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FEDERAL RESERVE statistical release H.3(502) Tabial For Ralsasi at 4:30 Eattam Tima SEPTEMBER AQQREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 11, 1986 1 Adjuated for changaa in raaarva raqukamants Avaragaa of daily ttouras, aaaaonaJly adjusted unteas noted otharwtea Millions of dollars __________________ tot? om fteaan»aa of dapoaNofy fnatttutlona nofluOfvowaQ nonbocfowad plus axtandad ofadft* ; Monatefy baasr rapukad NSA 4 ,073 ,289 , 1 87 ,741 ,318 221 203 172 107 56 570 656 629 530 499 218,404 219,788 221,262 222,359 224,904 226,631 228,300 230,678 770 884 761 893 876 803 741 872 36 56 68 73 94 108 116 144 497 492 518 634 584 531 378 465 585 873 229,723 231,129 759 910 134 152 373 515 752 232,203 149 592 43,685 43,637 44,793 42,826 43,216 43,491 43,919 44,554 827 666 753 928 1 ,058 211,208 212,289 213,566 215,253 216,721 45,111 45,486 46,104 46,383 47,701 48,642 49,748 50,452 45,608 45,978 46,622 47,017 48,285 49,172 50,126 50,918 44,771 45,272 45,968 46,474 47,739 48,514 49,579 50,588 1,111 1 ,097 896 801 838 931 910 737 50,829 51,647 50,071 50,737 50,444 51,251 50,244 50,774 51,808 50,697 51,289 51,056 1983—AUG. SEPT. OCT. NOV. DEC. 43,654 43,882 44,244 44,847 45,612 42,593 43,056 43,106 44,294 1986—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. PE 45,881 46,370 46,865 47,275 48,577 49,445 50,489 51,325 42,581 43,151 43,249 BofTowtnaja of dapoanocy inatttutlona from tha Fadaral Raaanw , NSA axtandad ofadftr saasooal total 1 1 1 1 1 TWO WEEKS ENDING 1986-AUG. 13 27 P SEPT. 10 PE P 1/ 1,111 PRELIMINARY PE—PRELIMINARY ESTIMATE RES€RVES AND MONETARY BASE FIGURES 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 RESERVEBALANCES 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 MONEY 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 THE 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 CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. PRIOR TO CRR, ALL COMPONENTS OF THE MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN BY COMPONENT, AND EXCESS RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CHR, 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. NOTE: HISTORICAL DATA ARE AVAILABLE FROM THE BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS. BOARD OF GOVERNORS OF THE http://fraser.stlouisfed.org/ FEDERAL RESERVE 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 tor changes in reserve requirements^ Averages of deify figures, not seasonally adjusted Millions of dollars "' *' ^ «• Vault cash4 Bessrves of depository Institutions basew Date total nonbofrowed Rooorve betenoes. with F.R. Banka&» required total used jto satisfy required reserves'! i surplus4! Net carryover of excess or deficit In reeerve balanced 3,291 H 2,990 |I 1985—AUG, SEPT. OCT. NOV. DEC. 42,963 44,447 45,469 46,382 48,142 41,890 43,158 44,282 44,641 46,824 42,135 43,782 44,716 45,454 47,085 213,156 214,501 216,192 218,962 223,534 23,415 24,972 25,431 26,385 27,620 22,839 22,465 22,724 22,457 22,956 19,548 19,475 20,038 19,997 20,522 1986—JAN. FEB. MAR. APR. MAY JUNE JULY AUG. PE 48,060 46,652 47,274 48,882 48,419 49,938 51,029 51,284 47,289 45,768 46,513 47,989 47,543 49,135 50,288 50,412 46,949 45,55546,378 48,081 47,581 49,007 50,118 50,547 221,588 219,568 221,703 224,879 226,118 229,676 232,546 233,393 26,373 24,700 27,114 28,892 28,279 29,499 30,313 30,170 24,245 24,962 22,688 22,231 22,474 22,805 23,098 23,451 21,687 21,952 20,160 19,990 20,140 20,439 20,716' 21,115 51,177 51,152 50,418 50,242 50,592 50,279 233,380 232,940 30,185 29,772 23,323 23,792 20,992 21,380 2,331 2,412 250 -8 52,095 50,984 51,343 235,018 31 ,510 22,671 20,585 2,086 145 2,686 H 2,460 HiHI^HBH 3,010 2,528 2,241 2,334 Hliifl^MM Pfflflffllf^HH^M HlliiiMi^M ^MJ^^M 2,381 IJfJMffjIIl 2,434 2,559 2,366 2,336 HBI^Il HBiffiBB JlffliiiMilH PWM^B TWO WEEKS ENDING 1986--AUG. 13 27 P SEPT. 10 PE "•' ' i »"• •• • i P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON N0NDEP0SIT 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 CURRENCY COMPONENT OF THE MONEY STOCK LESS THE 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 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 WHICH THE VAULT CASH CAN BE USED TO SATISFY RESERVE REQUIREMENTS. UNDER CONTEMPORANEOUS RESERVE REQUIREMENTS, MAINTENANCE PERIODS END 30 DAYS AFTER THE LAGGED COMPUTATION PERIODS IN WHICH 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 AMOUNT 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 AMOUNT 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 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. H.3(502) Table 3 AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve rsquirsmsnts1 Averages of daily figures, not seasonally adjusted Millions of dollars Data total 1985 AUG. SEPT. OCT. NOV. DEC. Reserves of depository institutions nonborrowod Monetary bees required 43,069 43,676 44,207 45,082 46,839 41,996 42,388 43,020 43,341 45,520 42,241 43,011 43,454 44,154 45,781 211,514 212,157 213,357 216,038 220,362 47,113 45,684 46,338 47,936 47,712 49,198 50,319 50,628 46,342 44,800 45,578 47,044 46,836 48,395 49,578 49,756 46,002 44,587 45,442 47,135 46,874 48,267 49,409 49,891 218,741 216,784 218,985 222,134 223,608 227,037 230,020 230,846 13 27 P 50,502 50,501 49,744 49,591 49,917 49,628 230,879 230,309 10 PE 51,484 50,373 50,732 232,612 1986 — J A N . FEB. MAR. APR. MAY JUNE JULY AUG. PE TWO WEEKS ENDING 1986--AUG. SEPT. P PRELIMINARY PE--PRELIMINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
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