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FEDERAL RESERVE statistical release
jjBB;
M.3 NNNB
TaMa 1
For M M N at 4:30 Eastsm Tim*
GCIOEEB
18,
198<4
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for cnangas In raaarva rsqutramants'
AvsraQss of dally figursa. aaaaonally adjusts* unlsaa nolad otharwtaa
Millions of dollars
I
total 1
Da*
FJaaarvas of dapoaHory Institutions
raqulrad
nooooiTowad
nonoorrowad plus
axtandad credit*
35,286
35,715
34,772
35,644
35,727
35,388
35,274
35,280
35,650
35,654
35,441
35,443
182,353
183,439
184,555
185,570
Borrowlnojs of dapoaltory Institutions
from tha Fadaral Rsssrva, NSA
total
ssasonal
sxtsndsd cradlta
1,441
190
515
844
142
256
121
6
906
774
96
2
613
942
709
490
577
767
607
683
627
187,555
189,380
189,504
190,438
192,065
193,946
194,641
196,072
196,075
715
567
952
1,234
2,988
3,300
5,924
8,017
7,242
86
103
133
139
196
264
308
346
319
7,043
6,45$
37.690
37,573
634
526
196,205
195.741
7,755
7,110
309
328
7,001
6.369
37,012
957
196,858
6,165
315
5,147
1983—SEPT.
OCT.
NOT.
DEC.
36,212
36,232
36,179
36,215
198 < t — J A N .
FEB.
HAfi.
APR.
HAT
JUNE
JOLI
AUG.
SEPT.
P
36,432
37,090
37,163
37,176
37.516
38,352
38,303
38,451
38,172
35,717
36,523
36,212
35,942
34,527
35,052
32,379
30,434
30,930
35,721
36,528
36,239
35,986
34,564
36,925
37,387
37,477
37,389
35,819
36,148
36,455
36,686
36,939
37,586
37,697
37,768
37,545
12
26 P
38,324
38,099
30,569
30,989
37,570
37,358
10
37,969
31,804
36,951
1
axoaaa
NBA4
498
505
529
561
Monatary baaa*
4
c
27
44
37
1,873
5,ooe
TNO WEEKS
BNDING
198%-SBPT.
OCT.
P
1/
PE
PBELIHINABT
PE—PRELIMINARY ESTIBATB
BESEBfES AND HOBETABT BASB FICUBES INCOBPOBATE ADJOSTHENTS FOB DISCONTINUITIES ASSOCIATED NITH TBE IBPLEHBNIATION CF THB
HONETABT CONTBOL ACT AND OTBBB BBGULATOBI CHANGES TO BESEBYE BEQUIBEHENTS. IC ADJUST FOB DISCONTINUITIES DDE TO CHANGES IN
BBSEBYE BEQUIBEHENTS ON BBSBBfABLE HONDEPOSIT LIABILITIES, THE SOB OF SUCH BEQ0IBED BESEBTES ABE SUBlfiACTED FBGfl THE ACTUAL
SEBIES. SIHILABLT, IN ADJUSTING FOB DISCONTINUITIES IN THE BONETABT BASE, BEQUIBED CLEABING BALANCIS AND ADJUSTMENTS TC
COHPENSATE FOB FLOAT ALSO ABB SUBTBACTED FBOB THE ACTUAL SEBIES.
2/ TOTAL BESEBfES NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF BESEBVE BALANCES BITB FBDEBAL BBSEBYE EANNS (BHICH EXCLUDE
BBQUIBBD CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT) PLUS VAULT CASH USED TO SATISFY BESEBVE HEQUIBEBENIS.
SUCH YAOLT CASH CONSISTS OF ALL YAULT CASH HELD DUBING THE LAGGED COMPUTATION PEBIOD fil INSIITUIIONS BAYING BEQUIBED BESEBVE
BALANCES AT FBDEBAL BESEBYE BANKS PLUS THE AMOUNT OF YAULT CASH EQUAL TO BEQUIBED BESEBYES CUBING 1HE BAIBTENANCE PERIOD AI
INSTITUTIONS HAYING NO BEQUIBED BBSEBYE BALANCES.
3/ EXTENDED CBEDIT CONSISTS OF BOBROWING AT THE DISCOUNT BINDON UNDIB THE IEBHS AND CONDITIONS ESTABLISBEO FOB THE EXIENDED
CBEDIT PBOGBAM TO HELP DEPOSITOBY INSTITUTIONS DEAL WITH SUSTAINED LIQUIDITY PBESSUBES. BECAUSB IBEBE IS NOT THE SAME NEED IC
BEPAI SUCH BOBBOHING PBOHPTLI AS THEBE IS WITH TRADITIONAL SHOBT-TEBM ADJUSTMENT CBEDIT, THE MONEI MABKET IMPACT CE EXTENDED
CBEDIT IS SIMILAR TO THAI OF NONBOBROHED BESEBYES.
4/ BESEBYE BALANCES NITH FEDEBAL BESEBYE BANKS PLUS YAULT CASH USED TO SATISFY BESEBYE BEQUIBEHENTS LESS BEQUIBED BESEBVES.
5/ TBE HONETABT BASE NOT ADJUSTED FOB DISCONTINUITIES CONSISTS OF TOTAL BESEBYES PLUS REQUIRE^ CLEABING EALAMfcES AND ADJUSTMENTS
TO COHPENSATE FOB FLOAT AT FEDEBAL BESEBVE BANKS PLUS THE CUBBENCY COMPONENT CE THE MONEY SIOCK LESS THE AMOUNT CE VAULT CASE
HOLDINGS OF THBIFT INSTITUTIONS THAT IS INCLUDED IN THE CUBBENCY COMPONENT OF THE HONEY STOCK PLUS, ECB INSTlTUIICliS NOT HAVING .
BEQUIBED BESEBVE EALANCES, THE EXCESS OF CUBRENT VAULT CASH OVEB THE AMOUNT APPLIED TC SATISFY CUBRENT RESEfiVE REQUIREMENTS.
AFTER TBE INTRODUCTION OF CBR, CURRENCY AND VAULT CASH FIGUBES ABE MEASURED CVER THE MONDAY-ENDING COMPUTATION PEBICD.
PBIOB TO CBR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ABE SEASONALLY ADJUSTED AS A sHOLE, RATHER THAN
BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED EASIS. AFTER CRB, 1B£ SEASONALLY ADJUSTED SERIES
CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES CN A NOT SEASONALLY ADJUSTED E#SIS) CLUS TBE
SEASONALLY ADJUSTED CURRENCY COMPONENT CF THE MONEY STOCK PLUS TiiE BEMAISING ITEMS SEASONALLY ADJUSTED AS A WHCLENOTE: HISTORICAL DATA ARE AVAILABLE FROH THE BANKING SECTION, DIVISION OF hfcSEABCH AND STATISlltS, BCABD CF GOVEBKCBS CE THE
FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551
H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Notadju "i for changes in reserve requirements1
Averages of dafty figures, not seasonally adjusted
Millions of dollars
Vault cash4
Reserves of depository institutions
Monetary
base"
c)ate
total
nonborrowed
required
1983--SEPT.
OCT.
NOT.
DEC
37,916
38,137
38,144
38,894
36,475
37,294
37,239
38,120
37,418
37,633
37,615
1984—JAB.
FEB.
HAB.
APR.
HAT
JUNE
JOLT
AUG.
SEPT.
40,120
36,365
36,278
37,154
36,519
37,518
37,464
37,258
38,043
P
Reserve balances
with F.R. Banks*
•* j ; t
' •,. i.
rtt^
*^*
total
'
f > t? -
used to satisfy
required
reserve*'
surplus"
380333
185,112
186,598
188,971
192,359
20,585
21,059
2C,943
20,986
20,798
20,471
20,558
20,755
17,331
17,078
17,201
17,908
3,467
3,J93
3,356
2,847
39,405
35,798
35,326
35,920
33,531
34,218
31,540
29,241
30,801
39,507
35,423
35,569
36,664
35,942
36,752
36,858
36,575
37,416
192,301
186,672
187,813
190,344
191.080
193,962
195,525
195,696
196,283
21,325
18,414
19,484
20,351
19,560
2C,210
19,885
19,263
2C,146
22,578
22,269
20,396
20,152
20,446
20,770
21,134
21,688
21,232
18,795
17,951
16,794
16,802
16,960
17,308
17,579
17,995'
17,896
3,782
4,318
3,602
3,349
3,486
3,461
3,555
3,694
3,336
Net carryover
of excess or
deficit
in reserve
balances7
'
TWO WEEKS
ENDING
—.-.-•
.——-..-—
198*,—SEPT.
OCT.
12
26
P
37,563
38,270
29,808
31,161
36,929
37,745
196,557
195,832
20,158
2C,040
20,782
21,522
17,405
18,230
3,377
3,292
157
67
10
PE
38,686
32,521
37,729
197,04 0
2C,484
21,571
18,202
3,369
197
P
PBELIfllNABT
PE—PBELIfllNABT ESTIBAT1.
1/ BEPLECTS ACTUAL BESEBTE BEQOIBEflENTS, INCLUDING TBOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJ0STBBN1S 10 ELIBINATE
THE EFFECTS OF DISCONTINUITIES ASSOCIATED WITH IMPLEMENTATION OF THE MONETAE! CONTROL ACT CE OTHER BEGULAIOBY
CHANGES TO BESEBTE BEQOIBEHENTS,
2 / CONSISTS OF TOTAL BESEfiTES PLUS BEQ0IBED CLEABING BALANCES AND ADJUSTMENTS TC COBPENSATE FOB FLOAT AT FEDEBAL BESEBTE
BANKS PLUS THE CUBBENCT COHPOMENT OF THE HONEY STOCK LESS THE AHCUNT OF VAULT CASH HOLDINGS OF THBIFT INSTITUTIONS THAT
IS INCLUDED IN THB CUBBENCT COHPONENT OF THE NONET STOCK PLUS, FOB INSTITUTIONS NOT HAVING BEQUIBED BESEBTE EALANCES, THE
EICESS OF CUBBEHT TAULT CASH OTBB THE AMOUNT APPLIED TO SATISFY CUHBENT RESERVE BEgUIBERENTS. AFTEfi THE INTRODUCTION OF
CBB, CUBBENCT AND TAULT CASB FIGURES ABE HEASURED OVEB THE MONDAY-ENDING CCHPUTAIION PEBIOD.
3/ EICLUDES REQUIRED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLCAT.
4/ DATES REFER TO THE MAINTENANCE
PEBICDS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE BEGUIBERENTS. UNDER
CONTEMPORANEOUS BESEBTE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS
IN WHICH THE BALANCES ABE HELD.
5/ EQUAL TO ALL TAULT CASH HELD DUBING THE LAGGED COHPUTATION PERIOD BY INSTITUTIONS HATING HEQUIRED BESEBTE BALANCES
AT FEDEBAL BESEBTE fcANKS PLUS THE AMOUNT OF VAULT CASH EQUAL TC REQUIRED RESERVES DUBING THE MAINTENANCE PERIOD AT
INSTITUTIONS HATING NO REQUIRED RESERVE BALANCES.
6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED RESERVE EALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR
REQUIRED BESEBVES DURING THE MAINTENANCE PERIOD.
7/ CONSISTS OF CARRYOVER ONLY AT DEPOSITORY INSTITUTIONS MAINTAINING RESERVES CN THE BASIS OE TWO-WEEK MAINTENANCE
PERIODS.
REFLECTS EXCESS {•) OR DEFICIT (-) RESERVES ELIGIBLE TC BE CARRIED FCRhARD INTO ThE TkC-bEEK RESERVE
MAINTENANCE PERIOD ENDING ON THE
DATE ,'JHCWN.
H.3 (502)
Table 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
1983—SEPT.
OC1*
NOV,
DBC
35,901
36,219
36,275
36,936
34,461
35,375
35,370
36,162
35,404
35,714
35,746
36,375
181,815
183,265
185,645
188,843
1984—JAM*
PEE*
MAB.
APB.
WAY
J 0 BE
JULY
AUG*
SEPT* P
38,259
36,674
36,679
37,544
36,835
37,863
37,917
37,761
37,909
37,544
36,106
35,727
36,310
33,847
34,562
31,992
29,744
30,668
37,646
35,731
35,970
37,054
36,258
37,096
37,310
37,078
37,283
188,719
186,939
188,214
190,734
191,397
194,307
195,977
196,199
196,150
12
26 P
38,109
37,678
30,354
30,568
37,475
37,152
157,103
195,239
10 PE
38,120
31,955
37,164
196,474
TMO WEEKS
BBDIBG
1984—SEPI.
OCT*
B
PBELIHINABY
PE—PBELIHINABY ESTIMATE*
1/ FIG0BBS BEF1ECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATBO WITH THE IttPLfcttENlATION OF THE MONETAE* CGNTBCL AC1
AMD OTHEB BEGULATOBY CHANGES 10 BBSEBVE BEQUIBEUENTS*
@FedFRASER