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Release Date: June 26, 2003
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
June 26, 2003
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
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Reserves of depository institutions Borrowings of depository institutions from
the Federal Reserve, NSA
--------------------------------------------- ----------------------------------------------------------
Date total(2) non- required excess Monetary total primary secondary seasonal adjustment
borrowed(3) NSA(4) base(5)
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Month(6)
2002-May 39406 39294 38145 1261 657784 112 105 7
June 39469 39327 38231 1238 662317 142 136 6
July 39679 39487 38301 1377 666838 191 176 16
Aug. 39961 39628 38353 1608 669833 333 185 148
Sep. 39209 38980 37722 1486 671399 229 169 60
Oct. 39171 39028 37636 1535 674250 143 120 23
Nov. 39760 39489 38122 1638 677612 272 60 211
Dec. 40217 40138 38208 2009 681900 80 45 35
2003-Jan. 40731 40704 39024 1707 685722 27 12 0 13 2
Feb. 40820 40795 38855 1965 691305 25 21 0 5
Mar. 40973 40951 39337 1636 695142 22 14 0 8
Apr. 40806 40777 39274 1532 698209 29 8 0 21
May 40986 40931 39368 1618 701136 55 3 0 53
2 weeks ending(7)
2003-Apr. 30 41215 41186 39664 1551 700295 29 2 0 27
May 14 39761 39710 38217 1543 699029 51 3 0 48
28 41796 41738 40182 1614 702849 58 2 0 56
June 11 42923 42854 40944 1979 702971 69 7 0 63
25p 42221 41981 40627 1594 703420 241 163 0 78
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1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve
requirements. (For more information, see Table 3).
2. 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.)
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.
4. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less adjusted required reserves (Table 2, column 3).
5. 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 their 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.)
6. Prorated averages of biweekly averages.
7. Averages of daily figures.
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H.3 (502)
Table 2
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Not adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
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Reserves of depository institutions Vault cash(5)
-------------------------------------- --------------------------------------
Reserve used to Net carryover
Date total(2) nonborrowed required Monetary balances total satisfy surplus(7) of reserve
base(3) with F.R. required balances(8)
Banks(4) reserves(6)
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Month(9)
2002-May 40292 40180 39030 668123 9188 41824 31104 10721
June 38617 38474 37378 672966 7917 41680 30700 10980
July 39417 39225 38039 678900 8037 42805 31380 11425
Aug. 39838 39505 38230 679480 8463 42992 31375 11617
Sep. 38864 38635 37378 679889 8665 42328 30200 12128
Oct. 38672 38529 37137 681780 8780 43028 29892 13137
Nov. 39214 38943 37576 687291 9758 42236 29457 12780
Dec. 40274 40194 38264 697149 9926 43368 30347 13021
2003-Jan. 42869 42842 41162 699247 10075 46209 32794 13415
Feb. 41939 41913 39973 701039 9860 45942 32079 13863
Mar. 40597 40575 38961 705037 9840 43088 30757 12331
Apr. 41172 41142 39640 709076 10598 41991 30574 11417
May 41800 41745 40183 712713 11405 41636 30396 11241
2 weeks ending(10)
2003-Apr. 30 42987 42958 41436 710393 11852 42024 31136 10889 75
May 14 39468 39417 37924 710006 9772 41432 29696 11736 22
28 44326 44269 42712 715244 13116 41968 31211 10758 101
June 11 40898 40829 38918 713533 11041 41040 29857 11183 110
25p 42233 41992 40639 714319 11432 42301 30801 11500 -15
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1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with
regulatory changes in reserve requirements.
2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements.
3. 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.
4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments.
5. 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.
6. 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 "nonbound" institutions (i.e., those whose vault cash
exceeds their required reserves) to satisfy current reserve requirements.
7. 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.
8. 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.
9. Prorated averages of biweekly averages.
10. Averages of daily figures.
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H.3 (502)
Table 3
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Not seasonally adjusted
Millions of dollars
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Reserves of depository institutions
---------------------------------------
Date total(2) nonborrowed required(3) Monetary base(4)
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Month(5)
2002-May 40226 40114 38965 657980
June 38541 38398 37302 662820
July 39322 39131 37945 668678
Aug. 39725 39392 38117 669245
Sep. 38740 38511 37254 669647
Oct. 38530 38388 36995 671432
Nov. 39054 38783 37416 676721
Dec. 40128 40048 38118 686226
2003-Jan. 42854 42827 41147 688334
Feb. 41937 41912 39972 690253
Mar. 40595 40573 38959 693909
Apr. 41164 41135 39632 697806
May 41787 41732 40169 701532
2 weeks ending(6)
2003-Apr. 30 42975 42946 41424 699223
May 14 39455 39404 37911 698797
28 44313 44255 42699 704043
June 11 40884 40815 38905 702584
25p 42219 41978 40625 703238
1. Figures reflect adjustments for discontinuities, or "breaks", associated with
regulatory changes in reserve requirements.
2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3,
column 3) plus excess reserves NSA (Table 1, column 5).
3. To adjust required reserves for discontinuities due to regulatory changes in
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.
4. 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
Vault Cash" 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.
5. Prorated averages of biweekly averages.
6. Averages of daily figures.
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Note: Current and historical H.3 data are available each week on the Federal Reserve
Board's web site (http://www.federalreserve.gov/). Monthly data are available
back to January 1959, and weekly data are available back to January 1975 for most
series. For information about individual copies or subscriptions, contact
Publications Services at the Federal Reserve Board (phone 202-452-3245,
fax 202-728-5886). For paid electronic access to current and historical data,
call STAT-USA at 1-800-782-8872 or 202-482-1986.
Release dates |
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About
Current release Other formats:
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