[Economic Indicators March, 1997]
[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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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       435,008        257         40          0
1996:Dec...............................................      50,167       50,012       50,012      48,743       452,920        155         68          0
                                                                                                                                                        
1996:Feb...............................................      54,848       54,813       54,813      53,997       433,557         35          7          0
      Mar..............................................      55,727       55,706       55,706      54,590       436,855         21         10          0
      Apr..............................................      55,182       55,091       55,091      54,062       436,984         91         34          0
      May..............................................      54,227       54,100       54,100      53,368       437,885        127        105          0
      June.............................................      54,112       53,726       53,726      52,962       439,692        386        192          0
      July.............................................      53,197       52,829       52,829      52,132       442,244        368        284          0
      Aug..............................................      52,269       51,935       51,935      51,308       444,160        334        309          0
      Sept.............................................      51,351       50,983       50,983      50,313       445,988        368        306          0
      Oct .............................................      50,135       49,848       49,848      49,142       447,124        287        212          0
      Nov..............................................      49,875       49,661       49,661      48,840       449,466        214        109          0
      Dec..............................................      50,167       50,012       50,012      48,743       452,920        155         68          0
                                                                                                                                                        
1997:Jan r.............................................      49,402       49,358       49,358      48,179       454,047         45         19          0
      Feb p............................................      49,062       49,020       49,020      48,032       456,274         42         21          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.