[Economic Indicators May, 1995]
[Page Number 27]
[From the U.S. Government Publishing Office, www.gpo.gov]


AGGREGATE RESERVES AND MONETARY BASE

        [Averages of daily figures \1\; millions of dollars; seasonally adjusted, except as noted by NSA]       
----------------------------------------------------------------------------------------------------------------
                           Adjusted for changes in reserve requirements              Borrowings of depository   
                 ---------------------------------------------------------------  institutions from the Federal 
                         Reserves of depository institutions                              Reserve (NSA)         
                 ---------------------------------------------------            --------------------------------
     Period                                Nonborrowed                Monetary                                  
                                               plus                     base                            Extended
                     Total    Nonborrowed    extended     Required                 Total     Seasonal    credit 
                                              credit                                                            
----------------------------------------------------------------------------------------------------------------
1985: Dec ......      31,452       30,133       30,633      30,415      203,539      1,318         56        499
1986: Dec ......      38,940       38,113       38,416      37,570      223,574        827         38        303
1987: Dec ......      38,856       38,078       38,562      37,809      239,775        777         93        483
1988: Dec ......      40,399       38,683       39,927      39,352      256,897      1,716        130      1,244
1989: Dec ......      40,498       40,232       40,252      39,575      267,713        265         84         20
1990: Dec ......      41,771       41,445       41,468      40,106      293,275        326         76         23
1991: Dec ......      45,536       45,343       45,344      44,557      317,432        192         38          1
1992: Dec ......      54,354       54,230       54,231      53,199      351,116        124         18          1
1993: Dec ......      60,502       60,420       60,420      59,440      386,602         82         31          0
1994: Dec ......      59,342       59,133       59,133      58,174      418,223        209        100          0
                                                                                                                
1994:Apr .....      60,480       60,356       60,356      59,329      399,229        124         57          0
      May ......      60,105       59,905       59,905      59,190      401,680        200        134          0
      June .....      59,989       59,656       59,656      58,885      404,213        333        226          0
      July .....      60,105       59,647       59,647      58,998      407,175        458        364          0
      Aug ......      59,839       59,370       59,370      58,835      409,243        469        445          0
      Sept .....      59,794       59,307       59,307      58,734      411,337        487        444          0
      Oct ......      59,496       59,116       59,116      58,693      413,854        380        339          0
      Nov ......      59,401       59,152       59,152      58,394      416,788        249        164          0
      Dec ......      59,342       59,133       59,133      58,174      418,223        209        100          0
                                                                                                                
1995: Jan  .....      59,124       58,988       58,992      57,785      421,054        136         46          4
      Feb ......      58,919       58,860       58,860      57,973      422,312         59         33          0
      Mar.......      58,552       58,483       58,483      57,757    r 425,349         69         51          0
      Apr.......      57,957       57,846       57,846      57,205      428,121        111         82          0
----------------------------------------------------------------------------------------------------------------

    \1\ Data are prorated averages 
of biweekly (maintenance period) 
averages of daily figures.
    Source: Board of Governors of 
the Federal Reserve System.