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FEDERAL RESERVE statistical release H.3<S02) Table 1 For Release et 4:30 Eastern Time SEPTEMBER AQQREQATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 5, 1985 Adjusted for changes In reserve requirement!1 Averages of daily figures, seasonally adjusted unless noted otherwise Millions of dollars 0M e tott|I Reserves of depository Institutions required nonborrowed nonborrowed plus extended credit* i excess NSA4 Monetary baee* Borrowings of depository institutions from the Federal Reserve , NSA total seasonal extended credit* 1984—JULY AUG. SEPT. OCT. NOV. DEC. 38,050 38,284 38,086 37,961 38,466 39,081 32,126 30,268 30,844 31,944 33,849 35,895 37,134 37,311 37,303 37,001 37,686 38,499 37,437 37,595 37,458 37,341 37,773 38,229 613 689 628 620 693 853 194,460 195,568 196,206 196,397 197,672 199,032 5,924 8,017 7,242 6,017 4,617 3,186 308 346 319 299 212 113 5,008 7,043 6,459 5,057 3,837 2,604 1985—JAN. FEB. MAR. APR. MAY JUNE JULY 39,635 40,432 40,471 40,710 41,323 42,177 42,606 38,240 39,143 38,878 39,387 39,989 40,972 41,500 39,290 39,947 39,937 40,256 40,522 41,638 42,006 38,890 39,529 39,705 39,972 40,519 41,272 41,751 745 903 766 738 804 905 855 200,206 202,049 202,945 203,562 205,355 207,658 208,831 1 ,395 1 ,289 1 ,593 1 ,323 1 ,334 1,205 1 ,107 62 71 88 135 165 151 167 1 ,050 803 1 ,059 868 534 665 507 3 17 31 42,671 42,500 42,699 41,504 41,217 41,782 42,124 41,700 42,288 41,499 41,810 41,746 1 ,172 690 953 208,540 208,515 209,208 1 ,167 1 ,284 917 153 152 185 620 483 506 14 P 2 8 PE 43,000 43,335 42,010 42,248 42,519 42,857 42,257 42,403 210,557 211,861 990 1 ,088 224 225 509 610 TWO WEEKS ENDING 1985-JULY AUG. P 1/ 743 932 PRELIMINARY PE—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 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 RESERVF 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. 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 5EE2I ^ ^ " J S ? ! ^ 1 ! ^ P R 0 M P T L Y AS" T H E R E lS W I T H 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/ InEnn2riJ,rALB?5E 2?I A D J U * T E D F 0 R 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 22h..™£ ? L I ^ J F J A I N 5 T I T U T I 0 N S ™ A T lS I N C L U D E I > 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. tUrll THE INTRODUCTION OF CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. »v 2 L I 2 J ^ ' ' A L L C 0 M p a N E N T 5 : 0 F T H E MONETARY BASE OTHER THAN EXCESS RESERVES ARE SEASONALLY ADJUSTED AS A WHOLE, RATHER THAN rLc?rx2 ^ T ;,- A N D E X C E ^ RESERVES IS ADDED ON A NOT SEASONALLY ADJUSTED BASIS. AFTER CRR, THE SEASONALLY ADJUSTED SERIES *2*5I£I* SEASONALLY ADJUSTED TOTAL RESERVES (WHICH INCLUDES EXCESS RESERVES ON A NOT SEASONALLY ADJUSTED BASIS) PLUS THE IJTLTC- £ J 2 ™ t L ? D J U S T E D C U R R E N C Y COMPONENT OF THE MONEY STOCK PLUS THE REMAINING ITEMS SEASONALLY ADJUSTED AS A WHOLE. C A t c!2i^rA. fl ' W V T A **E AVAli - A * LE PROM-THE- BANKING SECTION, DIVISION OF RESEARCH AND STATISTICS, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. 20551 H.3 (502) Table 2 AGGREGATE RESERVE? OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE " Not adjusted foi^changes In reserve requirements, • Averages of daify figures, not seasonally adjusted Millions of dollars Vault cash4 Reserves of depository institutions Monetary Date total nonborrowed Reserve balances, with F.R. Banksitf required total used to satisfy required reserves') Net carryover of excess or deficit in reserve balances7 surplus* f 1'">'«'•' " W 'Stiff " | 1984—JULY AUG. SEPT. OCT. NOV. DEC. 37,471 37,264 38,043 38,512 39,235 40,696 31,547 29,247 30,801 32,495 34,618 37,509 36,858 36,575 37,415 37,892 38,542 39,843 195,516 195,677 196,229 196,688 198,771 202,586 19,891 19,270 20,143 20,099 20,843 21,738 21,134 21,688 21,232 21,875 21,827 22,316 17,579 17,995 17,900 18,413 18,392 18,958 3,555 3,694 3,333 3,462 3,434 3,358 1985—-JAN. FEB. MAR. APR. MAY JUNE JULY 41,125 40,273 40,494 41,652 41,051 42,352 42,803 39,730 38,984 38,901 40,329 39,718 41,147 41,696 40,380 39,370 39,728 40,914 40,247 41,447 41,948 201,353 199,937 201,287 203,814 204,944 208,386 210,654 21,577 20,416 22,065 23,217 22,385 23,367 23,503 23,044 23,927 21,863 21,567 21,898 22,180 22,530 19,547 19,857 18,429 18,435 18,666 18,985 19,300 3,497 4,070 3,434 3,132 3,231 3,196 3,230 42,633 43,298 42,344 41,467 42,015 41,427 41,461 42,608 41,392 208,646 212,136 209,601 23,084 24,256 22,840 23,029 22,019 22,935 19,550 19,043 19,505 3,480 2,977 3,431 76 115 49 43,021 42,773 42,031 41,686 42,278 41,841 211,930 211,398 23,470 23,105 22,829 23,052 19,551 19,668 3,279 3,384 147 87 • ! :' « t ' <!; s TUO WEEKS ENDING 1985—JULY 3 17 31 AUG. 14 28 P PE P—PRELIMINARY PE—PRELIMINARY 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 3/ CRR, CURRENCY AND VAULT CASH FIGURES ARE MEASURED OVER THE MONDAY-ENDING COMPUTATION PERIOD. 4/ EXCLUDES REQUIRED CLEARING BALANCES AND ADJUSTMENTS TO COMPENSATE FOR FLOAT. 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 COMPUTAtlON PERIODS' 5/ IN WHICH THE BALANCES ARE HELD. 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 6/ INSTITUTIONS HAVING NO REQUIRED RESERVE BALANCES. TOTAL VAULT CASH AT INSTITUTIONS HAVING NO REQUIRED-RESERVE BALANCES LESS THE AMOUNT OF VAULT CASH EQUAL TO THEIR 7/ REQUIRED RESERVES DURING THE MAINTENANCE PERIOD. 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. ' "J * • '\ m *',,',!'. . I i 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 total Reserves of depository institutions 1 nonborrowed Monetary base required 1984—JULY AUG. SEPT, OCT* NOV. DEC. 37,854 37,498 37,881 37,953 38,687 40,129 31,929 29,681 30,640 31,936 34,070 36,943 37,240 37,008 37,253 37,332 37,994 39,277 195,899 196,111 196,067 196,129 198,224 202,020 1985—-JAN. FEB. MAR. APR. MAY JUNE JULY 40,703 39,878 40,066 41,254 40,643 41,959 42,410 39,308 38,589 38,473 39,932 39,309 40,754 41,303 39,958 38,975 39,301 40,516 39,839 41,054 41,554 200,931 199,542 200,859 203,417 204,535 207,992 210,260 3 17 31 42,224 42,922 41,938 41,057 41,639 41,021 41,052 42 2 3 2 40^985 208,237 211,760 209,195 14 P 28 PE 42,679 42,384 41,690 41,297 41,936 41,452 211,589 211,009 TWO WEEKS ENDING 1985--JULY AUG. 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.
@FedFRASER