :.11191<1 :> ~. 1<1 I 01 ,1.0!> j\I,M1 61,103 o1,7<19 o1,012 o1,191 265,789 2b2, 598 31,485 5b,734 59,709 o0,705 61,917 274,465 2.7:>,856 37,213 59,1914 o0,442 1.73,741 ~9102\) o1,09<+ 263,919 21>11,127 .<btl, 899 272,b514 275,591 275,033 2'111,897 37,b7J 2J,12ti •.U,857 1.31152 2 .. , 44 9 1, 7:l6 11 J30 1,679 1, 706 26,126 L!>, 1!>!> L!>,8Jb L4,0'19 .<J,6Jo .<4,17..: 24,0811 24,763 1.!>,054 .lil,9114 37,626 26,351 26,787 24,555 25,054 1, 797 1, 733 16:< 14!> 36,557 26,9~11 25,07!> 1,ll49 32 34,211 Jbl 027 38,429 3o,509 37,907 31,992 3b,911 37,223 26,9h 28,119 25, 92o 25,200 25,87J 25,717 26,479 26,895 1,7bll 2,283 1,877 1, 564 1, 700 1,632 1, 715 1, 841 1,782 TWO wJ:;J::KS EliDlN(; ---------198b--SJ:.PT. 1 21 OCT. 5 p P--- PREJ.ll'I.LN A ltY PE--PREJ.IKlNARY ESTlMAT.O::. 1/ RU'LEC'!'!; ACTUAL RESEIIVJ:: Ht.\.lUll<EMJ;NlS• INCLUliU<> 'rrlVSE 011 IIOllliEPOSIT LIAiHJ.ITIES, WITH li0 ADJIJST!IEIITS •ro ELI!IIHATE '!It£ l:.HECTS OF DlSCO!oTihUH'IES A;,;;OCIA'rED lliTn J.l'1Pl.EKEN'rA1'IOII OF TrlE IIONE'I.'Alil CON'l'ROL Al:T Oh OTHER RE<>ULATORI CdANGt;S TO RJ:;SERVE l!LIJUlllJ::IIENTS. 2/ CONSISTS OF 1'0'l.AL rt.o::;;;:;llV~S PLUS RE\.!Uill.I::O CL.r;AilliiG llALANCE:i AND ADJUSTMEIIXS TO COMPENSATE i'OR <LOU: AX t'l;UERAL .RESERVE bANt.S PLUS THE CUlllU:.~<.:Y <.OIIPO!itNT Of TilE IIONEX :;rocK LESS THE AIIOUIIT OF VAULT CASH HOLD!IIGS OF 'rrlRIFT INSTITUTIOliS THAT i:i IIICJ.UliJ::D lN '£HE CuKH.t.NCl COIIPONr.NX OF 'l'HJ; MON.:Y STOCK PLUS• FOR IIISTITUTIOIIS BOT HAYJ:IIG lll::\.lU.l.J<ED J<J;SERVll BALANCES, THE .r;XCJ::S::i Ut' CUI\IiENT VAULT CASH OV£h: 1HE A!IOUN'J: At'Pl.IED TO SATISfY CURiiEIIT RESERVE REilUIREIIEliTS. Ai'XEit THJ:: INTRODUC'IION Ot' CHd, LUnHENCY ANU VkUJ.T CASrl flGUh~S AhE II.I:!ASUhEU OVEN THE MO~DAl-ENDlNG COftPUTATION PEhiVU. 3/ .1:!.1.CLUJ!J:.;, EIE~Ull\1::11 CLJ::An..LNG BAJ.AiiCE:> Allll ADJUS.lll]:;id'S TO t.:OtiPEHSATE FOR ELOAT. 4/ IJA'£J:OS "UBii 10 THr: f'IUN1'r!NANCE t>ERlOUS IN WH.l.Cil l'H.E VAUL'f CASH CAll 8E USED TO SATISFY RESil:IIV<:; k~11UIH~MENTS. UNDER CONT EIH'vhAN r;oUS HBSih VJ> H£.~tU.l.RE!IEN'l'S, MAIN X ENANC.O:: PERIODS END JO DAYS AFTJ::R THE LAGGED COII.I:'U'tATlOII PEitlOUS lN WHl..:H TH.:: oALANCiS Aldi HELD. 5/ 1~.<UAJ. HI ALL VAUL'l' CAOil:i H~J.D DUlliNG Till> LAGGEO t.:OIIl:'U'fATlOll PUJ.OD B.Y INSTITUTIONS HAVING liE!JUl.llt:O HESEl!VE .IJALANCES A'~ t'EVr.t,~L l<ESBRVE tJA!iKt> PLUS 'l:HJ:. AI'IOUNT OF VAIJLT CASH BQUAL TO R.I:!QUIRED RESERVES DURING TilE IIAlliT.EliA.IICE PERIOD AT lNSTITU~.lONS dAVING NO ~H~UIRED iESHRVE BALAN..:.o::~. b/ 'lt.,TAL VAULT CASH AT lNOiJ.l1'UT!ONS HAVING NO ltEIIUl.llr.D RESEBVE .OALAIICES LESS THE AliOUIIT OF VAULT CA:iH E!iUAI. TO THEIR hi~Ulhuu h.I:!SLKVI::S OUhlNG 1HE IIAlNTtNANCE PERIOD. 1/ CONSISf:... UF CARttYOVEh UNLY AT DJ:;POSITOhY INSTlTil'l'.l.ONS IIAINTAINiliG B.ii:SERVES ON THE BASIS OF T~U-WE.to:K IIAl!IIT&liANCE t'LltlOli~. RBJ:'l.EC'l'::i EJ.c.:;.;s !•J OR Dllt'ICJ.T (-) JtE.:iJ;riVIiS ELlGIIILE TO BE CARRIED FO.IIIIAI!D INTO Till:! 'fiiO-IiEEK t!liSE.IiVE BAlNTENAICt PiRIUD iNol~(; oN THE OAT.!:! SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes In reserve requirements 1 Averages of dally figures, not aeasonally adjuitad Millions of dollars Date - - ····-~- ·- total --- 19~7--SEPT. OCT. IOV. DiC. 1988-JAlf. F.EB. !lAB. AP.B. !I AI JUNE JULY AUG. SEFT. p Reserves of depository institutions nonborrowed Monetary base required 58,512 59,073 59,136 60,023 57,571 58,130 58,511 59.245 57,71i 57,9411 58,213 58,991j l62,Q53 61,199 58,663 5ij,851 b0,9111 59,454 60,679 b1,4b7 60,591 60,668 60, 111 58,267 51,099 57,954 56.876 57.596 58,021 57.35Q 51,828 59.904 57,530 51,9l2 60,088 58.414 59,791 bO• 460 59,638 59,&92 .t6;l.00o 259,010 4!o0.712 265.007 4!o5,73.t lo9,442 l7.t.411 271. 7J4 271.590 b0,410 &1.172 57,311 58.202 59.287 60.409 4!71.259 4!72,549 60,084 57.646 5B.B93 210.355 25l,ll45 ~!;4.11~ 257.651 TWO w.ra:xs Ell DUG ----------1988--S£PT. 7 21 OCT. P--- i»IiELilUH Alii . ESTI!IATE. FIGURES BE¥LE~T ADJUSTMENTS FOB DISCOHTIHUITI~S ASSOCIATED WITH fHa 14PLB!IEITATIO. OF TMB !IOIBTAki COITBOL ACT AID OTUEB HEGULATOiiY CHAIGES TO iESEiiVE BEQUI~~!IEIITS. PE--PBELl!llH~BY 1/ 5 p
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