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FEDERAL RESERVE statistical release H.3 (502) Table 1 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE For release at 4:30 p.m. Eastern Time Adjusted for changes in reserve requirements1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars Septem ber 1 0 ,1 99 8 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date Monetary base5 “ total2 nonborrowed3 nonborrowed plus extended credit4 required excess NSA5 1 9 9 7 -A u g . sap . 46939 46240 46341 45802 46341 45802 45686 44944 1253 1295 4667 11 469406 598 438 385 368 0 0 O ct. Nov. D ec. 45958 46310 46669 45688 46157 46345 45688 46157 46345 44562 44693 44986 1396 1617 1683 471983 476187 480152 270 153 324 227 115 79 0 0 0 1 9 9 8 -J a n . Fob. Mar. 46501 45722 46047 46292 45664 46006 46292 45664 46006 44721 44198 44731 1780 1524 1316 482838 484226 485862 210 58 41 18 12 22 0 0 0 A p r. May Juaa 45959 45591 4539 1 45887 45438 45140 45887 45438 45140 44614 44441 43771 1345 1150 1620 48 7203 48 9102 491634 72 153 251 41 94 159 0 0 0 J u ly Aug• pa 44814 44993 44556 44722 44556 44722 43449 43479 1365 1514 49 3700 497035 258 271 215 242 0 0 Two waaka ending 1 9 9 8 -J u ly 15 29 44992 44523 44794 44209 44794 44209 43665 43161 1328 1362 49 2868 4942 20 198 314 196 233 0 0 45256 44644 44986 44365 44986 44365 43819 43227 1437 1417 49 6618 497129 271 280 241 255 0 0 45338 45091 4 5 09 1 43371 1967 497774 247 209 0 Aug. Sap. 1. 2. 3. 4. 5. 6. p pe 12 26p 9pe total seasonal extended credit4 Reserves and monetary base figures incorporate adjustments for discontinuities, or “breaks”, associated with regulatory changes in reserve requirements. (For more information, see Table 3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3 ) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve. 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 money market impact of extended credit is similar to that of nonborrowed reserves. Excess reserves N SA equals unadjusted total reserves (Table 2, column 1) less unadjusted required reserves (Table 2, column 3). The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2) the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters oh the “Report of Transaction Accounts, Other Deposits and Vault Cash” and for all those weekly reporters whose vault cash exceeds tneir required reserves, the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (Also see footnote 3 on Table 2 and footnote 4 on table 3.) preliminary preliminary estimate H .3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements1 Averages of daily figures, not seasonally adjusted Millions of dollars _______ ________________________________________________________________________________________________ Vault cash5 Reserves of depository institutions Date total2 nonborrowed required Monetary base3 1 9 9 7 -A u g . S ep . 46645 46056 46047 45618 45392 44761 474005 475316 O o t. Nov. D ec. 4562 1 46 45 1 47880 45351 46298 47555 44225 44834 46196 1 9 9 8 - Jen . Feb. Mar. 47495 44974 45509 47285 44916 45468 A p r. May June 46475 4480 5 45095 J u ly Aug. pe Two weefce ending 1 9 9 8 -J u ly 15 29 Aug. S ep . 1. 2. 3. 4. 5. 6. 7. 8. p pe 12 26p 9pe Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves5 10489 9742 42587 43264 36156 36314 6432 6950 477279 483495 491919 9990 10559 10673 42211 42851 44707 35 63 1 35892 37206 65 81 6959 75 00 45714 43450 44193 491608 48 8411 490964 9733 9394 10140 47336 43167 41598 37762 35580 35370 9574 7587 6228 46403 44652 44844 4513 1 43655 43475 494109 49 4953 497929 11053 9646 9668 41215 41 48 2 42635 35423 35159 35427 5792 6323 7208 44600 44703 44342 44432 43235 43189 502196 504114 9646 9680 42034 42120 34954 35023 7080 7096 45327 43703 45129 43389 43999 42 34 1 503149 501182 10225 8933 4 2 10 1 41983 35 10 2 34770 6999 7213 296 207 45585 43809 45314 43529 44147 42 39 1 504667 503475 10428 8785 41983 42354 35157 35024 6826 73 29 176 189 45093 44846 43126 504579 10393 41792 34700 70 92 210 surplus7 Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for ail quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for ail those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. All vault cash held during the lagged computation penod by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. preliminary preliminary estimate 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 d o l l a r s __________ _________ __ Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 1 9 9 7 -A u g . Sap. 46709 46127 46111 45689 45456 44832 4670 04 4683 70 O c t. Doc. 45693 46530 47971 45424 46377 47647 44297 44913 46288 470406 47 66 15 4851 13 1 9 9 8 -J a n . Fob. Mar. 47487 44993 45545 47277 44935 45504 45706 43469 44228 48 44 08 48 1347 48 4 0 0 1 A p r. May Juno 46525 44865 45171 46453 44712 44920 4 5 18 1 43715 43552 48 73 61 488278 49 1177 J u ly Aug. po 44688 44804 44430 44533 43323 43290 49 5349 497213 Tito w ..l c . .n d ln a 1 9 9 8 -J u ly 15 29 45416 43789 45218 43475 44088 42427 4 9 62 49 49 44 00 45681 43909 45411 43630 44244 4249 2 4 9 77 61 496536 45204 44957 43237 4977 92 Nov. Aug. Sop. 12 26p 9po Note: Historical data are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of The Federal Reserve System, Washington, D.C. 20551 1. 2. 3. 4. p pe Figures reflect adjustments for discontinuities, or “breaks", associated with regulatory changes in reserve requirements. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). To adjust required reserves for discontinuities due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the “Report of Transaction Accounts, Other Deposits and V a u lt Cash and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. preliminary preliminary estimate
@FedFRASER