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Release Date: February 28, 2008
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FEDERAL RESERVE STATISTICAL RELEASE
H.3 (502)
Table 1 For Release at 4:30 p.m. Eastern Time
February 28, 2008
AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
Adjusted for changes in reserve requirements(1)
Seasonally adjusted unless noted otherwise
Millions of dollars
--------------------------------------------------------------------------------------------------------------------------------------------
Reserves of depository institutions Other borrowings of depository institutions
from the Federal Reserve, NSA
-------------------------------------------------- Term -----------------------------------------------
auction
Date total(2) non- required excess Monetary credit, total primary secondary seasonal
borrowed(3) NSA(4) base(5) NSA
--------------------------------------------------------------------------------------------------------------------------------------------
Month(6)
2007-Jan. 42171 41960 40665 1506 813455 211 187 0 24
Feb. 42454 42424 40956 1498 813448 30 8 0 22
Mar. 42321 42267 40686 1635 814991 54 21 5 28
Apr. 42715 42635 41189 1525 817205 79 32 0 48
May 43197 43093 41760 1436 818799 103 14 0 90
June 43606 43419 41904 1702 820085 187 43 0 145
July 41915 41653 40251 1664 821476 262 45 0 217
Aug. 44922 43948 40100 4822 824512 975 701 19 255
Sep. 42540 40973 40798 1742 821732 1567 1345 0 221
Oct. 42507 42252 41056 1450 824713 254 126 13 115
Nov. 42646 42281 40970 1676 825653 366 315 0 50
Dec. 42585 27154 40839 1746 823386 11613 3818 3787 1 30
2008-Jan. 41781 -3878 40146 1635 821205 44516 1143 1137 0 6
2 weeks ending(7)
2008-Jan. 2 44040 8732 41652 2387 824422 30000 5308 5286 0 21
16 41585 209 39870 1715 820745 40000 1377 1371 0 6
30 41632 -8758 40187 1445 821122 50000 390 385 0 5
Feb. 13 42095 -18006 40435 1661 822366 60000 102 101 0 1
27p 42939 -17259 41132 1807 823414 60000 198 195 0 4
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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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1
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
-------------------------------------------------------------------------------------------------------------------------------------------
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)
-------------------------------------------------------------------------------------------------------------------------------------------
Month(9)
2007-Jan. 44631 44420 43125 823693 8775 52160 35857 16304
Feb. 42685 42656 41187 819693 7720 53728 34966 18762
Mar. 40753 40699 39118 820793 7518 49732 33236 16496
Apr. 42541 42462 41016 822629 8560 48809 33981 14828
May 44066 43963 42630 825071 9205 48659 34861 13798
June 43652 43465 41951 826508 8739 49432 34913 14519
July 42731 42469 41067 828452 8420 50206 34311 15896
Aug. 44621 43646 39799 829739 10983 51040 33637 17402
Sep. 42079 40513 40338 826415 8606 49628 33473 16155
Oct. 41476 41222 40026 828353 8264 49747 33212 16535
Nov. 41863 41497 40187 833075 8526 48985 33337 15649
Dec. 42715 27285 40970 836339 8193 52153 34523 17630
2008-Jan. 44059 -1601 42424 831137 8737 53158 35322 17836
2 weeks ending(10)
2008-Jan. 2 46743 11436 44356 842136 9504 53819 37239 16580 39
16 39998 -1379 38282 833859 7958 51441 32040 19401 96
30 47959 -2431 46514 827142 9506 54540 38453 16086 -91
Feb. 13 40947 -19155 39286 826958 7343 56549 33604 22945 37
27p 44891 -15307 43084 831205 8909 51578 35983 15595 89
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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
---------------------------------------------------------------------------------
Reserves of depository institutions
---------------------------------------
Date total(2) nonborrowed required(3) Monetary base(4)
----------------------------------------------------------------------------------
Month(5)
2007-Jan. 44619 44408 43113 816799
Feb. 42711 42682 41214 812909
Mar. 40794 40740 39159 813940
Apr. 42597 42518 41072 815954
May 44135 44032 42699 818599
June 43736 43549 42034 820033
July 42828 42566 41164 822062
Aug. 44728 43753 39906 823101
Sep. 42202 40635 40460 819869
Oct. 41612 41357 40161 821880
Nov. 42007 41641 40331 826683
Dec. 42794 27364 41048 829796
2008-Jan. 44056 -1604 42421 824466
2 weeks ending(6)
2008-Jan. 2 46716 11409 44329 835494
16 39978 -1399 38262 827188
30 47975 -2415 46530 820477
Feb. 13 40966 -19135 39306 820157
27p 44920 -15278 43113 824472
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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Data Download Program (DDP) |
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PDF (17 KB)
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