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FEDERAL RESERVE statistical release H.3 (502) Table 1 ...... AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE U 4:30p.m. Eastern Time Adjusted for changes in reserve requirements' Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars OCTOBER 20. 1994 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date tota1 2 5. 6. p pe excess NSA' Monetary base• total seasonal extended credit' 58386 59464 60231 60394 58386 59464 60231 60394 57723 58660 59219 59413 1090 1089 1101 1063 378076 381400 384029 385855 428 285 89 82 236 192 75 31 0 0 0 0 1994-JAN. FBB. 60603 60763 60588 60529 60693 60533 60529 60693 60533 59155 59623 59621 1448 1140 967 389613 393960 397014 73 70 55 15 15 24 0 0 0 MAY JUNE 60333 59910 59708 60208 59709 59374 60208 59709 59374 59181 58995 58603 1151 915 1105 399198 401725 404319 124 200 333 57 134 226 0 0 0 JULY AUG. SBP. p 59819 59518 59486 59361 59050 58999 59361 59050 58999 58712 58514 58423 1107 1004 1063 407043 409175 411040 458 469 487 364 445 444 0 0 0 59262 59601 58820 59103 58820 59103 58322 58606 939 995 408213 410198 442 498 430 468 0 0 SEP. 14 28 59344 59642 58898 59107 58898 59107 58427 58439 917 1203 410478 411413 447 535 437 458 0 0 OCT. 12p 59390 58957 58957 58282 1108 412359 433 403 0 Two weeks ending 1994-AUG. 17 31 1. required 58813 59749 60320 60476 APR. 2. nonborrowed plus extended credit' 1993-SEP. OCT. NOV. DEC. MAR. 3. 4. nonborrowed 3 Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. (For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote~ on Table 3.) Seasonally adJusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrqwings of depository institutions from the Federal Reserve. Extended credit consists o! borrowing at the discount window under lf)e terms and conditions e~tablish~d 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 1s With traditional short-term adJustment credit, the money market Impact of extended credit is similar to that of nonborrowed reserves. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adJusted monetary base consists of ( 11 seasonally adJusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, bther Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) ' preliminary preliminary estimate H.3(502) Table 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 Vaultcash5 Reserves of depository institutions Date total 2 non borrowed required Monetary base' Reserve balances with F.R. Banks4 total used to satisfy required reserves• surplus7 Net carryover of reserve balances• 1993-SBP. OCT. NOV. DBC. 59136 60036 61296 62858 58709 59751 61207 62776 58046 58947 60195 61795 384245 387512 391144 397619 27274 28297 29018 29374 35220 35184 35655 36812 31863 31739 32278 33484 3357 3445 3377 3328 1994-JAN. l'BB. MAR. 62072 59593 59605 61998 59523 59550 60624 58454 58638 397887 397929 400783 27817 26922 27396 37907 36295 35585 34254 32671 . 32208 3653 3624 3377 APR. MAY JUNB 61641 59273 59924 61516 59073 59591 60489 58358 58819 406319 406592 410939 29614 26790 26502 35215 35892 36898 32027 32483 33422 3188 3409 3476 JULY AUG. SBP. p 60092 59337 59955 59634 58868 59468 58985 58333 58891 414391 414899 416657 25996 25284 25161 37635 37614 38431 34096 34052 34793 3539 3562 3638 60080 58554 59638 58056 59141 57559 416612 413470 25594 25099 38114 36913 34486 33455 3628 3458 212 202 SBP. 14 28 60559 59341 60113 58807 59643 58139 418045 415044 25720 24642 38451 38397 34839 34699 3612 3698 277 148 OCT. 12p 60011 59578 58903 418232 24875 38539 35136 3403 329 ~weeks ending 1994-AUG. 17 31 1. 2 3. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break·adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks · - - - - - --~-• -Hho mnn<>v <>tnck olus ( 4l. for all quarterly report~rs on. t_l:le "_R!po~~ ~~-!~~~s::c~~~ -~c~~_nt~: ~t_h_e! ~(;!p~s,l~ _an~ .va~~ _c~,s~~ ~nd }o~ .!'1}1_ tll<;>~e~~eekly reporter~ wh<!~e H . .j(OU.O:) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements' Averages of daily figures. not seasonally adjusted Millions of dollars Reserves of depository institutions Date total2 nonborrowed required' Monetary base• 58646 59481 60671 62367 58218 59195 60582 62285 57556 58391 59571 61305 377723 380800 384285 390588 62037 59529 59496 61963 59459 59441 60589 58389 58529 391001 390859 394152 61398 58972 59555 61274 58772 59222 60246 58057 58450 399758 400262 404716 59659 58842 59390 59201 58374 58903 58552 57839 58327 408165 408948 411052 31 59589 58047 59147 57549 58649 57052 410682 407535 SEP. 14 28 60003 58774 59557 58240 59086 57571 412372 409496 OCT. 12p 59407 58974 58299 412705 1993-SEP. OCT. NOV. DEC. 1994-JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEP. p Two weeks endina 1994-AUG. 17 Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p pe Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adJusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted reqwred reserves are equal to break-adjusted required reserves against tra•sactions deposits. The break-adiusted monetary base equals (11 break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
@FedFRASER