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F:_.:E=D -·=E.: . : R:. . ;A= l:_ R. :. E=- S=- E:=.: R_.:;_V.: . :E=- . : s:. =.:ta: .: t.: . ;: ;is. .:;.:,tica. ; : . ;: ; l. . :. r. ; :. el; . : ; .e~as. ; _e; ,. ._ _ _ _ _ _ (\_)_- •.,"" ·':'!".~Wu~':,~·· ....... rc"' • H.3~ Table 1 SBP!BftBBB AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1, 1988 1 Adluatec:l for changM In ,.qulnlment8 AwwaQH of dally fig-, _ . l y adluatec:l un.... notad OlhetwiM Millions of dollars ~of total' Date 19d7--JUJ.l lUG. SBft. ocr. JOY. DB C. 58,4!:1'J ';)1,821 58,810 58,815 .59,466 59,053 58,722 511,163 57,874 58,523 58,428 57,944 59,458 59,573 59,760 60,374 60,365 60,637 b1,238 1988-.Jll. Pll8. U.B. na. ftU JUIB .JULI depoeltory lnathuttona requlrad nonbonowed plua extended cNdlt* nonborrowed 1 58,376 59,117 58,009 57,380 57,787 57,555 . 57,798 excess _. NSA• 111 28J 279 231 189 126 93 194 132 409 449 394 483 1,082 396 1.,752 59 75 119 372 205 1,478 2,624 2,107 2,554 2,538 1,129 923 1,029 250,409 251,919 253,024 255,296 256,938 257.,928 &7:.! blf7 940 943 625 1.,295 1,1J.J 929 859 1,040 888 1,006 260,721 262,019 263,315 265,809 266,924 268,309 270,623 1r. 1 5!1,0:.!1 58,2!b .5a,21:U , 58,973 58,822 58,428 51,718 1,032 58.,021 58,338 58,129 57,693 58,748 59,382 59,487 60,004 59,894 60,108 60,336 58,163 58,440 58,832 59,515 59,.J2.S 59,750 60,231 57.738 Borrowings of depoehory lnathutlons from the Federal ReNnie, N8A total extended cred~ Monetaty .,.... 193 l,993 2,578 3,083 3,440 ... 246 311 316 ' I UO IIB.BitS BIDUG --- 1988-.JULI 13 27 AUG. 10 24 ---- p &1,117 61,350 57,461 58,082 59,800 &0,745 60,256 o0,147 861 1,203 270,110 270,954 3,656 3,268 352 390 2,340 2,663 &1,239 b1,022 57,900 57,778 f>O,b48 60,448 60,449 61J,OJ4 790 989 270,940 271,121 J,l39 .j,245 407 431 2,748 2,671 ·- P---P&BJ.L!11A&I 'B--PaBLIIIIA&I BS!1SATB 1/ aBSBBYBS AID ftOIB!lll BASB PIGU&BS IICOiPOBA!~ lDJUSTIBITS PO& DISCOJTIJUITIBS &SSOCI&TBD KITH !dM ISP£8811TATIOJ OP !81 IOJBr&aY COI~BOL leT &ID orBBB IBGULATOII CBliGBS TO RISEBVE IIQUX&BftEITS. ~0 ADJUS~ PO& DISCOITIJUXriBS DUB TO Ca&JGBS II IBSEBVB BliQUIBBIIJrS 01 aBSIIVABJ.B JOIDEPOSir LIABILITIES, rHE SUa OP SUCH IIQOX&BD IISB&fBS liB SD8r&ACTID P&OI TBI AC!UlL S&RIIS. SIIILl&LI, 11 ADJUS~IIG 101 DISCOiriiUITIIS II TBB IOIB!&al BASI, IBQUIIID CLI&BIJG BALAJCBS AID ADJUSTIBJ!S to COBPBISATB POl PLOlT ALSO ABB SUBTRACTED PROS THE lC!UAL SERIBS. 2/ TO~AL BISBifBS lOT lDJUSrBD POl DISCOITIJUITIBS COISISTS 0, BISBIYB BlLliCIS 11!8 PIDEBl£ &BSBBYE a&M&S (IHICB EICLUDE BBQUIRBD CLBAIIIG BlLAJCBS AID l8JD~TBBJTS TO C08P&IS&TI FOB PLOA!) PLUS VlULT CASH USED !0 SATXSPt RISBIYI IBQUIREBBITS. SUCH YAUJ.! CASH COISISTS OF ALL VAULT CASH HBLU DURIHG THE LAGGED COftPUTlTIOI PBIIOD Bl IIS!l!UTIOIS B&YIIG BIQDIIID &BSB&fl Bli.liC.I:S 11' PEDBBlL BES.E:BY.E SUitS PLUS THB AIOUHT OF VAULT CASH EQUAL TO BBQUIBBD BBSBIYBS DUBIIG ~HE 8AIITBJliCB PBUOD l! IISTITUTIOIS HAYING 10 hE~UlBBD RBSBBVE BlLAH~BS. 3/ KITliiD~ CBBUlT CONSISTS OP BO~BOWIHG AT THE DISCOUNT Y~IDOW UIDB& THB TEBBS ABO COIDITIOIS ESTABLISHED POl ~HB EI~IIDBD CREDIT ~BOGBAft TO HBLP DBPOSITORI liSTITU!IOIS DElL WITH SUSTAINED LIQUIDITI PBISSDBBS. 8BCAUSI !BIBB IS lOT ~HB SAil IBID !0 BBPAI SUCH BOMBOVIIG PBOftRTLI AS THEBE IS liTH TBlUITIOHlL SHOBT-TBBft lDJUSTftBIT CRBDI~, THE SOIBI KARKBT IftPACT OP &I!BIDID ~BRUIT IS SISLLAB TO THAT OP IOIBORROWBD RESERVES. 4/ MIS8RVB BALAICBS IITB FiDEBlL RBSBkVB BANKS PLUS VAULT CASH USED !O SATISPI BBSBRYB RBQUIR~ftBITS LESS RBQUIRID BBSBBYBS. 51 THB IOBBTlRI BASi lOT lUJUS~BD POR DISCORTIHUlTliS COBSISfS OP TOTAL RESERVES PLUS &BQDI&BD CLBABIJG BAL&JCIS AID ADJUS!ftBJTS TO COBPBISATB FOB PLOlT AT PBDBhlL BESBRVB BAlKS P~US THE CURBBICI COKPOIBIT OP ~HB BOIBf ~!OCK PLUS, fOB 1JS!I~U!~OJS lor HAV11G BEQUIRBD BBSiRVB BALAICBS, THE EICBSS 01 CURB~IT VAULT CASH OVER THE ABOUIT APPLIED ~0 SlTISFl CUR&BI~ IISB&YI RBQUIBBftBITS. lPTEB THE IITRODUCTION OF CCB, CURRENCY AID VAULT CASH FIGURES lRB KllSURBD OVBR THE SOIDAI-BIDIJG COSPUTATION PERIOD. TH~ SElSOHALLY AUJUSTEu SOIETABY BlSB COISISTS OF SBlSOIALLI ADJUSTED TOTAL RIS&Kfl (VBICH lJCLODIS EXCESS RESERVES 01 l NOT S~lSOIALLl ADJUSTED B&S~S) PLUS THE SEASOilLLI ADJUSTED CURIBICY COBROIBIT OP TUB 50111 STOCK PLUS !KB BESAIIIHG IT~KS SKASOilLLI ADJUSTED AS A WHOLE. IOTE: HISTORICAL DATA ARE AVAILABLE PaOft THE ftON~Y AND RESERVES PROJECTIONS SECTIOI, DIYISION OF BOIB!A&I APPAllS, BOARD OP <OOVB.KIOBS Ol THE .t'EDBRl.!o RESEl!YE SYS'f.o.rl, lilSHIIGTON, u.C. 20551 H.3 (502) Table 2 AGGREGATE RESERV!.:S OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not'adjusled for changes In rel!!lr:ve require"!~."~ A-ages of daliy figures, not seasonally adjusted . Millions of dollars Monetary base~ Date 1987-JULJ AUG. SEPT. OCT. lOY. DEC. 1988-JAI. l'EB. 11AB. APR. IIAI JUliE JULl Reserve balances with F.R. Banks> required reserves• surplus total non bOrrowed required 58,838 58,361 59,813 61,106 &1,:.!05 62,123 !>8,166 57,714 58,873 60,163 60,580 61,346 5d,07ti 57,329 59,020 5'i,971 o0,:.!8:.! o1,094 2511,&71 254,360 255,691 258,076 261,674 266,161 36,110 35,616 36,685 37,249 37,453 37,673 24,613 24,644 24,8S. 25,587 25,431 26,155 ~2. 128 22,745 23,128 23,857 23,752 24,4119 1,885 1.899 1. 726 1,730 1,679 1.706 &2,6410 60,047 b0,076 62,0611 60,681 61,991 6.2,755 61,558 59,o50 58,324 59,071 58,103 58,908 59,315 b1,J45 58,9U 59,1117 61,205 265,789 262,598 263,979 268,127 268,899 272,654 275,588 37,485 31t,211 36,021 38,429 36,509 37,907 37,992 26,919 28,119 25,926 25,200 25,873 25.711 26,U9 25,155 25,836 24,049 23,636 24,172 24,084 24.763 ,. 764 2,283 1.817 1,564 1,700 1,632 1,715 63,460 62,288 59,804 59,020 62,599 61,08~ 276,908 274,1171 38,831 37,399 26,270 26,647 24,629 24,889 1,641 1,758 62,102 61,970 sa. 725 58,763 61,313 b0,981 275,210 275,196 37,341 36,458 26,571 27,1100 24,762 2~.512 1,810 1,888 5~.641 1>1,103 61,7119 total TIIO IIBBKS BIDJ:IG ----1988--JDLI lUG. 13 21 10 24 p P--- P&BJ.UJ:J ABl PE--PRBLLIJ:IABI KSTJ:BlTB. 1/ B£1LBCTS ACTUAL RBSBMYE BBQUI&BIIBITS, IICLUDI»G THOSE 01 IOIDEPOSIT LIABILITIES, liTH 10 lDJDSTBBITS ro BLIIIIATB THB Brl'BCTS OP DISCOITJ:IUITIBS ASSOCIATED VlTH J:BPLBBBITATIOI OP TBB IOIBTABI COITBOL ACT OB OTB&B IBGULATOII CHlJGBS TO BESBBYB BBQUlBBftEITS. 2/ COJSIS'l'S OP 'I'O'I'AL BBSBBYBS PLUS BBQUI&ED CLBABUG BlLAIICBS liiD lDJUS'I'IIBI'I'S To· c:;OIIPBIS&TE" 101 Pl.CU.'I' AT PBDDAI. BISI81'B BAlKS PLUS THE CUBBEJCI COIIPOIBIIT OP THB ftOIBI STOCK LESS THB lllOUI'I' OP fAULT C&SB.IOL~~JGS OP THBIPT IISTITU'I'IOIS 'I'BAT lS liCLDDBD II THE CURBEICI COBPOIEIT OP TBi BOIEI STOCK PLUS, FOB IISTI'I'UTIOJS lOT BAJIIQ IBQUIR&D BBSBBJI BALAJCBS 1 Til EXCESS OP CUBBEJT YAUL'I' CASH OYBB THE &BOUlT APPLIED TO Sl'l'lSPf CO&IEIT BBSBBJB IBQUIIBIIBI'I'S. . APrEa TBB II'I'IODUcriOI OP CRB, CUBRBICJ liD fAULT CASH PIGUBBS ARE BBlSUBBD OYBB THE BOIDAI-UDIIG COBPUTlTIOI PBIIOD. l/ BXC~ODBS BEQOIBBD CLEARl»G BlLliCES AJD ADJUSTBBITS TO COBPIJSA'l'l 101 FLOAT. ~~ DATES BBPER TO 'l'HB IIAliTBilJCB PERIODS II IIBICB TBB fAULT CASH Cll BB USED ro SATISPI BBSBIJK BIQUIIKIBITS. UIDBI COJTIIPOBAJBOUS BBSBRYI IIQUIBBBBITS, BAII'I'BIAICE PERIODS BIID 30 DltS APTBa 'I'HB LlG81D COIPUTATIOI P&BIODS 11 VBICH 'l'HB B&LlJIICBS ABE HELD. . 5/ EQUAL TO ALL fAULT CASH HELD OUBIIG TBB LAGGED COBPOTATIOII PERIOD 81 IISTITUTIOilS BlftiG BBQUIRBO &BSBIJB BlLAICBS &r !'BDBB&L USBRYB BAlKS PLUS THE UOUir OP JlULT CASH EQUAL TO &IQUIRBD IBSDYIS tUIIIlG TU llAIITDUCB PIBIOD AT IIS'I'I'l'OTIOBS HAYIIG JO REQUIRED BBSBBYB RALAJCES. 6/ TOTAL VAULT CASt AT IIS'I'ITU'I'IOJS BlYIJG 110 iBUUlBBD BBSBBJI BALAICIS LESS THI &IOUI'I' OP VAULT CASH EQUAL '1'0 'I'BIII BEQUIBBD RBSEBYES DUIIJG TBB IAII'I'BIAICB PEIIOD. 1/ COISlSSS OP CliBIOYBR OJLI 1'1' DBPOSITOBY IISriTUTIOIS BAliTliiiiG BBSBBJ!S 01 Til BASIS OP '1'10-llBBK IAII'I'BIAICB PERIODS., RBPLBCTS BXCBSS (+) 01 DBPlCIT (-) BISBBYBS ELIGIBLE TO BB CAIIIED POBIARD IITO Til 'I'IQ-IBBI BBSDJB 111IITBIIAJCE PIBIOD BIDIBG o• TBa GAT& SHOW.. -282 88 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changn 11'1 ,....,. requirements• Averaoea of daily figures, not aeuonally adjusted MHIIona of dollarS Reserves of depository Institutions nonborrowed Date total 5H,717 5tJ,369 5H,512 1967--JUI.Y AUG. SEPT. OCT. 58,04~ 57,7~1 57,571 58, lJO 58,511 :>9,4l45 5~,073 5-J, 136 o0,0.2J lliOV. J>r:C. 19bti--JU. ¥EB. I!AB. APk. ftAI JUNE JULY 61,199 5H,o&3 5H,851 60.947 59,454 &0,679 61,467 o0,111 57,954 5&.876 57.59& 58,027 o2,15J 61,0.25 Monetary baH required 5-7,956 57,336 57,718 57,944 58,213 sa. 994 252.30~ 25:t,308 252.4~!» 254,119 257,651 ~b2,053 59,904 S7,530 57,922 &0,088 58,414 59,791 60,460 260,112 26S,007 2b5,7J2 269,442 272.408 57,7!)7 61,292 59,822 ~71,343 57 ,44~ 57,JJ& 59,9C:J4 59,592 :t71,tH2 :>8,~67 57,0~9 262,00& ~5~.o1o no wr:.t:Ks .t;IIDIHG -----------1 Y 1J ~tj8--JUL J.7 AUG. hi 60,784 :.!4 l? b0,560 58,4~7 213,111 ~71,887 P--- t'U.E!.UUN AiiY P~--PtiELlftlHAhY 1/ ~STIMAT~. .UGURJ:;S l<t;k"LJ:!£;T ADJU::i'ftlJ:;NJ.'!> ¥01t AND OTH£k kEGULATORY ~HAHGJ:!S TO iJl~CON'llNUUIJ::!i HE5£~VJ:! .aS.S0£;1ATED REQUI~J:!tt~NTS. IIIU'tf THE lliPLEftt;UlTIOII OP Tdll: llOII&TlHI COIITiOJ. AC'l'
@FedFRASER