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.QV OUVy FEDERAL RESERVE statistical release For R e le a s e a t 4 :3 0 p.m . H .3 (5 0 2 ) T a b le 1 A G G R E G A T E RESERVES O F DEPOSITORY IN STITU TIO N S AND TH E M O N E TA R Y BASE OCTOBER 18, 1990 A d ju s t e d f o r changes in r e s e r v e re q u ire m e n ts 1 A v e ra g e s o f d a i l y f i g u r e s , s e a s o n a l ly a d ju s te d u n le s s n oted o th e rw is e M illio n s o f d o lla r s B o rro w in gs o f d e p o s i to r y i n s t i t u t i o n s from th e F e d e r a l R e s e r v e , NSA R eserves o f d e p o s it o ry i n s t i t u t i o n s t o t a l2 D ate nonborrow ed3 nonborrowed p lu s extended c re d it4 re q u ir e d E a s te r n Time ex ce ss NSA5 Monetary base6 to ta l seasonal ex ten d ed c r e d i t 4 1989-SEP. OCT. NOV. DEC. 59289 59640 59646 60033 58596 59085 59297 59767 58618 59106 59318 59787 58351 58620 58701 59110 938 1020 945 92? 281806 282786 283222 284946 693 555 349 265 452 330 134 84 22 21 21 20 1990-JAN. FEB. MAR. 59896 60215 60297 59456 58768 58173 59482 59302 60123 58880 59227 59436 1016 989 861 287509 289714 291820 440 1448 2124 47 51 78 26 535 1950 APR. MAY JUNE 60275 59783 59732 58647 58448 58850 60051 59324 59196 59379 58820 58958 897 962 774 293540 294401 296276 1628 1335 881 122 244 311 1403 875 346 JULY AUG. SEP. p 59322 59746 60093 58565 58819 59469 58845 58947 59476 58460 58879 59172 862 868 922 297860 301121 304797 757 927 624 389 430 418 280 127 6 59828 58704 58742 58918 910 300748 1124 432 38 Two weeks e n d in g 1990-AUG. 22 SEP. 5 19 59738 59987 59100 59282 59108 59286 58845 59240 893 746 303072 304091 638 705 430 410 8 5 OCT. 3p 17pe 60391 59960 59875 59559 59884 59572 59233 59004 1158 956 306480 306275 516 401 424 345 9 13 p — p r e lim in a ry 1. 2 . 3. 4. 5. 6 . p e— p r e lim in a r y e s tim a te R eserv es and m onetary b a s e f i g u r e s in c o rp o ra te adju stm ents f o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w it h r e g u la t o r y ch an ges in r e s e r v e re q u ire m e n ts. CF or more in fo rm a tio n * see T a b le 3.1 . . . . . . . . . . , , , , S e a s o n a lly a d ju s t e d , b r e a k - a d ju s t e d t o t a l re s e r v e s e q u a l s e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d r e q u ir e d r e s e r v e s p lu s u n a d ju s t e d e x c e s s r e s e r v e s . ( A l s o , s e e fo o t n o t e 2 on T a b le 2 and fo o tn o t e 2 on T a b le 3 . ) . . . . . . . . . . . . , i jx j x a i S e a s o n a lly a d ju s t e d , b r e a k - a d ju s t e d nonborrowed r e s e rv e s e q u a l s e a s o n a lly a d ju s t e d , b r e a k -a d ju s t e d t o t a l r e s e r v e s l e s s u n a d ju s t e d t o t a l b o rro w in g s o f d e p o s it o r y i n s t i t u t i o n s from the F e d e ra l R e serv e. , , _. , . , A x Extended c r e d i t c o n s is t s o f b o rro w in g a t the d is c o u n t window under the terms and c o n d it io n s e s t a b li s h e d f o r the ex ten d ed c r e d i t program to h e lp d e p o s it o r y i n s t i t u t i o n s d e a l w it h s u s ta in e d l i q u i d i t y p r e s s u r e s . Because th e re i s not th e same need t<p repay such b o rr o w in g p ro m p tly a s th e re i s w ixh t r a d i t i o n a l s h o rt -te rm adjustm ent c r e d i t , the money market impact o f exten d ed c r e d i t i s s i m i l a r to th a t o f nonborrow ed re se rv e s . . column 3 ) . r e s e r v e s p lu s ( 2 ) th e ww% , IW1 . wfrw. ........... ... . _ f T r a n s a c t io n A c c o u n ts , O th er t h e i r r e q u ir e d r e s e r v e s , the s e a s o n a l ly a d ju s t e d , b r e a k D e p o s its and V a u lt C ash " and f o r a l l th ose w eek ly r e p orrttee r s whose v a u lt cash exceeds the • d to s a t**i s f'y c u rre n t* r e s e r v e requ irem en ts 1 ( A l s o s e e fo o t n o t e 3 on T a b le 2 a d ju s t e d d i f f e r e n c e betw een c u r r e n t v a u lt cash and the amount a p p’lie ana fo o tn o t e 4 on t a b l e 3 . ) H.3 (502) Table 2 A G G R E G A T E RESERVES O F DEPOSITORY IN STITU TIO N S AND THE M O N E TA R Y BASE N o t a d j u s t e d fc>r ch a n g e s m r e s e r v e r e q u ir e m e n t s 1 A v e r a g e s o f d a i l y f i g u r e s , n o t s e a s o n a ll y a d ju s t e d M illio n s o f d o lla r s R e s e rv e s o f d e p o s i t o r y to ta l2 D a te n o n b o rro w e d in s tit u t io n s re q u ire d V a u lt ca sh 5 M o n e ta ry base3 R e se rve b a la n c e s w ith F . R. B anks4 to ta l u se d t o s a tis fy re q u ire d re s e rv e s 6 s u r p lu s 7 1 9 8 9 -S E P . O C T. NOV. DEC. 60126 60397 60989 62810 59433 59842 60640 62544 59188 59378 60044 61888 283615 284328 287189 292554 33556 33123 33941 35436 29091 29910 29549 29812 26570 27275 27048 27374 2521 2636 2502 2439 1 9 9 0 -J A N . FEB . MAR. 62931 60623 60658 62491 59175 58535 61914 59634 59797 292131 290025 292377 34090 30929 33407 31301 32489 29581 28841 29693 27251 2461 2795 2330 APR. MAY JUNE 62512 60232 61197 60884 58897 60315 61615 59269 60423 296872 297034 300985 35409 32771 33878 29281 29812 29632 27103 27461 27318 2178 2351 2314 60943 60728 61464 60185 59801 60840 60081 59860 60542 303387 304995 307228 32946 32448 33316 30457 30843 30622 27996 28280 28148 2460 2563 2474 JU L Y AU G . SEP. p Net c a rry o v e r o f re s e rv e b a la n c e s 8 Tw o w eeks e n d in g 1 9 9 0 -A U G . 22 61277 60154 60367 306008 32463 31379 28815 2565 3 SEP. 5 19 60197 62292 59559 61587 59304 61546 304973 308713 32477 34316 30229 30291 27720 27976 2509 2315 69 37 O C T. 3p 17pe 60986 62056 60470 61655 59828 61099 306363 310881 32424 32885 31222 31673 28562 29170 2660 2502 55 96 p — p re lim in a r y 4. 5. p e - - p r e l i m i n a r y e s t im a t e R e f le c t s a c t u a l r e q u i r e d r e s e r v e s , w i t h no a d ju s tm e n ts to e l i m i n a t e th e e f f e c t s o f d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e a u l a t o r v ch a n g e s m r e s e r v e r e q u ir e m e n t s . e y u ia w r y R e s e rv e b a la n c e s w i t h F e d e r a l R e s e rv e Banks p lu s v a u l t c a s h use d to s a t i s f y re s e r v e r e q u ire m e n ts Th e m o n e ta ry b a s e , n o t b r e a k -a d i u s t e d and n o t s e a s o n a lly a d j u s t e d , c o n s is t s o f ( 1 ) t o t a l r e s e r v e s p lu s ( 2 ) r e q u i r e d c l e a r i n g b a la n c e s and a d ju s t m e n ts to ^ c o m p e n s a te f o r f l o a t a t F e d e r a l R e s e rv e Banks p lu s ( 3 ) th e c u r r e n c y com ponent o f th e money s to c k p lu s ( 4 ) , f o r a l l q u a r t e r l y r e p o r t e r s 9 n th e R e p o rt o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s it s and V a u lt C ash " and f o r a l l th o s e w e e k ly r e p o r t e r s w hose v a u l t c a s h e x c e e d s t h e i r r e q u i r e d r e s e r v e s , th e d i f f e r e n c e betw ee n c u r r e n t v a u l t ca sh and th e amount a p p l ie d to s a t i s f y c u r r e n t r e s e r v e r e q u i r e m e n t s . A f t e r th e i n t r o d u c t i o n o f CRR, c u r r e n c y and v a u l t ca s h f i g u r e s a re m easured o v e r c o m p u ta tio n p e r io d s e n d in g on M ondays. D a t e s ' i ? c i udes ° * h er o f f 7b a la n c e sh eet " a s - o f a d ju s tm e n ts . re q u ire m e n t A l l v a u lt c c a s h ) p lu s t h e ir re q u i 7. 8. r e s e r v e r e q u ir e m e n t s . s is o f twcp-week m a in te n a n c e p e r i o d s . R e f l e c t s e x c e s s m a in te n a n c e p e r io d e n d in g on th e d a te show n. ( +) or H.3 (502) Table 3 AGGR EGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE A d ju s t e d f o r ch a n g e s i n r e s e r v e r e q u ir e m e n t s 1 A v e r a g e s o f d a i l y f i g u r e s , n o t s e a s o n a lly a d ju s t e d M illio n s o f d o lla rs R e s e rv e s o f d e p o s it o r y to ta l2 D a te in s t it u t io n s n o n b o rro w e d re q u ire d 3 M o n e ta ry b a s e 4 1 9 8 9 -S E P . O CT. NOV. D EC. 5 90 2 5 5 9272 5 9 869 61669 58332 58717 59520 61404 58087 58252 58924 60747 280655 281344 284114 289447 1 9 9 0 -J A N . FEB. MAR. 61579 59199 5 9 234 61139 57751 57110 60563 58210 58373 288671 286502 288864 APR. MAY JUNE 61047 58742 59610 59419 57408 58729 60150 57780 58836 293354 293520 297372 JU L Y AUG. SEP. P 59471 59212 598 2 5 58713 58285 59201 58609 58345 58904 299897 301462 303580 Tw o weeks e n d in g 1 9 9 0 -A U G . 22 59789 58665 58879 302462 SEP. 5 19 58618 60656 57980 59951 57725 59910 301435 305107 O C T. 3p 17pe 59316 60386 58801 59985 58159 59429 302612 307125 p — p r e lim in a r y 1. 2. 3. 4. p e — p r e l i m i n a r y e s t im a t e r e q u ir e m e n t s 6 0 ^ ac^3u s ^ men^ s ^ o r d i s c o n t i n u i t i e s , o r " b r e a k s " , a s s o c ia t e d w i t h r e g u l a t o r y ch a n g e s i n r e s e r v e B r e a k -a d ju s t e d t o t a l r e s e r v e s e q u a l b r e a k -a d j u s t e d r e q u i r e d r e s e r v e s ( T a b l e 3 , co lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA I TabJLe 1 , co lu m n 5 ) . C e q u ^ e d r e s e r v e s f o r d i s c o n t i n u i t i e s due to r e g u l a t o r y ch ang es i n r e s e r v e r e q u ir e m e n t s , a m u l t i p l i c a t i v e p r o c e d u r e i s u s e d t o e s t i m a t e w h at r e q u ir e d r e s e r v e s w o u ld h a v e been i n p a s t p e r io d s had c u r r e n t r e s e r v e r e q u ir e m e n t s bee n i n e f f e c t . B r e a k -a d ju s t e d r e q u i r e d re s e r v e s in c lu d e s r e q u i r e d r e s e r v e s a g a i n s t t r a n s a c t i o n s d e p o s it s a nd n o n p e r s o n a l tim e and s a v in g s d e p o s it s ( b u t n o t r e s e r v a b l e n o n d e p o s it l i a b i l i t i e s . ) ^ m o n e ta ry ba s e e q u a ls ( 1 ) b r e a k -a d i u s t e d t o t a l r e s e r v e s p lu s ( 2 ) th e ( u n a d ju s t e d ) c u r r e n c y com p on e nt 5 a ..i+ r m° k S ^ Si ° S V? i u ?T qu a r t e r l y r e p o r t e r s on th e " R e p o rt o f T r a n s a c t i o n A c c o u n t s , O t h e r D e p o s it s and ua x th o s e w e e k ly r e p o r t e r s whose v a u l t c a s h e x ce e d s t h e i r r e q u i r e d r e s e r v e s , th e b r e a k - a d j u s t e d d i f f e r e n c e b e tw e e n c u r r e n t v a u l t ca sh and th e amount a p p l ie d t o s a t i s f y c u r r e n t r e s e r v e r e q u ir e m e n t s . Notej Historical data a re a v a i l a b l e from the Money and Reserves Projections Section, Division of M onetary Affairs, B o ard of Governors of T h e Federal Reserve System, Washington, D.C. 20551
@FedFRASER