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FEDERAL RESERVE statistical release H.31110111 , .... 1 SEPT£!811 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE 8, 1988 tor cMfttle ... - - . ~· A_... dilllr ...... llolllllona of ....... Adjueted - - . H y edjueted unleu noted otherwl. . o1 .,... ,..__ of depoeltory tnatltutlona lotr SJIH. ocr. lOY. DBC. 1988-.:JU. FEB. uil. ll'B. UJ JUIB JUJ.I loUG•. PB -lborrow.d plua axtenclad crMtt' ··- Monetary ~~ue• NSA' Bonowlnga of depoaltO<y lnstltutlona from the Federal l'lesafva, NSA total eeasonat extended'!_~ .... , J.H 231 189 126 9J 1l.t 409 449 394 483 3,01:13 59 75 119 14b 21l6 311 3 0 1JIIO 3,241 423 J.l2 205 1,471> 2,.6211 2.107 2 • .5511 2.539 2.653 J,21l5 407 . 4)1 2,348 2,671 3,093 432 2,482 .t51,91!:11 253,024 255,296 256,938 257,928 58,163 58,440 58,832 59,515 59,325 59,750 60,231 60,155 1,295 1,133 9l9 859 1,040 888 1,007 937 260,721 262,019 263,315 265,80'J 266,92'1 268,309 270,626 271,207 I>O,bll8 60,41JO 60,1J43 60,032 796 982 270,962 271,12J. 3,339 60,1J29 59,990 1,0119 271,721> 57,871l 58,523 58,428 57,91l4 59,1l58 59,573 59,760 1>0,374 60,365 b0,637 b1,238 b 1,092 58,376 59,177 58,009 57,380 57,787 57,555 57,798 57,851 58,7168 59,382 59,1J87 1>0,004 59,891l b0,108 1>0,336 1>0,504 61,239 b1,014 57,900 57,769 61,0110 57;947 ~8.11>3 requiNCI 1,032 793 1,129 923 1,0.a9 58,815 59,466 59,053 58,722 5t1,l!tS 58,atl 58,973 58,82l 58,428 ~lf 0 1l1U 1987--loUG. -~~~onowec~ 51,118 58,021 58,338 58,129 51,693 9110 91JJ 625 111 1,082 396 1,752 2,993 2,571:1 37b no liEBitS EIDliG -----1988-AUG. san • 10 24 p 7 PE ---- . PE--PB&Ll!IIABI BSTIBATB BBSBBYBS AID IOIETAB! BASE PIGDBBS IICOBPOBATE ADJUSTIBITS POB DISCOirliUiriBS ASSOCIATED iirl TBB IBPLIBBITATIOI OP !RB IOISrloB! COITBOL ACT ANU OTBBB BBGUL&TOB! CBliGES TO BBSIBYE BIQDIBBIIITS. ro ADJUST POB DISCOITIIUITIBS DUE TO CHliGBS II BBSBBYB BIQOIBBBBITS ON BES. .IABJ.B IOIDBPOSlT LilBILirlBS, THB SUB OP SUCH RBQOIRBD BESEBVBS &BE SUBTBlCr&D FROB THE lC!OAL SBBIBS. SlBILAaJ.J, 11 AD.:JUSTtiG 1'08 DISCOI!XIUXTI&s XI TBE SOIETAB! BlSB, BB~UXIBD CJ.BlBING BAJ.liCBS liD ADJUSTSENTS TO COIPBISATB POB PLOAT ALSO All SOBr&&CTBD FROB THE lCTUAJ. SERXBS. 2/ t~lL BBSBBYBS lOT ADJUSTED lOB DISOOI!IIUITIES CDISISTS DP RBSBBJB B&LliCBS IXTB PIDER&L RIS&IJE BAlKS (WHICH EICLODB BBQ8IiBD CLB&IIIG BAJ.liCiS AID AD.:JUSTSEITS TO CORPBISltB POR PLD&!) PLUS f&OLT C&SB OSBD TO SlriSFJ.BESBBYB BEQUIBBREITS. SOCII YAtiV CASH COUXSTS 01' .&IJ...I.\VJ.f CASB B&J.D DURUG fll LAGGED COBPDT&rU»I PBBJ;OD 81 IISri.r.U1'IOIS HlfiiG BEQUIBED RBSBRJB BAL&IC&s U FEDERAL Rt>St!RVE BANKS PLOSTHEAiiOUN'l' OF "fibtr CASH EQUAL '1'0. lr!QUII!F.D !ll!'SERYES DotiifG Tlfr l!ntrrl!!llJJCB PERIOD AT XIISTirtiTXOIS IIAUIIG NO llEQUXIBD RESUVlli BALAJI(;t:S, 3/ IITBIUED CREDIT COISISiS OF BOBROIIIMG AT TilE DISCOUNT iiNDOw UMBER THE TEBBS AHD CONDITIONS ESTABLISHED FOB THE EITEIDBD Cli:IDXT PBOGBlll TO HELP !.EPOSXTOiiJ lliSTITOTIOIS D£AL IIITR SUSTAINED LIQUIDITY PliRSSURBS. BBCAOSB THEBE IS NOT THE SARI IEED TO. BBPl! SOCB BOfiBOIIIIG PaOftPi'LI AS T&ERE IS HITII T~ADXTIOIAL SHOBT-TEBII ADJUSTftEIT CREDIT, THE SOlEr !AIIKBT IRPACT OF BITBIDED CRBDD' .IS SIRILAB TO THU' OF IIOIBO.kBOIIED FE5ERVt;"• 4/ BiiSEBVE B&LAICES IIITII FEDERAL RESERVE &Ut<.S P.L.US VAUL·T CASH USED TO SATISFY RES!>..RVE REQUIRHSEITS LESS REQUIRED llt:SEBJES. 5/ THE SON~Tlfi! BASE NOT A~JUSTED POB OISCONliNULTlBS CONSISTS OF TOTAL RESERVES PLUS REQUIRED CLIABIIG HALAICBS AND ADJUSTSENTS TO COSPEISATB PUB FLOAT AT FEDERAL HESHBVE BAMKS PLUS THE CURRENCY CORPOIENT OP THE BONE! STOCK PLUS, fOB IHSTITUTIOIS lOT HAUIG l!BQUIRHD BESEBVE BALIIICES, ~'HE EXCESS OF CUHhEIIT VAULT CASH OYER THE AIIOUHT APPLIED TO S&TISPI CURRENT liESERVE REQUXBRSEITS. AFTER THE l~TiiODUCTlON OF CCh, CURRENCY AND VAULT CASH FIGURES lRE IIElSOBED OVBB THE SONDlY-ENDING COSPUTATION FEiilOD. iti~ SEASONALLY ADJUSTED IIONETARJ BASE CONSISTS OP SElSOIIALLY ADJUSTED TOTAL BESEBVE (IHICH XICLUDES EXCBSS BESEBVHS ON A ~vl SEASONALLY ADJUSTED &ASIS) ~LUS filE SEASONALLY ADJUSTEn CURRENCY COIIPONENT OF THB SOllEY STOCK PLUS T~ BHRALNING lTEIIS SEASONALLY ADJUSTED AS A WHOLE. NOT~: II.ISTOBICAL DATA ARh AVAILABLE PBOII TilE !lONE~ AND RESERVES PROJECTIONS SECTION, DIVISION Of !ONETARY AFPliRS, BOARD OF GOVERNORS OP THE FEDERAL RhSEiiVE SYSTEII, WASHINGTON, D.C. 20551 P---PBBJ.ll~ll&l 1/ H.3 (502) Table 2 AGGREGATE R~SERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not"';djuste.d for. changes In re~rv_e !equire~ A-ages of daily figures, not seasonally adjusted Millions of dollars · Monetary 1 Date base1 ~11,361 1987--AUG. 59,813 b 1, 106 61,205 b2, 123 .SllPT. OCT. NOV. DEC. 62,6.0 60,047 60,076 1988--JAI. PEB. liAR. APR. b2,0611 60,661 6 J, 991 !lA~ JOlliE JULY b2,756 bl,970 AUG. PE IRese:~~=lances =~-=~-- ___ [ With F.R -B-a-nk-S' ---- f1 Use~drequiTed fo sat1sfy - ; ___ _L__ rese~e~- j_ total '::.7,714 58,873 b0,163 b0,580 b1,346 ':> 7 • .>2~ 59,02ll 59,917 61),282 ui,09'1 25'1, JbO 2'::.5,691 258,076 261,674 2bb,161 35,61b 36,685 37,2'19 37,'153 37,673 24,b'i'i 211,854 25,567 25,1131 26,155 61,558 59,650 58,3211 59,071 58,103 58,908 59,316 56,729 ol,3'15 58,91'1 59,1'17 b1,20'::. '::.9, 6'1 1 b1,103 61,7119 265,789 262,598 2b3,979 2611,127 261:1,899 272,654 26,919 28,11!* 25,926 b 1, OJJ 27 5, 0'10 37,485 34,211 36,027 38,429 36,509 37,907 37,992 36,916 25,873 25,717 26,479 26,895 275,.134 275,199 37,3113 36,450 26,571 27,400 274,445 37,237 26,351 275,591 4 VaultCa.Sh 25,200 <!'-, 7ol~ 2J, 128 23,857 23,752 .1'1,4119 2!>,155 25,836 2'1,0119 .l3, 636 211, 112 2'1,0611 2'1,763 25,0511 - - --surplus __ 1,11~~ 1, 726 1,730 1,679 1, 706 1,7611 2,283 1, 877 1,5611 1, 700 1, 632 1, 715 1, 811 1 TWO lll!J::KS ENli.LNc; 1988--a~G. SEPT. !>8,765 10 211 p 7 PE 58,718 61,793 58,700 bU,744 7b2 L),512 2<1, 1, 810 1,888 1, 7<J5 P---Pki::Lll!lliARI .Pt:--PNBLI!IINAkY ~STI!IATE. lU!PLEl:'lS ACTUAL aiESE.IlYE REQOIIIEIIEI'J:S, IICLUDING TUOSE 01 NONDEPOSIT LUBILITIJ!!S, filTH No AOJOS'I'IIUTS TO ELIIIINATE ' TUS EFFECTS UP DISCOITIHOITIES ASSOCIATED liTH IIIPLE!IENTATION Or TUB SOIETARf CONTROL ACT OR OTUER REiiULATOBI C!UNGES TO Rt>SJ>RVE RBQUlBEIIBHTS. 2/ CUNSlSTS OF TOTAL BESBRYES PLUS REQUlKt:D CLJ::Ai!lllli BALANCES AND ADJUSTSEITS TO .COftPIIISATE FOR l'LOAT AT FEDERAL RESERVE BANiS PLUS T,ig CURREHCI COKPOHEIT or THE liONEl STOCK LBSS TUE AIIOUHT OP fAULT CASH BOLDIHGS or TURlPT l~STITUTIOIS THAT lS INCLUDED IN THE t;URREICY COIIPONRBT OP THE !lOBEI STOCK PLUS, FOR IJSTITDTIOIS NOT RAYING REQUIRED Nt:SKRVB BALANCES, THE J:..r.CESS ld CUhkEHT VAULT CASU OYBII TUB AIIOUNT APPLIKD TO SA'I'ISI'f COIUIBIT RBSERYE REQOIREKBHTS. ArTBII TUE IIITRODOl:TlON 01' CKR, CUhRENC¥ AND VAULT CASH PIGORES A&E IIEASUR~U OVEN TUE IIONDAY-ENDING COSPOTATIOI PERIOD. 3/ t!lCLUlillS J(EQUlRI:!D C.i.J:;ABIIG BALUCES ANIJ ADJUSTIIEIITS TO COIIPBNSATB l'OB FLOAT. 4/ IJATi::S o&I'l!lt ';'O TUB IIAlNTBHABCE PEUlOD!:i IN IIUICU TilE VAULT CASH CAl BB OSED TO SATI.Sf'I RBSBIIVB .llBQUIIUUIEIITS. UIDER CUNT l:!u.t'UiiAII.t:u:.JS RESERVE RB\lUHE!IENl'S, IIUNTEIIANCE PERIODS END 30 DAIS AFTER THE LAGGED COIIPOTU'IOB PERIODS lN Wtill:H THE dALANCES AhB UdLD. 5/ :;11 uAL ·.o AI.L 4AULT CASH llli:LD DOliNG TilE LAGGk:D CO!IPUTATIOI PJI:R.IOD Bl IIS'riTOTIONS HUIIG RBQUIR.BD RBSBBYB BALUCBS At l'Bli.:.•••\1. liL:if:BVE BAIIKS PLUS THE AMOUNT OF VAUi.T CASH EQUAL TO RBQOIRBD BESBBYBS DDRUG TBE IIAIITEIAIICE PBB.IOD AT lhSTU•J'llUtiS liAYING NO REQUIRED RESERVE BALAIC~>S• 6/ 'l:U'fAL ,,,ULT C:ASH AT lliS'l'.I'fUTIONS HAVING NO lil!IIUIIIED ltESEI!JE BALAIICES LBSS THE A!IOOH'r 01' YAUI.f CASH EQUAL TO THBIB HJsuUUr:u IH:!ii:nVES DURINIO 'filE IIA.IH'UIIAlll:l!! PBBIOO. 7/ l:UIISI!:.tS OF cr.RRYOVEII OILY AT DBPOSITOBI IIS1'lrUTlOIIS KAIII1'UIIIG RBSERYBS Oil THE BASIS 01' TIIO-IBEI !IAIITENAICE ~BaiODj. Rl:tLBCTS EXCBSS (•) OR DBPICIT (-) Bl!SEkVBS BLIGIBLB TO BB CAIBIED FORWARD IRTO 'l'HB TIO-iEEK RBSEB'E IIAIIITJ:!IlANCE J'~BIOD t:ID.IIIG 01 TUB. DATJS SUOII. ; 1/ 152 H.3 (502) Table 3 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Adjusted for changes in reserve requirements 1 Averages of daily figures, not seasonally adjusted Millions of dollars Date total 1 <Jo 7--.l UG. :; t;PT. 3tl,Jt..'J '>tl,512 vt.:'t. ~':1,073 i'iOV. 5':1,13& oU,O<'J i)t;C. 1 :HI8--Jt.N. n.o. MAR. APh. MAY JUNE JULY AUG. 1?.1:: Reserves of depository institutions non borrowed 57,71.1 '>7,571 :Jd, lJU 5tJ,511 ~'J,24~ Monetary base required 37,JJo 57,711J :,7,9q4 58,213 J8, ':194 LS.O::,JOtl J9,':104 57,922 1 Qij 8 :>H,414 59,"/'Jl o0,4t.O 39,b5b 2o2,00o LS'J,Olu 260,77.l 2o:l,Ou7 2u5,7J2 .l6':1,442 L7L,411 211,1"u L5.l,44~ 2:>4,11':1 257,6~1 .O::b2,U5J 61,1':!9 5U,t.t>3 '>IJ,l:l51 b0,'147 3'.1,454 bU,t>7<J 01 , 4t• 7 t.0,5':J4 t.0,11} 3U,2b7 37,0'J'J 57,<JS4 3o,U7& 57,59t. 5d,OL.7 57,353 o0,7H4 bU I 571. 57,443 57, J[/ 59,988 5':1,590 271,'JO'I 271,1J7J u0,3nb 57,27J 59,316 .l71,2J~ 37,~30 b (} 'HIO W.c;J:;KS J::NDHW -------------19ob--AUG. 10 24 l' SEPT. 7 Pl:; 1'--- PRJ:.:J..Hll NAliY PE--PkJ::LlhlNhRl .c;STIHATB. 1/ HGURt;S l:ti.l'LJ::CT ADJUSTltt;N'l'S i''O[; Ol!:iCON'riNlll1'li::S A!lSCJClA'l'J::D WI'frl THE ItiPLEitENTATION OF THE tiONJ::TAI:tY COMTI:IOL ACT at.lJ O'!til.l.t l<l:ot..ULA'l:OliY t.:til.NGl::S ~J:O HJ::!lEuVe RE\.!Uldhl'll:;tl'!·:i.
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