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FEDERAL RESERVE statistical release H.3(502) Table 1 For Release at 4:30 Eastern Time OCTOBER AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 31, 1985 1 Adjusted for changes in reserve requirements Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars tola? Date Reserves of depository institutions nonborrowed plus required extended credit* nonDOfTOwvo excess NSA4 Monetary base1 Borrowings of depository institutions from the Federal Reserve , NSA total seasonal extended credit* 1984—SEPT. OCT. NOV. DEC. 38,086 37,961 38,466 39,081 30,844 31,944 33,849 35,895 37,303 37,001 37,686 38,499 37,458 37,341 37,773 38,229 628 620 693 853 196,206 196,397 197,672 199,032 7,242 6,017 4,617 3,186 319 299 212 113 6,459 5,057 3.837 2,604 1985—JAN. FEB. MAR. APR. MAY JUNE JUL! AUG. SEPT. 39,635 40,432 40,471 40,710 41,323 42,177 42,606 43,193 43,506 38,240 39,143 38,878 39,387 39,989 40,972 41,500 42,121 42,217 39,290 39,947 39,937 40,256 40,522 41,638 42,006 42,690 42,873 38,890 39,529 39,705 39,972 40,519 41,272 41,751 42,366 42,836 745 903 766 738 804 905 855 827 668 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,154 212,393 1,395 1,289 1,593 1,323 1,334 1,205 1,107 1,073 1,289 62 71 68 135 165 151 167 22 1 203 1#050 603 1,059 868 534 665 507 570 656 43,366 43,581 41,975 42,410 42,643 43,066 42,695 42,914 672 667 212,208 212,398 1,392 1,171 196 212 669 656 43,604 43,573 42,210 42,455 42#836 43,104 42,942 42,771 662 802 212,789 213,328 1,395 1,118 195 169 627 649 TWO WEEKS ENDING 1985-SEPT. OCT. P 1/ 11 25 9 23 P PE PRELIMINARY PE—PRELIMINARY ESTIMATE RESERVES AND MONETARY BASE PIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH 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 HONEY 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 IHE 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 CRF, CURRENCY AND VAULT CASH FIGURES ABE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. PRIOR 10 CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES APE 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. HISTORICAL DATA AhE AVAILABLE FROM TriE BANKING SECTION, DIVISION OF RESEARCH AND STATISIl.CS, dOAhD OF GOVERNORS CF THE http://fraser.stlouisfed.org/ NOTE: FEDERAL PESEHVE SYSTEM, WASHINGTON, D. C. 20551 Federal Reserve Bank of St. Louis H.3(502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted forchanges in reserve requirements^ Averages of daify figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base 2 ! Date total nonborrowed Reserve balances, with F.R. Bank83Z>l used to satisfy required reserves* ( required surplus* 1984- •SEPT. OCT. NOV. DEC 38,043 3b,512 39,235 40,696 30,801 32,495 34,618 37,509 37,415 37,892 38,542 39,843 196,229 196,688 198,771 202,586 20,143 20,099 20,843 21,738 21,232 21,875 21,827 22,316 17,900 18,413 18,392 18,958 1985—JAN. FEB* MAR. APE. HAf JUNE JULY AUG, SEPT. 41,125 40,273 40,494 41,652 41,051 42,352 42,803 42,963 44,446 39,730 38,984 38,901 40,329 39,718 41,147 41,696 41,890 43,158 40,380 39,370 39,728 40,914 40,247 41,447 41,948 42,135 43,778 201,353 199,937 201,287 203,814 204.94 4 208,386 210,654 211,601 213,048 21,577 20,416 22,065 23,217 22,385 23,367 23,503 23,415 24,972 23,044 23,927 21,863 21,567 21,898 22,180 22,530 22,839 22,465 19,547 19,857 18,429 18,435 18,666 18,985 19,300 19,548 19,474 11 25 43,509 44,800 42,118 43,630 42,838 44,133 212,580 213,120 24,630 25,034 21,887 22,705 18,880 19,766 3,008 2,939 9 P 2 3 PE 45,518 45,525 44,124 44,407 44,856 44,724 213,875 215,291 25,554 25,223 23,067 22,831 19,965 20,303 3,103 2,529 1985—SEPT. OCT. P PRELIMINARY P E — PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQOIRBIIENTS, 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 CURRENCT COMPONENT OF THE MONEY STOCK LESS THE AHOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITOTIONS THAT IS INCLUDED IN TBE CURRENCY COHPONENT OF THE MONEY STOCK PLUS, FOR INSTITUTIONS NOT HAVING REQUIRED RBSERVB 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 HHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQOIRBHENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN HHICH 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 AHOUNT 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 AHOUNT 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 TNO-HEEK MAINTENANCE PERIODS. REFLECTS EXCESS (•) OR DEFICIT (-) RESERVES ELIGIBLE TO BE CARRIED FORWARD INTO THE TMO-WEBK RESERVE MAINTENANCE PERIOD ENDING ON THE DATR SHOWN. H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total Reserves of depository Institutions nonborrowed Monetary base required 1984—SEPT* OCT* NOV. DEC. 37,881 37,953 38,687 40,129 30,640 31,936 34,070 36,943 37,253 37,332 37,994 39,277 196,067 196,129 198,224 202,020 1985—JAi* FEB. HAfi* APR. HAI JUNE JOLT AUG* SEPT* 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,596 43,220 39,308 38,589 38,473 39,932 39,309 40,754 41,303 41,523 41,931 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,768 42,552 200,931 199,542 200,859 203,417 204,535 207,992 210,260 211,234 211,821 11 25 43,122 43,097 41,731 41,926 42,451 42,429 212,193 211,416 9 P 2 3 PE 43,778 43,803 42,384 42,685 43,116 43,001 212,135 213,569 T i O SEEKS EHDING .——--•.••«-»—»»—«» 1985—SEPT* OCT* P PRELIHIIARY PE—PRELIMINARY ESTIflATE* 1/ FIGORES REFLECT ADJ0STHEHTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE HOMETART CONTROL ACT AMD OTHER REG0LATORT CHANGES TO RESERVE REQOIfiEHEHTS*
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