[Economic Indicators December, 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...............................................      38,950       38,123       38,426      37,580       223,571        827         38        303
1987:Dec...............................................      38,866       38,089       38,572      37,820       239,784        777         93        483
1988:Dec...............................................      40,410       38,694       39,938      39,362       256,920      1,716        130      1,244
1989:Dec...............................................      40,508       40,242       40,262      39,585       267,723        265         84         20
1990:Dec...............................................      41,780       41,455       41,478      40,116       293,332        326         76         23
1991:Dec...............................................      45,547       45,355       45,356      44,569       317,502        192         38          1
1992:Dec...............................................      54,367       54,243       54,244      53,212       351,244        124         18          1
1993:Dec...............................................      60,519       60,437       60,437      59,456       386,877         82         31          0
1994:Dec...............................................      59,364       59,156       59,156      58,196       418,723        209        100          0
1995:Dec...............................................      56,364       56,106       56,106      55,086       435,006        257         40          0
                                                                                                                                                        
1995:Nov...............................................      56,333       56,129       56,129      55,390       433,206        204         73          0
      Dec..............................................      56,364       56,106       56,106      55,086       435,006        257         40          0
                                                                                                                                                        
1996:Jan...............................................      55,606       55,568       55,568      54,121       435,182         38          7          0
      Feb..............................................      54,848       54,813       54,813      53,997       433,667         35          7          0
      Mar..............................................      55,727       55,706       55,706      54,590       436,871         21         10          0
      Apr..............................................      55,182       55,091       55,091      54,062       436,644         91         34          0
      May..............................................      54,227       54,100       54,100      53,368       437,009        127        105          0
      June.............................................      54,112       53,726       53,726      52,962       439,088        386        192          0
      July.............................................      53,197       52,829       52,829      52,132     r 441,881        368        284          0
      Aug..............................................      52,269       51,935       51,935      51,308       444,204        334        309          0
      Sept.............................................      51,351       50,983       50,983      50,313     r 445,864        368        306          0
      Oct r............................................      50,135       49,848       49,848      49,142       447,155        287        212          0
      Nov  p...........................................      49,854       49,640       49,640      49.833       449,301        214        109          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.