[Economic Indicators March, 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:Decr..............................................      56,364       56,106       56,106      55,086       435,008        257         40          0
                                                                                                                                                        
1995:Febr..............................................      58,857       58,798       58,798      57,911       422,421         59         33          0
      Marr.............................................      58,500       58,431       48,431      57,706       425,165         69         51          0
      Aprr.............................................      57,988       57,877       57,877      57,235       427,551        111         82          0
      Mayr.............................................      57,801       57,651       57,651      56,921       430,112        150        137          0
      Juner............................................      57,383       57,110       57,110      56,418       429,308        272        172          0
      Julyr............................................      57,680       57,309       57,309      56,590       429,822        371        231          0
      Augr.............................................      57,499       57,217       57,217      56,512       430,807        282        258          0
      Septr............................................      57,344       57,066       57,066      56,394       431,685        278        252          0
      Octr.............................................      56,839       56,593       56,593      55,758       432,737        245        199          0
      Novr.............................................      56,333       56,129       56,129      55,390       433,206        204         73          0
      Decr.............................................      56,364       56,106       56,106      55,086       435,008        257         40          0
                                                                                                                                                        
1996:Janr..............................................      55,606       55,568       55,568      54,121       435,151         38          7          0
      Febp.............................................      54,848       54,813       54,813      53,997       433,619         35          7          0
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    \1\Data are prorated averages of 
biweekly (maintenance period) 
averages of daily figures.
    Note.--Series revised to reflect 
annual seasonal adjustment and other 
revisions. Data prior to February 
1995 are not yet available. For 
further details see, Aggregate 
Reserves of Depository Institutions 
and the Monetary Base, release 
issued March 28, 1996.

    Source: Board of Governors of 
the Federal Reserve System.