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RESERVE statistical release H.3(502) TaWal For Rstesst st 4:30 Eastern Tims OCTOBER 23, 1986 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjuatad for Changs* In r—w mqukrnnttt^ Avaragas of dally flguraa, ssaaonally adjuatad unlaas notad otharwiaa Millions of dollars Daft totaP r Rsssrvss of depository institutions nonoorrowad raqulrad nonoorrowad plus axtandad cradit* 43,249 42,593 43,216 43,056 43,685 43,491 43,106 43,637 43,919 44,294 44,793 44,554 212,289 213,566 215,253 216,721 Borrowings of depository Institutions from ths Fadaral Rassrvs , NSA aaaaonal axtandad cradif total 656 1 ,289 203 629 1 ,187 172 530 107 1 ,741 499 1 ,318 56 1,111 1 ,097 896 801 838 931 910 740 728 218,404 219,788 221,262 222,359 224,904 226,631 228,300 230,587 231,602 770 884 761 893 876 803 741 872 1 ,008 36 56 68 73 94 108 116 144 137 497 492 518 634 584 531 378 465 570 50,980 51,063 793 706 231,563 231,344 1,111 981 149 135 592 569 51,288 51,542 668 775 232,271 234,411 902 771 125 88 538 488 1985 — S E P T . OCT. NOV. DEC. 43,882 44,244 44,847 45,612 1986—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. P 45,881 46,370 46,865 47,275 48,577 49,445 50,489 51,318 51,808 45,111 45,486 46,104 46,383 47,701 48,642 49,748 50,446 50,800 45,608 45,978 46,622 47,017 48,285 49,172 50,126 50,911 51,370 44,771 45,272 45,968 46,474 47,739 48,514 49,579 50,579 51,081 10 24 51,773 51,770 50,662 50,789 51,254 51,358 8 P 2 2 PE 51,956 52,317 51,054 51,547 51,592 52,034 axcass NSA4 666 753 928 1 ,058 Monatary bass* TWO WEEKS ENDING 1986--SEPT. OCT. P 1/ PRELIMINARY PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED UITH 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. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BANKS (WHICH EXCLUDE 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 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. 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 CURRENCY COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE NANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 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 Vault cash4 Reserves of depository institutions Monetary base* Date total non borrowed Reserve balances with F.R. Banks3/) required total used to satisfy ' required reserves5^ surplus6'' Net carryover of excess or deficit in reserve balances^ ipyiiiiipiiiiilPn •"•?t»i»?IIJjij»-|j;;;»':;lii'!airt 1985—SEPT. OCT. NOV. DEC. 44,447 45,469 46,382 48,142 43,158 44,282 44,641 46,824 43,782 44,716 45,454 47,085 214,501 216,192 218,962 223,534 24,972 25,431 26,385 27,620 22,465 22,724 22,457 22,956 19,475 20,038 19,997 20,522 2,990 2,686 2,460 2,434 1986—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. P 48,060 46,652 47,274 48,882 48,419 49,938 51,029 51,277 53,187 47,289 45,768 46,513 47,989 47,543 49,135 50,288 50,405 52,179 46,949 45,555 46,378 48,081 47,581 49,007 50,118 50,538 52,460 221,588 219,568 221,703 224,879 226,118 229,676 232,546 233,315 235,035 26,373 24,700 27,114 28,892 28,279 29,499 30,313 30,165 31,922 24,245 24,962 22,688 22,231 22,474 22,805 23,098 23,451 23,384 21,687 21,952 20,160 19,990 20,140 20,439 20,716 21 , 1 1 2 21,266 2,559 3,010 2,528 2,241 2,334 2,366 2,381 2,339 2,118 10 24 52,061 53,670 50,950 52,689 51,268 52,964 234,482 235,305 31,527 32,103 22,671 23,623 20,534 21,567 2,137 2,056 1 50 53,940 54,897 53,038 54,127 53,272 54,122 235,328 239,322 32,158 32,987 24,015 23,955 21,782 21,910 2,233 2,045 90 -24 m j i j jf§§i j j f f f f f j f l ^ TWO WEEKS ENDING 1986—SEPT. OCT. 8 22 P 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. 2/ 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 PERIODS. REFLECTS EXCESS <+) OR DEFICIT (•-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TWO-WFFK RESFRVF MAINTENANCE PERIOD ENDING ON THE DATE SHOWN, 30 H.3(502) Tab** 3 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changaa in raaarva raquiramants1 Avaragaa of daily flour**, not aaaaonaMy adjuatad Data totai Raaarvaa of depository institutions nonfaocrowad I Monatary baaa raquirad 1985--SEPT. OCT. NOV. DEC. 43,676 44,207 45,082 46,839 42,388 43,020 43,341 45,520 43,011 43,454 44,154 45,781 212,157 213,357 216,038 220,362 1986—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. P 47,113 45,684 46,338 47,936 47,712 49,198 50,319 50,622 51,545 46,342 44,800 45,578 47,044 46,836 48,395 49,578 49,749 50,537 46,002 44,587 45,442 47,135 46,874 48,267 49,409 49,882 50,818 218,741 216,784 218,985 222,134 223,608 227,037 230,019 230,755 231,480 10 24 51,450 51,546 50,339 50,565 50,658 50,839 231,973 231,252 8 P 2 2 PE 51,703 52,581 50,802 51,810 51,035 51,806 231,193 235,056 TUO WEEKS ENDING 1986—-SEPT. OCT. 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.