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FEDERAL RESERVE statistical release H.3 (S02) Table 1 For RsIssm st 4:30 Eastern Time OCTOBER AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 8, 19 87 Adjusted for changes in reeerve requirements1 Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars Date total* Reserves of depository Inetttutlone nonborrowed nonborrowed plus required extended credit9 1 9 8 6 — ’S E P T . OC T. MOV. DEC. 5 2 ,3 0 2 5 3 ,2 2 5 5 4 ,4 8 9 5 6 ,1 6 6 5 1 ,2 9 4 5 2 ,3 8 4 * 5 3 ,7 3 7 5 5 ,3 4 0 1987— JAB. FEB. , HA B . APB. HAY JUMB JU LY AUG. S E P T . PB 5 6 ,8 8 4 5 6 ,8 7 3 5 6 ,8 5 2 5 7 ,9 5 4 5 8 ,3 5 2 5 7 ,7 0 6 5 7 ,6 0 2 5 7 ,8 7 6 5 7 ,8 3 1 exoeee NSA4 from the Federal Reserve. NSA extended credit* 5 1 ,8 6 4 5 2 ,8 8 1 5 *1 ,1 5 5 5 5 ,6 4 3 5 1 ,5 7 6 5 2 ,4 7 9 5 3 ,5 1 1 5 4 ,7 9 8 726 746 978 1 ,3 6 9 2 3 2 ,2 8 1 2 3 4 ,4 2 6 2 3 6 ,8 7 5 2 3 9 ,5 1 3 1 ,0 0 8 841 752 •27 137 99 7Q 38 570 497 418 303 5 6 ,3 0 4 5 6 ,3 1 7 5 6 ,3 2 5 5 6 ,9 6 1 5 7 ,3 1 7 5 6 ,9 3 0 5 6 ,9 2 9 5 7 ,2 2 9 5 6 ,8 9 1 5 6 ,5 2 9 5 6 ,6 0 0 5 6 ,5 8 9 5 7 ,2 3 1 5 7 ,6 0 4 5 7 ,2 0 3 5 7 ,1 2 4 5 7 ,3 6 0 5 7 ,3 0 0 5 5 ,8 1 6 5 5 ,6 6 2 5 5 ,9 3 6 5 7 ,1 2 7 5 7 ,2 7 3 5 6 ,5 1 6 5 6 ,8 4 1 5 6 ,8 4 4 5 7 ,0 1 2 1 ,0 6 8 1 ,2 1 1 916 827 1 ,0 7 9 1 ,1 9 0 761 f ,0 3 2 819 2 4 2 ,4 3 1 2 4 3 ,9 7 0 2 4 4 ,5 6 3 2 4 6 ,5 8 6 2 4 8 ,3 7 2 2 4 8 ,4 8 1 2 4 9 ,4 5 7 2 5 0 ,7 9 8 2 5 1 ,8 5 0 580 556 527 993 1 ,0 3 5 776 672 647 940. 34 71 91 196 259 283 279 231 225 283 264 270 288 273 194 132 409 5 8 ,0 6 9 5 7 ,6 4 4 5 7 ,4 2 2 5 6 ,6 4 3 5 7 ,5 9 5 5 7 ,1 7 3 5 6 ,8 7 5 5 7 , 125 1 ,1 9 4 518 2 5 1 ,2 6 1 2 5 1 ,7 8 4 647 1 ,0 0 1 241 226 173 531 5 7 ,9 0 0 5 6 ,7 0 5 5 7 ,1 7 4 5 6 ,9 6 4 937 2 5 2 ,7 3 8 1 ,1 9 5 230 469 § f 120 THO HBBKS B ID IIG 1 9 8 7 -S E P T . O C T. . V 2 / 3/ 9 23 P 7 PB P B B L IH IM A B Y PB— P B B L I 0 1 I I I I E S T IM A T E BESEBVES A ID H OIETAHY BASE FIG U B ES IBCOBPOBATB A D JO STH B ITS FOB D IS C O B T IH 0 IT J J E S A S S O C IA T E D H IT H THB I H P L E H B I T A T I O I OF tH B H OIETAHY COHTBOL ACT ABD OTHEB BEGULATOBY C H A ISE S TO BBSBBVB B B Q U IB B V B B T S .. TO ADJUST FOB D IS C O I T U 01 T I B S DUB TO C H AIG B S I V BBSBBVB B E Q D IB E H B ITS OB BESEBV ABLE IO ID E P O S IT L I A B I L I T I E S , THE SOB O F SOCH BBQUIBBD BBSBBVBS ABB SB B IB A C TE D FBOfl THE AC TU A L S B B IB S . S I H I L A B L Y , I B A D JU STIN G FOB D I S C O H T I I 0 I T I B S I B THB HOHBTABY B A S E , BBQ 0IBBD C LB AB IH G BALABCBS A ID A D J O S TH B ITS TO COBPEMSATE FOB FLO AT ALSO ABE SOBTBACTBD FBOB THB ACTUAL S B B IB S . T O T A L BBSEBVBS BOT ADJUSTED FOB D IS C O B T IB O IT IB S C O B S IS T S OF BBSBBFB BALABCBS H IT H FBDBBAL B B S B B fB BABBS (B H IC H EXCLUDE BBQUIBBD C L B A B IB 6 BALABCBS ABD ADJUSTHEBTS TO COHPBBSAXB FOB F L O A T ) PL U S V A 0L T CASH USED TO S A T I S F Y BBSBBVB B B Q 0IBB H B H C S. SUCH VAULT CASH C O B S IS TS OF A L L VAULT CASH HBLD DUfilMG THB LAG6BD C O H PO TATIO B PB B IO D BY I I S T I T O T I O I S H A V IN G BBQUIBBD BBSBBVB BALABCBS AT FBDBBAL BBSBBVB BABKS PLUS THB AHOUBT OF VAULT CASH EQUAL TO BBQUIBBD BBSBBVBS D 0 H IIG THB HAIBTBBAMCB PE B IO D AT I I S T I T U T I O I S H AVIB G HO BBQUIBBD BBSEBVB BALAB C BS. ax BXTBIDBD C B B D IT C O B S IS T S OF BOBBOBIBG AT THE DISCO O BT HIBDOH UBDBB THB TBBHS ABD C O B D IT IO H S E S TA B L IS H E D FOB THB BXTBBDBD C B E D IT PBOGBAH TO HBLP DEPOSITOBX IB S T IT O T IO B S DEAL H IT H S U S T A IB E D L I Q U I D I T Y PB B SSU B B S. BECAUSE TflB B B I S BOT THB SAILS BBBO TO B B P A I SUCH BOBBOBIBG PBOHPTLT AS THEBE I S B IT H T B A D IT IO M A L SHO BT-TBH H ADJUSTHBHT C B B D IT , THB HOH1Y HABKBT IH P A C T OF BXTBBDBD C B BD IT I S S I H I L A B TO TH A T OF HOHBOBBOHBD BESEBVES. BBSEBVB BALABCBS B IT H FBDBBAL BBSEBVB BABKS PLU S VAULT CASH USBD TO S A T IS F Y B E SB B IB BBQUIBBBBBTS L E S S BBQUIBBD BB SB BVB S. 5/ THE HOBBTAPI BASE BOT ADJUSTED FOB D I S C O I T I IU 1 T I B S C O B S IS T S OF TO T A L BBSBBVBS P L 0 S BBQUIBBD C LB AB IH G B A L A B C B S AMD A D J U S T B E IT S TO C U H P E IS A T E FOB FLOAT AT FED ERA L BBSBBVB BABKS P L 0 S THB CUBBBHCY COHPOHBHT OF THB HOBBY STOCK L E S S THB A B O U IT OF VAULT CASH MOLDIMGS OF T H B IF T IB S T IT O T IO B S THAT I S IIC L U D E D I B THB CUBBBBCY COHPOHBHT OF THE HOBBY STOCK P L U S , FOB I B S T I T U T I O B S BOT B AVIH G BBQUIBBD BBSBBVB BALAB C BS, THE EXCESS OF C UBBEIT VAULT CASH OVBB THB AHOUBT A P P L IB D TO S A T IS F Y COBBBHT BBSBBVB B B Q U IB B A B IT S . AFTBB THB IBTBC 9U C TI0B OF C BB, CUBBENCY A ID VAULT CASH F I G U R E S ARE HBASUBED OVBB THB H O H D A Y-B ID IB G C O H PO TATIO B P B B IO D . P B 10 B TO CBB, A LL COHPOBBBTS OF THB HOIETABZ BASE OTHEB T H A I BXCBSS BESEBVES ABB SB ASO B ALLY ADJUSTBD AS A MHOLB, BAT ABB THAB BY C O H P O IE IT , A ID BXCESS BESEBVES I S ADDED OB A MOT SB A SO B ALLY ADJUSTED B A S IS . AFTBB C B B, THB SB A SO B A LLY ADJUSTBD S B B IB S C O B SISTS OF S E a S Q IA L L I ADJUSTBD TO TAL BESEBVES (MHICH IB CLU D B S EXCESS BESEBVBS OB A BOT SB ASO B ALLY ADJUSTBD B A S IS ) PLU S THB SBASOBALLY ADJUSTED CUBBENCY COHPOIEMT OF THE BOMEY STOCK PLUS THE B E H A I H U G I TEAS SB ASO B ALLY ADJUSTBD A S A MHOL B . MOTE: H IS T O R IC A L DATA ARE A V A IL A B L E FBOB THE B A N K IIG S E C T IO N , D I V I S I O N OF BESEABCH ABD S T A T I S T I C S , BOARD OF GOVBBNOBS OF THE FEDEBAL BESEBVE SISTE/1, 8 A S H IIG T O N , D. C . 20 551 H.3 (502) Table 2 AG G R EG ATE RESERVES O F DEPOSITORY INSTITUTIONS AND TH E M ONETARY BASE Not adjusted for*,changes in reserve requirements^ Averages of daily figures, not seasonally adjusted j Millions of dollars 1 ^ i j ^ __t ~ Reserves of depository institutions Vault cash4 Monetary base* Date total nonborrowed Reserve balances with F.R. Banks’ required total used to satisfy required reserves* j surplus* ’ Net carryover of excess or deficit in reserve balances7^ 1986— SE PT. OCT. NOV. DEC. 5 3 ,1 8 9 5 4 ,6 2 3 5 6 ,3 9 9 5 9 ,5 6 0 5 2 ,1 8 0 5 3 ,7 8 2 5 5 ,6 4 7 5 8 ,7 3 3 5 2 ,4 6 3 5 3 ,8 7 7 5 5 ,4 2 1 5 8 ,1 9 1 2 3 5 ,0 6 7 2 3 7 ,2 5 7 2 4 1 ,2 6 7 2 4 7 ,7 0 7 3 1 ,9 2 2 3 2 ,9 4 7 3 4 ,8 0 3 3 7 ,3 6 0 2 3 ,3 8 4 2 3 ,7 5 3 2 3 ,5 4 3 2 4 ,0 7 1 2 1 ,2 6 7 2 1 ,6 7 6 2 1 ,5 9 5 2 2 ,1 9 9 2 ,1 1 7 2 ,0 7 8 1 ,9 4 7 1 ,8 7 2 1 9 8 7 — JA N . FEB. HAB. APR. HAY JUNE JULY AUG. SEPT. PE 5 9 ,6 6 8 5 7 ,0 6 0 5 7 ,0 6 1 5 9 ,3 9 3 5 8 ,3 3 9 5 8 ,7 8 4 5 8 ,8 3 8 5 8 ,3 6 1 5 9 ,8 1 9 5 9 ,0 8 8 5 6 ,5 0 3 5 6 ,5 3 4 5-8, 400 5 7 ,3 0 3 5 8 ,0 0 8 5 8 ,1 6 6 5 7 ,7 1 4 5 8 ,8 7 9 5 8 ,6 0 0 5 5 ,8 4 9 5 6 ,1 4 6 5 8 ,5 6 6 5 7 ,2 6 0 5 7 ,5 9 4 5 8 ,0 7 8 5 7 ,3 2 9 5 9 ,0 0 0 2 4 6 ,7 5 2 2 4 4 ,2 2 0 2 4 4 ,9 7 8 2 4 9 ,2 4 1 2 4 9 ,9 4 0 2 5 2 ,5 3 9 2 5 4 ,6 7 1 2 5 4 ,3 6 0 2 5 5 ,6 9 7 3 6 ,5 8 4 3 3 ,6 2 5 3 5 ,3 1 8 3 7 ,8 0 7 3 6 ,4 6 6 3 6 ,3 0 9 3 6 ,1 1 0 3 5 ,6 1 6 3 6 ,6 9 3 2 5 ,0 4 9 2 5 ,8 8 9 2 3 ,7 5 9 2 3 ,3 5 3 2 3 ,6 9 3 2 4 ,3 8 0 2 4 ,6 3 1 2 4 ,6 4 9 2 4 ,8 6 0 2 3 , 084. 2 3 ,4 3 5 2 1 ,7 4 3 2 1 ,5 8 7 2 1 ,8 7 3 2 2 ,4 7 5 2 2 ,7 2 8 2 2 ,7 4 5 2 3 ,1 2 6 1 ,9 6 5 2 ,4 5 4 2 ,0 1 6 1 ,7 6 7 1,8 2 0 . 1 ,9 0 5 1 ,9 0 3 1 ,9 0 4 1 ,7 3 4 9 23 P 5 8 ,7 4 0 6 0 ,3 3 7 5 8 ,0 9 3 5 9 ,3 3 6 5 7 ,5 4 6 5 9 ,8 1 9 2 5 4 ,6 7 1 2 5 6 ,3 2 1 3 6 ,2 9 4 3 6 ,8 6 9 2 4 ,2 8 8 2 5 ,1 4 6 2 2 ,4 4 6 2 3 ,4 6 9 1 ,8 4 2 1 ,6 7 8 174 207 6 0 ,1 6 9 5 8 ,9 7 4 5 9 ,2 3 2 2 5 5 ,7 6 9 3 6 ,8 5 3 2 5 ,0 2 6 2 3 ,3 1 6 1 *7 1 0 114 TWO WEEKS ENDING 1987— SEPT. O CT. 7 PE P----- P R E L IM IN A R Y PE— P R E L IM IN A R Y E S T IM A T E . 1/ REFLECTS ACTUAL RESERVE REQUIREM ENTS, IH C L U D IN 6 THOSE OH NOHDEPOSIT L I A B I L I T I E S , WITH VO ADJUSTMENTS 7 0 E L IH IW A T E THE EFFECTS OF D IS C O N T IN U IT IE S A SSO C IATE D WITH IM PLE M E N TA TIO N OF THE HONBTABY CONTROL ACT OR O T H E R BBGULATOBY CHANGES TO RESERVE REQUIREM ENTS. 2/ C O N SISTS OF TO TAL BESEBVES PLUS BEQUIRED C L E A R IN G BALANCES AND ADJOSTHEMTS TO COHPENSATE FOB F L O A T A T FEDBBAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEX STOCK LE S S THE AMOUNT OF VAULT CASH HOLDIMGS OF T H B IF T IN S T I T U T I O N S THAT I S INCLUDED IN THE CURRENCY COMPONENT OF THE MONEY STOCK P L U S , FOR IN S T IT U T IO N S HOT HAVING R E Q U I R E D RESERVE B ALA N C E S, THB EXCESS OF CURRENT VAULT CASH OVER THE AMOUNT A P P L IE D TO S A T IS F Y CURRENT BESERVE BEQUIRBM ENTS. A FTER THB IN TR O D U C TIO N OF CRR# CURRENCY AND VAULT CASH F IG U R E S ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION P E R IO D . 3/ EXCLUDES REQUIRED C LEA RIN G BALANCES AND ADJUSTMENTS TO COMPENSATE FOR F L O A T . 4/ DATES R E F E R TO THE MAINTENANCE PE R IO D S IN WHICH THE VAULT CASH CAN BE USED TO S A T IS F Y BBSBBVE B EQ ttlB B H EN TS . UNDER CONTEMPORANEOUS RESERVE RE QUIREM EN TS, MAINTENANCE PE RIO D S END 30 D A IS AFTER THE LAGGED COM PUTATION PB B IO D S I N WHICH THE BALANCES ABE HELD. 5/ EQUAL 10 A LL VAULT CASH HELD DURING THE LAGGED COMPUTATION PE R IO D BY I N S T IT U T IO N S HAVING REQUIRED BBSBBVE BALANCES AT FEDERAL RESERVE BANKS PLUS THE AMOUNT O F VAULT CASH EQUAL TO REQUIRED RESERVES DURING THE B AIN TB N A N C E PE R IO D AT I N S T IT U T IO N S H AVIN G NO REQUIRED RESERVE B ALAN C ES. 6/ TO TAL VAULT CASH A T IN S T IT U T IO N S H A V I N G N O R E Q U I R E D R E S E R V E BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO T H E IR REQUIRED RESERVES D U R I N G T H E M A I N T E N A N C E P E R IO D . 7/ C O N SISTS O F CARRYOVER ONLY AT D EPO SITO R Y I N S T IT U T IO N S M A IN T A IN IN G RESERVES ON THE B A S IS OF TWO-WEEK M AINTENANCE P E R IO D S . REFLECTS 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 IG IB L E TO BE CAR RIED FORWARD IN T O THE TWO-WEEK RESERVE M A I N T E N A N C E P E R I O D E N D I N G O N THE DAliJ S H O W N . 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 Reserves of depository institutions nonborrowed Date total 1986— SEPT. OCT. MOV. DEC. 1987— JAN. FEB. HAH . A P i* . MAY JUNE JULY AUG. SEPT. 5 ^ ,0 1 9 Monetary base required 5 1 ,0 1 1 5 1 ,9 8 4 5 3 ,8 4 0 5 6 ,8 0 9 5 1 ,2 9 3 5 2 ,0 8 0 5 3 ,6 1 4 5 4 ,2 6 7 2 3 2 ,0 6 8 2 3 3 ,6 0 5 2 3 7,49 7 2 4 3 ,6 3 0 5 7 ,3 9 0 5 7 ,5 0 2 5 8 ,1 5 1 5 5 ,5 3 2 5 5 ,5 4 1 5 7 ,3 7 9 5 6 ,2 6 4 5 6 ,8 4 9 5 7 ,0 7 1 5 6 ,7 4 3 5 6 ,5 6 2 5 7 ,6 6 3 5 4 ,8 7 7 5 5 ,1 5 2 5 7 ,5 4 4 5 6 * 221 5 6 ,4 3 5 5 6 ,9 8 3 5 6 ,3 5 4 5 6 ,6 8 3 2 4 3,42 2 2 4 0,81 7 2 4 1,92 5 2 4 6,0,66 246*831 2 4 9 ,2 8 6 2 5 1 ,4 2 4 2 5 1,42 0 2 5 1,60 1 P 5 7 ,6 5 1 5 7 ,5 2 5 5 7 ,0 0 4 5 6 ,5 2 4 5 6 ,4 5 7 5 7 ,0 0 7 2 5 1 ,6 4 1 251,85 1 PE 5 7 ,2 6 2 5 6 ,0 6 7 5 6 ,3 2 6 2 5 1 ,0 5 0 5 2 ,8 2 6 5 4 ,5 9 1 5 7 ,6 3 6 5 8 ,7 3 1 5 6 ,0 8 8 5 6 ,0 6 8 5 8 .3 7 2 5 7 ,2 9 9 5 7 ,6 2 5 5 7 ,7 4 3 PE TWO WEEKS E NDING 1987— S E P T . OCT. -P B E L IN IN A fiY -P fcE LItilM A iiY 9 23 7 E STIM ATE. F I G U K E S HEFHS CX A D J U S T M E N T S FOB D I S C O N T I N U I T I E S A S S O C I A T E D AMU OTHEfi BEGULATOfiX C H AN GE S TO H E S B H V E R E Q U l M Z A t H T S . N ITH THE IH PL EU E H TATIO H Of THE HO NETA B Y COIiTB Oi. A C T
@FedFRASER