[Economic Indicators September, 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]                            
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                                                                  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                                                             
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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:Aug...............................................      59,839       59,370       59,370      58,835      r409,244        469        445          0
      Sept.............................................      59,794       59,307       59,307      58,734      r411,338        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       425,350         69         51          0
      Apr..............................................      57,957       57,847       57,847      57,204      r428,127        111         82          0
      May..............................................      57,761       57,611       57,611      56,881       430,686        150        137          0
      June.............................................     r57,352       57,080       57,080      56,388       429,722        272        172          0
      July.............................................      57,655       57,284       57,284     r56,565      r429,586        371        231          0
      Augp.............................................      57,514       57,232       57,232      56,527       430,756        282        258          0
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    \1\Data are prorated averages of 
biweekly (maintenance period) 
averages of daily figures.
    Source: Board of Governors of 
the Federal Reserve System.