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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 S eptem b ers, 1998 Borrowings of depository institutions from the Federal Reserve, NSA Reserves of depository institutions Date nonborrowed plus extended credit4 required excess NSA5 19 9 7-J u ly A u g. Su p. 4 6 7 17 4 6 9 39 4 6 2 40 4 6 308 46341 4 5 802 4 6 308 46341 45 8 02 45516 45686 44944 1201 1253 1295 4 6 4 42 7 466711 469406 409 598 438 330 385 368 0 0 0 Oct. N o v. Due. 45958 46310 4 6 6 69 4 5 688 46157 4 6 345 4 5 6 88 4 6 157 4 6 345 4 4 562 44693 4 4 986 1396 1617 1683 471983 4 7 6 18 7 480152 270 153 324 227 115 79 0 0 0 1998-Jan. Fub. Mar. 46501 45722 46047 4 6 2 92 4 5 6 64 4 6 0 06 4 6 2 92 4 5 6 64 4 6 0 06 4 4 7 21 44 1 98 4 4 7 31 1780 1524 1316 482838 484226 485862 210 58 41 18 12 22 0 0 0 Apr. May Junu 4 5 9 59 45591 45391 4 5 8 87 4 5 4 38 4 5 1 40 4 5 8 87 4 5 4 38 4 5 1 40 4 4 614 44441 43771 1345 1150 1620 487203 489102 491634 72 153 251 41 94 159 0 0 0 J u ly 4 4 8 14 44 5 56 44556 4 3 449 1365 493700 258 215 0 45501 44992 4 4 5 23 4 5 2 16 4 4 7 94 4 4 2 09 4 5 2 16 4 4 7 94 4 4 2 09 43704 43 6 65 43161 1797 1328 1362 492224 492868 494220 285 198 314 184 196 233 0 0 0 45255 4 4 6 75 4 4 9 85 4 4 3 96 44 9 85 44 3 96 4 3 8 19 43 2 23 1436 1452 496617 497160 2 71 280 241 255 0 0 Aug. 3. “ nonborrowed3 Two wuuku u n d i n e 1998-J u ly 1 15 29 1. 2. Monetary base6 total2 12 26p 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. 5. 6. pressures. Because there is not the same need to repay such borrowing promptly as there is with traditional short-term adj us1ment° red™, \h e money market impactof 8 t e n d e d c re d itis ^ m ia rto th a t of nonborrowed reserves. Excess reserves NSA 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 on 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.) p pe 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 1997-J u ly Aug. Sep. 46380 46645 46056 45971 4 6 0 47 4 5 6 18 4 5 1 79 4 5 3 92 44761 472582 4 7 4 00 5 475316 O ct. Nov. D ec. 45621 46451 47880 45351 4 6 2 98 4 7 5 55 4 4 2 25 4 4 834 4 6 1 96 1 9 9 8 -Jan. Feb. Mar. 47495 44974 45509 47285 44916 45468 Apr. May June 46475 4 4 8 05 45095 J u ly Two w e e k s e n d i n g 1998-J u ly 1 15 29 A u g. 1. 2. 3. 4. 5. 6. 7. 8. p pe 12 26p Reserve balances with F.R. Banks4 Net carryover of reserve balances8 total used to satisfy required reserves6 9 851 10489 9742 4 3 3 13 4 2 587 4 3 2 64 36 5 29 3 6 1 56 3 6 314 6784 6 432 6950 4 7 7 27 9 4 8 3 49 5 4 9 1 91 9 9990 10559 10673 42211 42851 44707 35631 35892 3 7 2 06 6 581 6959 7500 4 5 714 4 3 4 50 4 4 1 93 4 9 1 60 8 488411 490964 9733 9394 10140 4 7 3 36 43 1 67 4 1 5 98 3 7 7 62 35580 3 5 3 70 9574 7 587 6 228 46403 44652 4 4 8 44 45131 4 3 6 55 4 3 4 75 4 9 4 10 9 4 9 4 95 3 4 9 7 92 9 1 1 053 9646 9668 4 1 2 15 4 1 4 82 4 2 6 35 35423 35159 3 5 4 27 5792 6323 72 0 8 44600 44342 4 3 2 35 5 0 2196 9646 4 2 034 34 9 54 7080 4 5 0 29 45 3 27 4 3 7 03 4 4 7 44 45129 43389 43232 4 3 9 99 42341 498130 503 14 9 501 18 2 9969 10225 8933 41919 42101 41983 3 5 0 60 3 5 1 02 3 4 7 70 6859 6999 7213 187 296 207 4 5 5 84 43840 4 5 3 13 4 3 5 60 44 1 47 4 2 387 504 66 6 50 3 50 6 10427 8817 4 1 9 83 4 2 3 54 3 5 1 57 35 0 23 6 826 7330 176 188 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 all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all 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 Dalances 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 period 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 monbound" 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 dollars Reserves of depository institutions Date total1 2 nonborrowed required3 Monetary base4 1997-Ju ly A u g. Sup. 46437 46 7 09 46127 4 6 028 4 6 1 11 45689 4 5 2 36 45456 4 4 8 32 465348 4 6 7 00 4 468370 O ct. N ov. D oc. 4 5 6 93 4 6 530 47971 45424 46377 47647 4 4 2 97 4 4 9 13 46288 470406 476615 485113 1 9 9 8 -Jan. Fob. Ma r. 4 7 487 44 9 93 4 5 5 45 47277 4 4 9 35 4 5 504 4 5 7 06 4 3 4 69 44228 484408 481347 484001 Apr. May Juno 4 6 5 25 44 8 65 45171 46 4 53 44 7 12 4 4 9 20 45181 43715 43552 487361 488278 491177 J u ly 4 4 6 88 44 4 30 43323 495349 45109 45416 4 3 7 89 44 8 25 45 2 18 4 3 475 43313 44088 42427 491206 496249 494400 45680 4 3 9 40 45 4 10 4 3 6 61 4 4 2 44 42488 497760 4 9 6 56 7 T wq Jgftt&l..Q Rdlng 1998-J u ly 1 15 29 Aug. Note: 1. 2. 3. 4. p pe 12 26p 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 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 C ash* 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
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