Note total reserves are nearly unchanged but Fed massive financial repression forcing required reserves up a sizable amount.
http://www.federalreserve.gov/releases/h3/Current/h3.htm
Table 1
Aggregate Reserves of Depository Institutions and the
Monetary Base
Adjusted for changes in reserve requirements
Seasonally adjusted unless noted otherwise
Millions of
dollars
| Date |
Reserves of depository institutions |
Monetary base |
Total borrowings from the Federal Reserve,
NSA |
| Total |
Nonborrowed |
Required |
Excess, NSA |
| Month |
| Apr 2011 |
1526480 |
1508637 |
74514 |
1451966 |
2489298 |
17842 |
| May 2011 |
1587576 |
1572431 |
75072 |
1512505 |
2559321 |
15146 |
| Jun 2011 |
1666349 |
1653106 |
77615 |
1588734 |
2644620 |
13243 |
| |
|
|
|
|
|
|
| Jul 2011 |
1696473 |
1684077 |
78344 |
1618129 |
2680642 |
12395 |
| Aug 2011 |
1666949 |
1655115 |
83585 |
1583364 |
2657378 |
11834 |
| Sep 2011 |
1642710 |
1631135 |
91718 |
1550992 |
2638581 |
11575 |
| |
|
|
|
|
|
|
| Oct 2011 |
1638605 |
1627395 |
93287 |
1545318 |
2639138 |
11210 |
| Nov 2011 |
1591978 |
1581637 |
94060 |
1497919 |
2598948 |
10341 |
| Dec 2011 |
1597183 |
1587657 |
94866 |
1502318 |
2610831 |
9526 |
| |
|
|
|
|
|
|
| Jan 2012 |
1614015 |
1605401 |
94458 |
1519557 |
2637184 |
8614 |
| Feb 2012 |
1658308 |
1650375 |
98083 |
1560226 |
2691733 |
7933 |
| Mar 2012 |
1607993 |
1600663 |
98290 |
1509703 |
2650397 |
7330 |
| |
|
|
|
|
|
|
| Apr 2012 p |
1584748 |
1577884 |
98442 |
1486306 |
2633358 |
6865 |
| Two weeks ending |
| Mar 7, 2012 |
1645100 |
1637546 |
98169 |
1546931 |
2683765 |
7554 |
| Mar 21, 2012 |
1604726 |
1597325 |
98830 |
1505896 |
2646537 |
7401 |
| |
|
|
|
|
|
|
| Apr 4, 2012 |
1586592 |
1579519 |
97619 |
1488973 |
2632443 |
7074 |
| Apr 18, 2012 |
1608327 |
1601318 |
98316 |
1510011 |
2656069 |
7009 |
| |
|
|
|
|
|
|
| May 2, 2012 p |
1556626 |
1549999 |
98864 |
1457763 |
2607167 |
6627 |
1. Reserves and monetary base figures incorporate
adjustments for discontinuities, or "breaks," associated with regulatory changes
in reserve requirements. (For more information, refer to table 3.)
2. Seasonally adjusted, break-adjusted total reserves equal
seasonally adjusted, break-adjusted required reserves plus unadjusted excess
reserves. (Also, refer to footnote 2 in table 2 and footnote 2 in table 3.)
3. Seasonally adjusted, break-adjusted nonborrowed reserves
equal seasonally adjusted, break-adjusted total reserves less unadjusted total
borrowings from the Federal Reserve.
4. Excess reserves NSA equals unadjusted total reserves
(table 2, column 1) less unadjusted required reserves (table 2, column 3).