[Economic Indicators January, 1996]
[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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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
1995:Dec...............................................      56,334       56,077       56,077      55,056       435,024        257         40          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      r422,497         59         33          0
      Mar..............................................      58,552       58,483       58,483      57,757      r425,207         69         51          0
      Apr..............................................      57,957       57,847       57,847      57,204      r427,544        111         82          0
      May..............................................      57,761       57,611       57,611      56,881      r430,090        150        137          0
      June.............................................      57,352       57,080       57,080      56,388      r429,264        272        172          0
      July.............................................      57,655       57,284       57,284      56,565      r429,785        371        231          0
      Aug..............................................      57,515       57,233       57,233      56,527      r430,782        282        258          0
      Sept.............................................      57,368       57,091       57,091      56,418      r431,652        278        252          0
      Oct..............................................      56,821       56,575       56,575      55,739      r432,702        245        199          0
      Nov..............................................      56,269       56,065       56,065     r55,326      r433,152        204         73          0
      Dec..............................................      56,334       56,077       56,077      55,056       435,024        257         40          0
                                                                                                                                                        
1996:Jan...............................................      55,598       55,560       55,560      54,112       435,173         38          7          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.