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Release Date: July 9, 2020

Table 1

Not seasonally adjusted. Millions of dollars unless otherwise noted.
Date Reserve balances required Reserve balances maintained 4
Reserve balance
requirements 1
Top of penalty-
free band 2
Bottom of penalty-
free band 3
Total Balances
maintained to
satisfy reserve
balance
requirements 5
Balances
maintained that
exceed the top of
the penalty-
free band 6
Month 7
June 2019 134,908 148,409 121,408 1,535,857 148,025 1,387,832
July 2019 135,103 148,624 121,584 1,513,550 148,191 1,365,359
Aug. 2019 134,639 148,114 121,167 1,520,876 147,555 1,373,321
Sept. 2019 134,707 148,188 121,227 1,439,771 147,498 1,292,273
Oct. 2019 134,998 148,509 121,489 1,481,513 148,050 1,333,462
Nov. 2019 140,705 154,787 126,625 1,529,341 154,256 1,375,085
Dec. 2019 138,984 152,893 125,076 1,630,090 152,562 1,477,528
Jan. 2020 144,816 159,309 130,326 1,645,384 158,765 1,486,619
Feb. 2020 138,370 152,218 124,524 1,656,989 151,612 1,505,377
Mar. 2020 113,139 124,461 101,817 2,045,148 124,147 1,921,000
Apr. 2020 0 0 0 2,953,586 0 2,953,586
May 2020 0 0 0 3,217,635 0 3,217,635
June 2020 0 0 0 3,043,556 0 3,043,556
 
Two weeks ending 8
May 6, 2020 0 0 0 3,159,040 0 3,159,040
May 20, 2020 0 0 0 3,215,116 0 3,215,116
June 3, 2020 0 0 0 3,252,803 0 3,252,803
June 17, 2020 0 0 0 3,130,360 0 3,130,360
July 1, 2020 0 0 0 2,901,788 0 2,901,788

Footnotes

  1. Equals required reserves (table 2, column 2) less vault cash used to satisfy required reserves (table 2, column 4).
  2. Equals the sum of each institution's top of the penalty-free band. For each institution, the top of the penalty-free band is equal to the institution's reserve balance requirement plus an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
  3. Equals the sum of each institution's bottom of the penalty-free band. For each institution, the bottom of the penalty-free band is equal to the institution's reserve balance requirement less an amount that is the greater of 10 percent of the institution's reserve balance requirement or $50,000.
  4. Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
  5. Equals the sum of balances maintained up to the top of each institution's penalty-free band.
  6. Equals the sum of balances maintained that exceed the top of each institution's penalty-free band.
  7. Prorated averages of biweekly averages.
  8. Averages of daily figures.

Note on the Elimination of Reserve Requirements

The Board reduced the reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. As a result, release items reported under "Reserve balances required" (reserve balance requirements and the top and bottom of penalty-free band) and "Balances maintained to satisfy reserve balance requirements" are zero beginning with the two weeks ending April 8, 2020.

Table 2

Not seasonally adjusted. Millions of dollars.
Date Reserves Vault cash 2 Monetary base
Total 1 Required Total Used to satisfy
required
reserves 3
Surplus 4 Total 5 Total balances
maintained 6
Currency in
circulation
Month 7
June 2019 1,601,309 200,360 76,106 65,452 10,654 3,274,825 1,535,857 1,738,968
July 2019 1,578,615 200,169 76,485 65,065 11,420 3,260,316 1,513,550 1,746,765
Aug. 2019 1,586,844 200,608 78,451 65,969 12,483 3,271,378 1,520,876 1,750,502
Sept. 2019 1,504,805 199,741 76,550 65,035 11,516 3,202,668 1,439,771 1,762,898
Oct. 2019 1,547,136 200,621 76,660 65,623 11,037 3,252,807 1,481,513 1,771,294
Nov. 2019 1,595,222 206,586 76,921 65,881 11,040 3,315,551 1,529,341 1,786,209
Dec. 2019 1,698,344 207,239 80,168 68,255 11,914 3,426,464 1,630,090 1,796,375
Jan. 2020 1,715,219 214,652 81,209 69,835 11,374 3,442,569 1,645,384 1,797,185
Feb. 2020 1,726,943 208,324 80,722 69,954 10,768 3,454,474 1,656,989 1,797,485
Mar. 2020 2,099,369 167,360 77,101 54,222 22,879 3,883,155 2,045,148 1,838,007
Apr. 2020 2,953,586 0 88,092 0 88,092 4,844,940 2,953,586 1,891,355
May 2020 3,217,635 0 101,333 0 101,333 5,149,527 3,217,635 1,931,891
June 2020 3,043,556 0 104,189 0 104,189 5,001,978 3,043,556 1,958,422
 
Two weeks ending 8
May 6, 2020 3,159,040 0 103,562 0 103,562 5,068,799 3,159,040 1,909,759
May 20, 2020 3,215,116 0 100,339 0 100,339 5,144,614 3,215,116 1,929,498
June 3, 2020 3,252,803 0 101,383 0 101,383 5,199,813 3,252,803 1,947,010
June 17, 2020 3,130,360 0 103,763 0 103,763 5,085,807 3,130,360 1,955,447
July 1, 2020 2,901,788 0 105,297 0 105,297 4,866,046 2,901,788 1,964,259

Footnotes

  1. Equals total reserve balances maintained (table 1, column 4) plus vault cash used to satisfy required reserves.
  2. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by institutions not exempt from reserve requirements. Dates refer to the maintenance periods for which the vault cash can be used to satisfy reserve requirements.
  3. All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements.
  4. Total vault cash eligible to satisfy reserve requirements, held by institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements.
  5. Equals total balances maintained plus currency in circulation.
  6. Effective February 18, 2014, omits balances held by designated financial market utilities. These balances are reported in the H.4.1 statistical release.
  7. Prorated averages of biweekly averages.
  8. Averages of daily figures.

Note on the Elimination of Reserve Requirements

The Board reduced the reserve requirement ratios on net transaction accounts to 0 percent, effective March 26, 2020. As a result, required reserves and vault cash used to satisfy required reserves are zero beginning with the two weeks ending April 8, 2020.

Table 3

Not seasonally adjusted. Millions of dollars.
Date Borrowings from the Federal Reserve Nonborrowed
reserves 2
Total Primary Secondary Seasonal Other credit
extensions 1
Month 3
June 2019 80 20 0 60 0 1,601,229
July 2019 120 9 0 111 0 1,578,495
Aug. 2019 117 16 0 101 0 1,586,727
Sept. 2019 101 15 0 86 0 1,504,704
Oct. 2019 63 4 0 59 0 1,547,073
Nov. 2019 26 4 0 22 0 1,595,196
Dec. 2019 21 10 0 11 0 1,698,323
Jan. 2020 6 5 0 1 0 1,715,213
Feb. 2020 3 3 0 0 0 1,726,939
Mar. 2020 40,554 19,538 0 0 21,015 2,058,816
Apr. 2020 124,461 38,299 0 0 86,162 2,829,125
May 2020 111,845 22,180 0 2 89,663 3,105,791
June 2020 97,671 8,456 0 11 89,204 2,945,885
 
Two weeks ending 4
May 6, 2020 120,057 30,586 0 0 89,471 3,038,983
May 20, 2020 113,017 23,213 0 2 89,803 3,102,100
June 3, 2020 105,874 16,281 0 4 89,589 3,146,929
June 17, 2020 98,003 8,596 0 11 89,396 3,032,357
July 1, 2020 95,422 6,500 0 13 88,910 2,806,366

Footnotes

  1. Includes borrowings associated with facilities other than the primary, secondary, and seasonal credit lending programs. Detail on borrowings contained in this item is available under "Loans" in table 1 of the H.4.1 statistical release.
  2. Equals total reserves (table 2, column 1) less total borrowings from the Federal Reserve.
  3. Prorated averages of biweekly averages.
  4. Averages of daily figures.
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Last Update: July 09, 2020