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FEDERAL RESERVE statistical releast l',
~-.

,,··,

·-

H.3 (502)

·,···
..
'• ..''

Table 1

/~'

AGGREGATE RESERVES AND MEMBER BANK DEPOSITS
Avera

required

total

Monetary
base2

.· i

•"(~"

"'v'

of dail fi u res
Period

For lqm;edia~ Release
CCTOB:f!'i 21.;, 1980

total

seasonally adjusted

451.1

187.0
188.1
189.8
190.0
191.5

12.2
13.3
15. 1
14.7
15.4

174.8
174.7
1711.7
175.3
176.1

2. 1
1.7
1.7
1. 9
1. 8

643.7
647.2
649.1
655.4
656.8
658.0
658.5
667.8
678.2

451.S
1154.11
457.9
464.2
1167.7
116 7. s
1167.0
474.2
1182.0

189.5
190.9
189.4
188.7
187.3
188.4
189.1
191.5
194.5

13.6
111.5
15.6
17.2
17.1
16.9
16. 6
111.4
15.9

176.0
176.11
173.9
111.5
170.2
. 171.5
172.5
177.1
178.6

2.3
1.9
1.8
2.4
1.8
1. 7
2.5
2.1
1. 8

159.5
158.6
159.4
159.9

673.2
680.0
679.1
676.9

1178.8
481.3
481.6
482.8

192.5
196.3
195.7
192.5

16.0
16. 1
15.3
15.0

176.5
180.3
180.4
177.5

1. 9
2.4
1.8
1.6

160.7
160.1
160.4

671.6
682.7
684.5

483.7
485.0
1186.8

192.11
195.1
194.7

15.6
15.9
15.5

116.9
179.2
179.2

1.5
2.7
3.0

1979--AUG.
SEPT.
OCT.
NOV.
DEC.

411110

~01025

~0,888

1~8.6

~1~~29

42,199
43,057
43,567

40 I C89
40, 177
41,151
42,095

41,238
41,927
42,812
43,126

150.0
151.5
152.8
153.8

625.4
631.5
638.2
641.9
644.4

436.3
441.7
1146.6

1980--JAN.
FEB.
MAR.
APR.

4314111
113,350
43,687
44,854
41111158
431982
42,795
40,757
411536

42,200
111,695
40,864
42,398
43,439
43,603
42,400
40,099
40,225

43,191
43,139
43,483
4111649
44,268
43,759
421514
40,450
41,272

154.7
155.6
156.7
157.9
158.5
159.0
158.8
158.2
159.5

p
p
p

41,528
41,136
41,354
111,801

401180
40,542
40,141
110,171

41,039
40,897
41,050
41,H7

1 p
8 p

41,912
411531

110,039
40,283
40,213

111,534
41,137
41,107

MAY

p

JUNE
JULY
AUG.
SEFT.

p
p
p

~50.1

UEK ENDING:

---------

p

198Q--SEPT. 3
10
17
24
OC'l.

15

~1.320

l>

not seasonally ad usted

1979--AUG.
SEPT.
OC'l.
NOV.
DEC.

40,715
41,0511
421280
421997
44,020

39,630
391713
1101258
41,092
11215117

110,4911
1101862
112,007
42,753
113,578

148.4
149.11
151.3
153.5
156.3

620.11
629.1
637.8
642.2
652.6

1134.2
439.5
445. 7
449.2
1152.0

184.5
187.5
190.5
191.3
198.6

12.0
13.3
15.1
15.2
16.0

172.6
1711.2
175.4
176.2
182.6

1. 7
2.1
1. 6
1.7
2.0

1980--JAN.
FEB.
MAR.
APR.

451119
!131 177
43,114
44,888
431975
43,1195
!12,873
40,382
41,182

113193 8

1111522
!10,291
1121433
!121957
43,115
112,478
39,7211
39,871

44,928
112,966
421910
1111,683
113,785
113,272
42,592
40,074
40,919

155.9
1511.0
1511.9
157.5
157.8
158.6
159.6
158.0
159.0

652.1
643.9
648.0
657.7
651.5
656.9
658.2
662.5
675.6

115!1.6
!155.8
!160.6
464.7
46 7. 7
467.4
466.0
471.8
479.6

195.!1
186.2
185.5
190.4
182.1
187.2
190.0
189.0
193.9

1 ll. 5
14.3
15. 2
16.8
16.2
16.6
16.8
111. 2
15.8

180.9
172.0
170.4
173.6
165.9
170.6
173.2
174.8
178.1

2. 1
1.8
1.9
2.6
1.7
2.3
2.2
1.7
2.1

39,751
391697
39,506
40,022

40,610
40,052
40,415
41,598

159.0
158.9
158.8
159.0

667.0
677.4
679.5
672.3

1176.3
JHB. 7
478.9
480.2

189.3
196.6
198.2
189.9

14.4
16.5
15.4
15.0

174.9
180.1
182.7
174.8

1.4
2. 1
2. 5
2.3

401384
391929
401065

1111879
401783
110,959

159.4
160.3
160.6

674.7
684.5
684.4

482.2
1184.5
485.8

190.7
197.3
196.2

15.4
16.5
14.9

175.3
180.8
181.3

1. 7
2.7
2.4

MAY

JUNE p
JULY p
AUG. F
SEFT. p
WEEK ENDING:

----------1980--SEPT. 3
24

p

1111099
40,291
40,719
411652

1

p
p
p

112,257
111,177
1111172

10

p
p

17 p

OCT.

a

15

See reverw sidt for .-pl81'111lion of footnotes.




H.3

Table 2

AGGREGATE RESERVES AND MONETARY BASE
Adjusted for changes in reserve requirements 3
Averaaes of dailv fiaures
Member bank reserves
Period
non borrowed
reauired
total
millions of dollars
seasonally adjusted

T Monetary base
total
!billions of dollars

1979--AUG.
SEPT.
OC'I.
NOV.
DEC.

38,414
38,696
39,289
39, Li39
LiO,Oll7

37,329
37,356
37,267
37, 53Li
38,575

38,192
38,505
39,017
39,195
39,606

145.9
147.3
148.6
149.2
150.2

1980--JAN.
FEB.
MAR.
APR.
MAY
JUNE p
JUlY p
AUG. p
SEPT. p

40,015
39,956
LIO, 084
40,132
40,128
Li0,101
40,191
40,730
41,507

3 8, 774
38,301
37,260
37,676
39,110
39.721
39,797
40,071
40,196

39,764
39,745
35,880
39,927
39,938
39,878
39,910
40,422
41,244

151.3
152.2
153.1
153.2
154.2
155.1
156.2
158.1
159.5

p

41,496
!11,105
!11,324
41,77!1

40,148
!10,511
LiO, 111
Li0,144

Li1,007
40,866
Li1,020
41,720

159.4
158.6
159.3
159.9

1 p
8 p
15 p

41,887
Li1,505
41,295

40,014
Li0,257
40,188

41,509
41,111
41,082

160.7
160.1
160.Li

Member bank reserves
non borrowed
reau1red
millions of dollars
not seasonally adjusted

1 Monetary base
billions of dollars

145.7
1Li6.7
148.Li

38,037
38,337
39,376
39,388
Li 0, 490

36,9 51
36,996
37,354
37,Li83
39.017

37,815
38,1Li5
39,10 Li
39,1 Lill
LIO, 0Li8

'~~~:~

41,715

40,4 7Li
38,106
36,6 77
37,700
38,649
39,239
39.8 86
39.696
39,842

41,464
39,550
39,296
39. 9 51
39,Li78
39,395
40,000
110,0116
Li0,890

152.5
150.5
151.3
152.8
153.5
154.7
157.0
158.0
158.9

41,067
40,260
Li0,689
!11,625

39,719
39,666

40,578

39,995

!10,385
41,571

159.0
158.8
158.8
158.9

42,233
41,151
41,1Li7

40,360
39,903
40,0Li0

41,855
110,757
40,934

159.3
160.2
160.6

3 9, 761

39,500
40,15'5
39,667
39,618
40,281
40,35Li
Li1,154

WEEK ENDING:

-----------198D--SEP'I. 3 p
10 p
11 p

24
OC'I.

39,LI16

Li0~021

P - PRELIMINARY
1/ MEMBER EANK RESERVES SERIES REFLECT ACTUAL RESERVE REQUIREMENT PERCENTAGES WITH NO AtJUSTMENT TO ELIMINATE
!HE EFFECT OF CHANGES IN REGULATIONS D AND M. EFFECTIVE OCTOBER 11, 1979, AN 8 PERCENTAGE POINl MARGINAL
FESEEVE REQUIR~EN'I WAS IMPOSED CN "MANAGED LIABILI'IIES". ON OCTOBER 25, 1979, RESERVES OF EDGE ACT CCRPORATIONS WERE INCL~DED IN MEMBER BANK RESERVES. THIS ACTIOK RAISED REQUIRED RESERVES $318 MILLION. EFFECTIVE
MARCH 12, 1980, THE 8 PERCENTAGE POINT MARGINAL RESERVE REQUIREMENT WAS RAISED TO 10 PERCENTAGE 20IN'IS.
IN ADDI'IION THE BASE UPON WHICH THE MARGINAL RESERVE REQUIREMENT IS CALCULATED WAS REDUCED. THIS ACTION
INCREASED REQUIRED RESERVES ABOUT $1,693 MILLION IN THE WEEK ENDING APRIL 2, 1980. EFFECTIVE MAY 29, 1980,
~HE MARGINAL RESERVE REQUIREMENT WAS REDUCED FROM 10 'IO 5 PERCENTAGE POINTS AND THE EASE UPCN WHICH THE
MARGINAl RESERVE REQUIREMENT IS CALCULATED WAS RAISED. THIS ACTION REDUCED REQUIRED RESERVES ABOUT $980
MILLION IN THE WEEK ENDING JUNE 18, 1980. EFFECTIVE JULY 24, 1980 'IHE 5 PERCENT MARGINAL RESERVE REQUIREMENT
CN MANAGED LIABILI'IIES AND THE 2 PERCENT SUPPLEMENTARY RESERVE REQUIREMENT AGAINS1 LARGE TIME DEPOSITS
WERE REMOVED. THESE ACTIONS REDUCED REQU~RED RESERVES ABOUT $3.2 BILLION.
2/ INCLUDES TOTAL RESERVES (MEMBER BANK RESERVE EALANCES IN THE CURRENT WEEK PLUS VAULT CASH HELD !WC WEEKS
EARLIER); CURRENCY OUTSIDE THE U.S. TREASURY, FEDERAL RESERVE BANKS AND THE VAULTS OF COMMERCIAL BANKS;
AND VAUlT CASH OF NCNMEMBER BANKS.
3/ RESERVE AGGREGATES SERIES HAVE BEEN ADJUS'IED TO REMOVE DISCONTINUITIES ASSOCIATED WI'IH MARGINAL RESERVE
REQU!REMEN'IS, THE INCLUSIONS CF EDGE ACT CORPORATION RESERVES, AND OTHER CHANGES Ill REGULATIONS D, K, AND M.
HISTORICAL DATA AND A DESCRIPTION OF THE ADJUSTMENT PROCEDURE ARE AVAILABLE FROM THE BANKING SECTION,
DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551.