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Monetary Trends

Monetary Aggregates and Their Components

Adjusted and Required Reserves

Billions of dollars

Adjusted Reserves: The sum of vault cash and Federal Reserve Bank deposits held by depository institutions and an adjustment for the effects of changes in statutory reserve requirements on the quantity of base money held by depositories. This spliced chain index is numerically larger than the Board of Governors’ measure, which excludes vault cash not used to satisfy statutory reserve requirements and Federal Reserve Bank deposits used to satisfy required clearing balance contracts; see Anderson and Rasche (1996a, 2001, 2003). Excess Reserve Balances equals the amount of reserve balances maintained at depository institutions (DIs) less reserve balance requirements at Depository Institutions.

Total Borrowings

Billions of dollars

Total Borrowings from the Federal Reserve is the sum of credit extended under the primary, second, and seasonal programs, as well as credit extended under the Term Asset-Backed Securities Loan Facility, and other credit extensions. [NOTE: Excess reserves and total borrowings are not seasonally adjusted.] The excess reserves calculation was changed with the introduction of the new H.3 statistical release, “Aggregate Reserves of Depository Institutions and the Monetary Base” on July 11, 2013. See

Excess Reserve Balances

Billions of dollars

Nonfinancial Commercial Paper

Percent change from a year ago

Consumer Credit

Percent change from a year ago

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