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FEDERAL RESERVE statistical release For .......... 4:30 e..n Time H.3(!1021 Tellle 1 SEPTEMBER AGGREGATE RESERVES OF DEPOSITORY INSTITunGNS AND THE MONETARY BASE AciJullecllor cllengM In Nqul-'1 1 A-egn of cl811y I~ - ' ' Y eciJullecl unlell noled OlherwiM Mllllonl of doll.,. - .,.. 1985--AUG. SEPT. OCT. NOV. DEC. 1986--JAN. FEB. HAR. APR. HAY JUNE JULY AUG. p RNMotol --·owed INIItutlonl -~~~onviiNd plue ..-.clecl CIMII' 43,654 43,882 44,244 44,847 45,612 42,581 42,593 43,056 43,106 44,294 43,151 43,249 43,685 43,637 44,793 45,881 46,370 46,865 47,275 48,577 49,445 50,489 51.316 45,111 45,486 46,104 46,383 47.701 48,642 49,748 50,443 45,608 45,978 46,622 47,017 48,285 49,172 50,126 50,908 50,829 51,642 50,071 50,732 51,754 51' 747 50,643 50,766 .......... 42,826 43,216 43,491 43,919 44,554 44,771 - NSA• 827 666 753 928 1,058 ........, ..... 25, 1936 oldljlolltorr IMtltutloM tole! '"""the ....... _.flleMo MIA extended ONeill" 211.208 1,073 221 212,289 1,289 213,566 215,253 I ,187 I, 741 I ,318 203 172 107 56 570 656 67.9 530 499 36 56 68 73 94 108 116 144 497 49:! 518 6.34 5R4 531 378 465 216,721 45,968 46,474 47,739 48,'514 49,579 50,580 1,111 I ,097 896 801 838 931 910 736 222,359 224,904 228,300 230,587 770 884 761 893 876 80.3 741 872 50,444 51,246 50,244 50,775 585 867 229,723 231,12.3 7'59 910 134 152 373 515 51,235 51,335 50,993 51,098 762 231,522 649 232,<:>94 1,111 981 149 135 592 569 45,272 218,404 219,788 221,262 226,631 TWO WEEKS ENDING ---------1986-AUG. 13 27 SEPT. 10 p 24 PE P---PRELIHINARY PE--PRELIHINARY ESTIMATE 1/ RESERVES AND MONETARY BASE FIGURES INCORPORATE ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IHF'LEHENTATION 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 SUH 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 FRUH THE. ACTUAL SERIES. 2/ TOTAL RESERVES NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF RESERVE BALANCES WITH FEDERAL RESERVE BA~KS <WHICH EXCLUDE REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT> PLUS VAULT CASH USED TO SATISFY RESERVE REQUIRfHENTS. 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 RESERVES DlJRlNG 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 HONEY MARKET lMPACT OF EXTENDED CREDIT IS SIMILAR TO THAT OF NONBORROWED RESERVES. 4/ RESERVE BALANCES WITH FEDERAL RESERVE DANKS PLUS VAULT CASH USED TO SATISrY RESERVE REQUIREMENTS LESS REQUIRED RESERVES. 5/ THE MONETARY BASE NOT ADJUSTED FOR DISCONTINUITIES CONSISTS OF TOTAL RESERVES PUIS REQlllRED rLF.AI';-'fNG BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT AT FEDERAL RESERVE BANKS PLUS THE CURRENCY COMPONENT OF THE HONlY SIOLK LESS THE AMOUNT OF VAULT CASH HOLDINGS OF THRIFT INSTITUTIONS THAT IS INCLUDED IN TH~- CURRENCY COMPONENT OF THE HONEY STLICK f'll!S, FOR INSTITUTIONS NOT HI'WING. R[QUIRED RESERVE BALANCES, lHl E"XCESS UF CURRENT VAULT CASH CIVFF~ THE AMOUNT Af'PL l[D IU SATISFY CUHF:ENT RESERVE REQUU~EMENTS. AFTER THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH Ff~URES ARr MEASURED OVLR lHE HONDAY-I:NPIN~ COMPUTAIION PFRIUD. PRIOR TO CRR, ALL COMPONENTS OF THE HUNHARY BAS[ OTHF.R THAN EXCI.SS f(E.'\E'F:VlS AR~. Sl.l\.i'ONALLY MJ.JIJSTED AS A WIIOL.l, f(AfHER THAN BY COHPONFNT, AND EXCESS RESERVES IS ADD~.D ON A NOI .HASONALLY AIJ.JUSTFD .f<ASTS. AFTER r.f(l~. liH .'iTASONAJ LY ADJUSTED SEI,IES CONSISTS OF SEASONALLY ADJUSTl:D TOTAL RESERVI.S ( WH [CJ-' JNCLUDf S r:xu SS f•:E.Sl RVD' ON A NOT :'f r-.:·OtJALI Y fil!JIIS I ED ftASIS) f'LIIS THE SEASONALLY ADJUSTED CURRlNCY COHf'UNENl or THE. HONf.Y SlOI:K f'llJS rfH" kLHAINTNG JTFH:' SfASONtJilT' Ill! 111.\'II.D r,;; I> WH!lLf". NOlL HISTflRICAL DATA Ar'E AVAILABLE' I ROM THl I<ANK INI; SFCTTUN, IlJVISJON l!F l·:f ,\TAF:CH ANil Sl<'l lSIIr':;, !til<if'll <ti !.ClVHWCif.::.: ur Iii[ FEDERAL RrSERVE SYST[H, WASHIN~lON, D.t:. ~0~~~ H.3 (S02) Tabla 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 1 Not adjusted for" changes In re~rve req~,~}~!me~ Averages of dally figures, .'l?' seasonal!¥. adjust a Millions of dollars Monetary basaJI> Date Reserve with F.R. surplus• 1 total non borrowed required 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 24,9"12 25,431 26,385 27,620 22,839 22,465 22,724 22,457 22,956 19,548 19,475 20,038 19,997 1986--JAN. FEB. MAR. APR. HAY JUNE JULY AUG. p 48,060 46,652 47,274 48,882 48,419 49,938 51,029 51,275 47,289 45,768 46,513 47,989 47,543 49,135 50,288 50,402 46,949 45,555 46,378 48,081 47,581 49,007 50,118 50,539 221,588 219,568 221,703 224,879 226,118 229,676 232,546 233,315 26,373 24,700 27,114 20,892 28,279 29,499 30,313 30,164 24,245 24,962 22,688 2,559 3,010 22,474 22,805 23,098 23,451 21,687 21,952 20,160 19,990 20,140 20,439 20,716 21 • 111 51 ,177 51,146 50,418 50,236 50,592 50,279 233,380 232,933 30,185 29,758 23,323 23,792 20,992 21,388 2. 331 2,404 250 52,043 53,650 50,932 52,669 51,281 53,001 234,443 236,014 31,515 32,110 22,671 23,623 20,528 21,540 2,143 2,083 150 24 total 22,231 20,522 3,291 2,990 2,686 2,460 2,434 2,528 2,241 2,334 2,366 2,381 2,340 TWO WEEKS ENDING ---------1986--AUG. 13 27 SEPT. 10 p 24 PE P---PRELIHINARY PE--PRELIHINARY ESTIMATE. 1/ REFLECTS ACTUAL RESERVE REQUIREMENTS, INCLUDING THOSE ON NONDEPOSIT 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 REQUIREp RESERVE BALANCES. 6/ TOTAL VAULT CASH AT INSTITUTIO~S 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 ELl&IBLE TO BE CARRIED FORWARD INTO THE IWU-WEEK RESERVE MAINTENANCE PERIOD ENDING ON THE DATE SHOWN. -a H.3(~ Tab'- 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjuated tot chanoealn ......-ve requirement&' Average& of daily flg&na, not eeaaonally edju.tad llotUJJona of dollarl Date total AeMrVM of depoaltory lnatltutlona nonborrowecl Monetary . . . required 451520 42,241 431011 43,454 44,154 45,791 2·11 1 51 4 21·2,157 2131357 2161039 2201362 471113 45,694 46,339 47,936 47,712 491199 50,319 50,619 46,342 44,900 45,579 47,044 461936 49,395 491579 491747 461002 44,597 451442 47. 135 461974 491267 49,409 49,994 219,741 2161794 2191995 2221134 223,609 2271037 230,020 230,755 50,502 501496 49,744 49,596 49,917 491629 2301979 230,303 51,431 511523 50,320 501542 501670 501974 231,933 232,002 1995--AUG. SEPT. OCT. NOV. DEC. 431069 431676 441207 451092 46,939 1986--JAN. FEB. HAR. APR. HAY JUNE JULY AUG. p 411996 421399 43,020 431~41 TWO WEEKS ENDING -------------1996--AUG. 13 27 SEPT. 10 p 24 PE P---PRELIHINARY PE--PRELIHINARY ESTIMATE. 1/ FIGURES REFLECT ADJUSTMENTS FOR DISCONTINUITIES ASSOCIATED WITH THE IMPLEMENTATION OF THE MONETARY CONTROL ACT AND OTHER REGULATORY CHANGES TO RESERVE REQUIREMENTS.