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FEDERAL RESERVE statistical release H .3 ( 5 0 2 ) T a b le 1 F o r R e le a s e a t 4 : 3 0 p . m . E a s t e r n T im e A G G R EG A TE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE A d ju s t e d f o r c h 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 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 lly a d ju s t e d u n le s s n o te d o t h e r w is e 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 it o r y to t a l2 D a te OCTOBER 25, 1990 B o r r o w in g s o f d e p o s i t o r y i n s t i t u t i o n s fro m th e F e d e r a l R e s e r v e , NSA in s tit u t io n s n o n b o rro w e d 3 n o n b o rro w e d p lu s e x te n d e d c r e d it4 re q u ire d excess NSA 5 M o n e ta ry base6 to ta l 693 555 349 265 452 330 134 84 seasonal e x te n d e d c r e d i t 4 1 9 8 9 -S E P . O C T. NOV. D EC. 59289 59640 59646 60033 58596 59085 59297 59767 58618 59106 59318 59787 58351 58620 58701 59110 1020 945 922 281806 282786 283222 284946 1 9 9 0 -JA N . 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 JU L Y AUG. SEP. 59322 59746 60078 58565 58819 59453 58845 58947 59460 58460 58879 59170 862 297860 301121 304782 757 927 624 389 430 418 280 127 5 9 828 58704 58742 58918 910 300748 1124 432 38 59 7 3 8 5 9 987 59100 59282 59108 59286 58845 59240 893 746 303072 304091 638 705 430 410 8 5 60348 59930 59832 59529 59841 59542 59229 58911 1119 306438 305897 516 401 42 4 345 9 13 938 868 907 22 21 21 20 6 Tw o w eeks e n d in g 1990-AUG. 22 SEP. 5 19 O C T. 3 17p p — p r e lim in a r y p e — p r e l i m i n a r y e s t im a t e 1. 2. l dr s W t s re se rv e s 1020 A1so ? ^ se e f o r d is 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 l a t o r y changes in r e s e r v e jU S ied > bl' eak - a d 3u s te d rm^irmd 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 3. 4. 5. 6. W r £ i ^ o f ^ d e p o s it o r y 3 in s t i tu t i o n ^ f r o m 't h e ^ F e d e r a l ^ e s e r v e . SeaSOna^ ^ a d *u s * 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 g n a d ju s t e d t o t a l k ^ i e nd 0C* c ^ f d i t ? o n s i s * s o f b o r r o w in g a t th e d is c o u n t w indow u n d e r th e te rm s and c o n d i t i o n s e s t a b lis h e d f o r th e e x te n d e d c r e d i t p ro a ra m t o af P° ? s u s t a in e d l i q u i d i t y p r e s s u r e s . Because t h e r e i s n o t th e same nee d t o re p a y s u c h b o r r o w i n g p r o m p t ly a s t h e r e i s w i t h t r a d i t i o n a l s h o r t - t e r m a d ju s tm e n t c r e d i t , th e money m a rk e t im p a c t o f e x te n d e d c r e d i t i s s i m i l a r t o t h a t o f n o n b o rro w e d r 6 S6 rV0S • Excess reserves N S A equ a l s unadjusted total reserves (Table 2, column 1) less u n a d j u s t e d required reserves (Table 2, c o l u m n 3). ad justed, b r e a k - a d justed monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the ~ A ’ 1 r l y --- — A--- — 11— ,,r*----- A - * ----** H.3 (502) Ta b l e 2 A G G R E G A T E RESERVES OF DEPO SITO RY IN STITU TIO N S AND THE M O N ETA R Y BASE N o t a d j u 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 ra 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 t a l2 D a te n o n b o rro w e d V a u lt c a s h 5 in s titu tio n s M o n e ta ry base3 R e se rv e b a la n c e s w ith F . R. Banks4 59188 59378 60044 61888 283615 284328 287189 292554 re q u i re d to ta l u se d to s a tis fy re q u ire d re s e rv e s 6 s u r p lu s 7 33556 33123 33941 35436 29091 29910 29549 29812 26570 27275 27048 27374 2521 2636 2502 2439 Net c a rry o v e r o f re s e rv e b a la n c e s 8 1 9 8 9 -S E P . O C T. NOV. DEC. 60126 60397 60989 62810 59433 59842 60640 62544 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 JU L Y AUG. SEP. 60943 60728 61448 60185 59801 60824 60081 59860 60541 303387 304995 307213 32946 32448 33301 30457 30843 30622 27996 28280 28147 2460 2563 2475 61277 60154 60367 306008 32463 31379 28815 2565 3 , Tw o weeks e n d in g 1 9 9 0 -A U G . 22 SEP. 5 19 60197 62292 59559 61587 59304 61546 304973 308713 32477 34316 30229 30291 27720 27976 2509 2315 69 37 O C T. 3 17p 60943 62024 60427 61623 59824 61005 306322 310497 32385 32860 31222 31673 28558 29164 2664 2509 55 117 p — p r e lim in a r y 1* 2. 3. 4. 5. 7. &• p e — p r e l i m i n a r y e s t im a t e R e f l e 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 t o e li m in 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 g u l a t o r y c h 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 . 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 ca s h u sed to s a t i s f y r e s e r v e re q u ir e m e n t s . m o n e ta ry b a s e , n o t b r e a k -a d j u s t e d and n o t s e a s o n a ll y 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 t s t o com p e n sa 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 t o 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 on th e " R e p o r t 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 its and V a u lt C a s h " 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 be 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 . A f t e r t h 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 c a s h f i g u r e s a r e 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. E x c lu d e s 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 tm e n ts to com pensate f o r f l o a t and in c lu d e s o t h e r o f f -b a l a n c e s h e e t " a s - o f " a d ju s t m e n t s . D a te s r e f e r t o th e m a in te n a n c e p e r io d s i n w h ic h th e v a u l t ca sh can be u sed t o s a t i s f y r e s e r v e r e q u ir e m e n t s . U n d e r co n te m p o ra n e o u s r e s e r v e r e q u i r e m e n t s , m a in te n a n c e p e r io d s end 30 d a y s a f t e r th e la g g e d c o m p u ta tip n p e r io d s in w h ic h th e b a la n c e s a r e h e l d . A l l v a u l t c a s h h e ld d u r in g th e la g g e d c o m p u ta tio n p e r io d b y "b o u n d " i n s t i t u t i o n s ( i . e . , th o s e whose r e g u i r e d r e s e r v e s e x c e e d t h e i r v a u l t c a s h ) p l u s th e am ount o f v a u l t ca s h a p p l ie d d u r i n g th e m a in te n a n c e p e r io d b y "n o n b o u n d " i n s t i t u t i o n s ( i . e . , th o s e 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 ) to s a t i s f y c u r r e n t r e s e r v e re q u ir e m e n t s . T o t a l v a u l t c a s h h e ld b y d e p o s it o r y i n s t i t u t i o n s m inus th e amount a p p l ie d to s a t i s f y r e s e r v e r e q u ir e m e n t s . c a r r y o v e r o n l y a t d e p o s it o r y i n s t i t u t i o n s m a in t a in in g r e s e rv e s on th e b a s is o f tw o -w e e k 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 ( + ) o r d e f i c i t ( - ) r e s e r v e s e l i g i b l e to be c a r r i e d f o r w a r d i n t o th e tw o-w eek r e s e r v e m a in te n a n c e p e r io d e n d in g on th e d a t e show n. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE A d ju s t e d f o r c h 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 r s R e s e rv e s o f d e p o s it o r y i n s t i t u t i o n s to ta l2 D a te 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 C T. NOV. D EC . 59025 59272 59869 61669 58332 58717 59520 61404 58087 58252 58924 60747 280655 281344 284114 289447 1 9 9 0 -J A N . FEB. MAR. 61579 5 9199 59234 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. 59471 59212 598 0 9 58713 58285 59185 58609 58345 58902 299897 301462 3 0 3 56 5 Tw o w eeks e n d in g 1 9 9 0 -A U G . 22 59789 58665 58879 3 02462 SEP. 5 19 586 1 8 60656 57980 59951 57725 59910 30 1 43 5 3 0 51 0 7 O C T. 3 17p 59273 60355 58758 59954 58155 59335 3025 71 306746 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 F i g u r e s r e f l e c t a d ju s t m e n t s f o r d i s c o n t i n u i t i e s , o r " b re 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 re q u ire m e n ts . B r e a k -a d j u 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 , c o lu m n 3 ) p lu s e x c e s s r e s e r v e s NSA ( T a b l e 1 , c o lu m n 5 ) . T o a d j u s t r e q u i r 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 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 , 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 im a t e w h a t r e q u i r e d r e s e r v e s w o u ld h ave 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 be e 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 i t s a n d 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 . ) T h e b r e a k - a d j u s t e d m o n e ta ry ba s e e q u a ls ( 1 ) 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 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 o f t h e money s t o c k p lu s ( 3 ) , f o r a l l q u a r t e r l y r e p o r t e r s on th e " R e p o r t 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 a nd V a u l t C a s h " 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 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 c a s h 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 . Note: Hist o r i c a l data are avai l a b l e from the Money and Reserves Projections, Section, Division of Monetary Affairs, B o a r d of G o v e r n o r s of T he Federal Reserve System, Washington, D.C. 20551
@FedFRASER