Skip to ContentSPECIAL NOTICE
Data on reserves and the monetary base have been revised to reflect the results of annual reviews of break factors and seasonal factors. Revisions to seasonal factors start in August 1998, and they are the major source of revisions to the data. Revisions to break factors begin in January 2003, and revisions to break-adjusted data do not exceed $600 million in any maintenance period. The maximum revision to total reserves, nonborrowed reserves, required reserves, and the monetary base (Table 1) in any maintenance period was $1.1 billion; most revisions were less than $500 million.
Break factors remove discontinuities (or �breaks�) associated with regulatory changes in reserve requirements, such as the annual indexations of the low-reserve tranche and the reserve requirement exemption levels. 1 Seasonal factors for required reserves and the surplus vault cash component of the monetary base have been reestimated with the revised break-adjusted data.
A more detailed description of the methods for constructing break factors and seasonal factors is available under �Annual Review of Break and Seasonal Factors� on the Federal Reserve�s web site (http://www.federalreserve.gov/releases/h3/hist/). Historical data, updated each week, are available there as well. For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
May 20, 2004
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
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Date total(2) non- required excess Monetary total primary secondary seasonal
borrowed(3) NSA(4) base(5)
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Month(6)
2003-Apr. 40696 40666 39153 1542 696642 29 8 0 21
May 40885 40829 39263 1622 700150 55 3 0 53
June 42351 42190 40489 1862 702785 161 87 0 74
July 43314 43184 41380 1935 705363 130 21 0 110
Aug. 45581 45253 41814 3767 710239 329 168 15 146
Sep. 44283 44102 42768 1515 712136 181 23 0 158
Oct. 43475 43368 41926 1549 715939 107 13 0 94
Nov. 43049 42981 41486 1563 718992 68 25 0 43
Dec. 42839 42794 41182 1658 720980 46 17 0 29
2004-Jan. 43209 43103 41683 1525 722589 106 93 0 13
Feb. 42976 42934 41141 1835 724124 42 28 0 14
Mar. 44629 44578 42807 1823 725609 51 23 0 28
Apr. p 45597 45511 43836 1761 728652 86 29 0 57
2 weeks ending(7)
2004-Mar. 17 44861 44811 42870 1991 724820 51 28 0 23
31 44637 44582 42948 1689 726824 55 19 0 36
Apr. 14 45147 45068 43227 1920 728151 79 35 0 45
28 46052 45961 44415 1637 728928 91 25 0 66
May 12p 45564 45465 44046 1518 730231 99 11 0 88
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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)
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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)
2003-Apr. 41177 41147 39634 709103 10600 41894 30577 11317
May 41786 41731 40165 712768 11414 41548 30372 11176
June 41864 41703 40002 714370 11307 41917 30557 11360
July 43594 43464 41659 717039 12180 42642 31414 11228
Aug. 46105 45777 42338 720544 14142 43008 31963 11045
Sep. 44431 44250 42915 720729 12485 43063 31946 11117
Oct. 43207 43100 41658 724472 11672 43318 31535 11783
Nov. 42667 42599 41105 729499 11531 42608 31137 11472
Dec. 42944 42898 41286 737623 10860 44077 32084 11993
2004-Jan. 45433 45327 43908 736233 11560 46572 33874 12698
Feb. 43829 43788 41994 734852 10864 46426 32966 13461
Mar. 44064 44013 42241 736258 11942 44381 32122 12259
Apr. p 45970 45884 44209 740120 14005 42842 31964 10877
2 weeks ending(10)
2004-Mar. 17 42687 42636 40696 735085 11846 43669 30841 12828 197
31 45292 45237 43603 737867 11980 45112 33312 11800 109
Apr. 14 43231 43152 41311 739529 12094 42793 31137 11657 138
28 48905 48814 47268 740647 16025 42959 32880 10079 205
May 12p 44599 44500 43081 740573 13248 42359 31352 11008 168
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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
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Date total(2) nonborrowed required(3) Monetary base(4)
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Month(5)
2003-Apr. 41018 40989 39476 697745
May 41566 41511 39944 701463
June 41604 41442 39741 703193
July 43268 43138 41334 705643
Aug. 45712 45383 41945 709013
Sep. 43976 43796 42461 708990
Oct. 42693 42586 41144 712686
Nov. 42099 42031 40536 717172
Dec. 42449 42404 40791 725210
2004-Jan. 45369 45263 43843 725105
Feb. 43765 43723 41930 723886
Mar. 43958 43906 42135 725457
Apr. p 45802 45716 44041 729734
2 weeks ending(6)
2004-Mar. 17 42590 42539 40599 723968
31 45170 45115 43481 727317
Apr. 14 43094 43015 41174 728884
28 48712 48621 47075 730561
May 12p 44392 44293 42874 729886
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.