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FEDERAL RESERVE statistical release H.3(502) Table 1 For Rslsaas at 4:30 Eastern Time AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE SEPTEMBER 19, 1985 Adjusted for changes In reserve requirements' Averages of dally figures, seasonally adjusted unless noted otherwise Millions of dollars total1 Dale Reserves of depository Institutions nonborrowed required nonborrowed plus extended credit' excess NSA4 Monetary base* Borrowings of depository Institutions from the Federal Reserve , NSA total seasonal extended credit' 1984—AUG. SEPT, OCT. NOV. DEC. 38,264 38,086 37,961 38,466 39,081 30,268 30,844 31,944 33,849 35,895 37,311 37,303 37,001 37,686 38,499 37,595 37,458 37,341 37,773 38,229 689 628 620 693 853 195,568 196,206 196,397 197,672 199,032 8,017 7,242 6,017 4,617 3,186 346 319 299 212 113 7,043 6,459 5,057 3,837 2,60<l 1985—JAN. FEB, MAR. APR. MAT JUNE 39,635 40,432 40,471 40,710 41,323 42,177 42,606 43,199 38,240 39,143 38,878 39,387 39,989 40,972 41,500 42,127 39,290 39,947 39,937 40,256 40,522 41,638 42,006 42,696 38,890 39,529 39,705 39,972 40,519 41,272 41,751 42,365 745 903 766 738 804 905 855 835 200,206 202,049 202,945 203,562 205,355 207,658 208,831 211,233 1,395 1,289 1,593 1,323 1,334 1,205 1,107 1,073 62 71 88 135 1b5 151 167 221 1,050 803 1,059 868 534 665 507 570 14 28 P 42,996 43,376 42,006 42,289 42,515 42,898 42,258 42,405 738 971 210,559 211,548 990 1,088 224 225 509 610 11 43,323 41,932 42,600 42,674 649 212,906 1,392 196 669 JULY AUG. PE TWO WEEKS ENDING 1985-AUG. SEPT. P 1/ PE PHELIMINABY P g — PRELIMINARY. ESTIMATE RESERVES 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 HESERVABLE NOMDEPOSIT 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 BESEHVES DURING THE MAINTENANCE PERIOD AT INSTITUTIONS HAVING NO REQUIRED RESERVE B*LANCES. 3/ EXPENDED CREDIT CONSISTS OF BORROWING AT THE DISCOUNT WINDOW UNDER THE TERMS AND CONDITIONS ESTABLISHED FOR THE EXIENDED CREDIT PROGRAM TO HELP DEPOSITORY INSTITUTIONS DEAL WITH SUSTAINED LIQU1EITY PRESSUBES. BECAUSE IHERB IS NOT THE SAME NEED TO REPAY SUCH BORROWING PROMPTLY AS THERE IS WITH TRADITIONAL SHORT-TERM ADJUSTMENT CREDIT, THF HONEY MARKET IMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESEflVE BANKS PLUS VAULT CASH USED TO SATISFY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARt BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLEhRlMii BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE MONEY SIOCK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN THE CURRENCY COMPONENT OF THE HONE* 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 ABE 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 EASIS. AFTER CRR, TH£ SEASONALLY ADJUSTED SERIES CONSISTS OF SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EICESS 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 FKOH THE RANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDEKAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements. Averages of daily figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary base2' Date total nonborrowed Reserve balances, with F.R. Banks3: required total used to satisfy required reserves' Net carryover of excess or deficit in reserve balances7 surplus* r T ~~ £ 1984—AUG. SEPT. OCT. NOV. DEC. 37,264 38,043 38,512 39,235 40,696 29,247 30,801 32,495 34,618 37,509 36,575 37,415 37,892 38,542 39,843 195,677 196,229 196,688 198,771 202,586 19,270 20,143 20,099 20,843 21,738 21,668 21,232 21,875 21,827 22,316 17,995 17,900 18,413 18,392 18,958 3,694 3,333 3,462 3,434 3,358 1985—JAN. FEB. HAB. APB. HAT JUNE JULY AUG. 41,125 40,273 40,494 41,652 41,051 42,352 42,603 42,969 39,730 38,984 38,901 40,329 39,718 41,147 41,696 41,896 40,380 39,370 39,728 40,914 40,247 41,447 41,948 42,134 201,353 199,937 201,287 203,814 204,944 208,386 210,654 211,680 21,577 20,416 22,065 23.217 22,385 23,367 23,503 23,424 23,044 23,927 21,863 21,567 21,898 22,160 22,530 22,839 19,547 19,857 18,429 18,435 18,666 16,985 19,300 19,545 3,497 4,070 3,434 3,132 3,231 3,196 3,230 3,293 14 28 P 43,018 42,813 42,028 41,726 42,280 41,842 211,933 211,083 23,466 23,127 22,829 23,052 19,550 19,666 3,260 3,366 147 88 11 43,468 42,077 42,820 213,280 24,600 21,887 18,869 3,019 209 PE TWO WEEKS ENDING 1985—AUG. SEPT. , PE P PBELIHINABI PE—PBELIHINABT ESTIHATE. 1/ BEFLECTS ACTUAL BESEBVE BEQUIBBHENTS, INCLUDING THOSE ON NONDEPOSIT LIABILITIES, WITH NO ADJUSTMENTS TO ELIMINATE THE EFFECTS OF DISCONTINUITIES ASSOCIATED NITH IMPLEMENTATION OF THE HONETABT CONTROL ACT Ok OTUEB BEGULATOBI CHANGES TO BESEBVE REQUIREMENTS. 2/ CONSISTS OF TOTAL BESEfiVES PLUS REQUIRED CLEABING BALANCES AND ADJUSTHENIS TO COMPENSATE FOB FLOAT AT FBDESikL BESEBVE BANKS PLUS THE CUBBENCT COHPONENT OF THE HONEY STOCK LESS THE AHOUNT OF VAULT CASH HOLDINGS OF IHBIFT INSTITUTIONS THAT IS INCLUDED IN THE CUBBENCT COHPONENT OF THE HONEI STOCK PLUS, FOB INSTITUTIONS NOT HAVING BEQUIBED BESEBVE BALANCES, THE EXCESS OF CUBBENT VAULT CASH OVEB THE AHOUNT APPLIED TO SATISFY CURRENT BESEBVE REQUIREMENTS. AFTER THE INTRODUCTION OF CBB, CUBBENCT AND VAULT CASH FIGURES ABE MEASURED OVEB THE HOBDAY-ENDING COfiPUTAIIOH PERIOD. 3/ EXCLUDES REQUIRED CLEABING BALANCES AND ADJUSTMENTS TO COMPENSATE FOB FLOAT. 4/ DATES BEFEB TO THE MAINTENANCE PERIODS IN WHICH THE VAULT CASH CAN BE USED TO SATISFY BESEBVE REQUIREMENTS. UNDEB CONTEMPORANEOUS BESEBVE REQUIREMENTS, BAINTENANCE PERIODS END 30 DAYS AFIEB THE LAGGED COMPUTATION PEBIODS IN WHICH THE BALANCES ABE HELD. 5/ EQUAL TO ALL VAULT CASH HELD DURING THE LAGGED COMPUTATION PEBIOD BY INSTITUTIONS HAVING REQUIRED BESEBVE BALANCES AT FEDEBAL RESERVE BANKS PLUS THE AHOUNT OF VAULT CASH EQUAL TO BEQUIBED BESEBVES DUBING THE MAINTENANCE PEBIOD AT INSTITUTIONS HAVING NO BEQUIBED BESEBVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED BESEBVE BALANCES LESS THE AHOUNT OF VAULT CASH EQUAL TO THEIB BEQUIBED RESERVES DUBING THE MAINTENANCE PEBIOD. 7/ CONSISTS OF CABRYOVER ONLY AT DEPOSITOBY INSTHUTIONS MAINTAINING BESEBVES ON THE BASIS OF 3WO-WEEK MAINTENANCE PERIODS. REFLECTS EXCESS (•) OB DEFICIT (-) BESEBVES ELIGIBLE TO BE CABBIED FCRWABD INTO THE TWO-WEEK BESEBVE MAINTENANCE PEBIOD ENDING ON THE DATE 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 totar Reserves of depository institutions nonborrowed Monetary base required 1984—AUG. SEPT. OCT. NOV. DEC. 37,698 37,881 37,953 38,687 40,129 29,681 30,040 31,936 34,070 36,943 37,008 37,253 37,332 37,994 39,277 19b,111 196,067 196,129 198,224 202,020 1985—JAN. i'Efi. MAR. APB. MAY JUNE JULY AOG. PE 40,703 39,878 40,066 41,254 40,643 41,959 42,410 42,601 39,308 38,589 38,473 39,932 39,309 40,754 41,303 41,529 39,958 38,975 39,301 40,516 39,839 41,054 41,554 41,767 20U,931 199,542 200,85* 2 0 3 , 4 17 204,535 207,992 210,260 211,312 14 28 P 42,675 42,425 41,686 41,338 41,937 41,454 211,591 210,696 11 PE 43,079 41,688 42,431 212,891 T « 0 KEEKS ENDING 1985—AOG. SEPT. P PRELIMINARY PE—PRELIMINARY ESTIMATE. 1/ FIGURES REELECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OP THE MONETARY CONIMOL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.
@FedFRASER