Updates of this series will be ceased on December 19, 2019. Interested users can construct a proxy by summing Currency in circulation (H.4.1 release); Service Related Balances and Adjustments (H.4.1 release); and Reserve Balances with FR Banks (H.4.1 release). The discontinued series plotted on the same graph with the calculated data can be accessed for comparison here.
For more details, see the FRED Announcement.
Federal Reserve Bank of St. Louis, St. Louis Source Base (DISCONTINUED) [WSBASE], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/WSBASE, November 24, 2020.
Release: H.6 Money Stock Measures
The currency component of M1, sometimes called "money stock currency," is defined as currency in circulation outside the U.S. Treasury and Federal Reserve Banks. Data on total currency in circulation are obtained weekly from balance sheets of the Federal Reserve Banks and from the U.S. Treasury. Weekly currency in circulation data are published each week on the Federal Reserve Board's H.4.1 statistical release "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks." Vault cash is reported on the FR 2900 and subtracted from total currency in circulation. For institutions that do not file the FR 2900, vault cash is estimated using data reported on the Call Reports.
Board of Governors of the Federal Reserve System (US), Currency Component of M1 [CURRENCY], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CURRENCY, November 24, 2020.
Excess reserves are those deposits held by depository institutions at the Fed not used to satisfy statutory reserve requirements plus that vault cash held by the same institutions not used to satisfy statutory reserve requirements. Excess reserves equals total reserves less required reserves.
As stated by the source: The concept of Excess reserves, defined as total reserve balances less reserve balance requirements, no longer aligns with the remuneration structure following phase two of the simplification of reserves administration. https://federalregister.gov/a/2012-8562
Nevertheless, to get at the historical concept of Excess reserves using the new H.3 statistical release, take Total reserve balances maintained (https://fred.stlouisfed.org/series/RESBALNS) less Reserve balance requirements (https://fred.stlouisfed.org/series/RESBALREQ). Alternatively, one can view excess as the amount of balances maintained that satisfy the minimum requirements, which can be calculated by taking Total reserve balances maintained (https://fred.stlouisfed.org/series/RESBALNS) less Bottom of penalty-free band (https://fred.stlouisfed.org/series/RESBRQBPF).
Board of Governors of the Federal Reserve System (US), Excess Reserves of Depository Institutions (DISCONTINUED) [EXCRESNS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/EXCRESNS, November 24, 2020.
The Board of Governors discontinued the H.3 statistical release on September 17, 2020. For more information, please see the announcement posted on August 20, 2020.
Board of Governors of the Federal Reserve System (US), Required Reserves of Depository Institutions (DISCONTINUED) [REQRESNS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/REQRESNS, November 24, 2020.