[Economic Indicators April, 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                                                             
--------------------------------------------------------------------------------------------------------------------------------------------------------
1987:Dec r.............................................      38,895       38,118       38,601      37,849       239,799        777         93        483
1988:Dec r.............................................      40,428       38,712       39,957      39,381       256,905      1,716        130      1,244
1989:Dec r.............................................      40,522       40,257       40,277      39,600       267,625        265         84         20
1990:Dec r.............................................      41,797       41,471       41,494      40,132       293,190        326         76         23
1991:Dec r.............................................      45,563       45,371       45,371      44,584       317,403        192         38          1
1992:Dec r.............................................      54,383       54,260       54,260      53,228       351,347        124         18          1
1993:Dec r.............................................      60,545       60,463       60,463      59,482       386,880         82         31          0
1994:Dec r.............................................      59,404       59,195       59,195      58,236       418,484        209        100          0
1995:Dec r.............................................      56,386       56,129       56,129      55,108       434,523        257         40          0
1996:Dec r.............................................      50,063       49,908       49,908      48,639       452,669        155         68          0
                                                                                                                                                        
1996:Mar r.............................................      55,613       55,592       55,592      54,476       436,733         21         10          0
      Apr r............................................      55,155       55,064       55,064      54,035       437,075         91         34          0
      May r............................................      54,168       54,040       54,040      53,308       437,881        127        105          0
      June r...........................................      54,038       53,652       53,652      52,888       439,686        386        192          0
      July r...........................................      53,221       52,854       52,854      52,156       442,262        368        284          0
      Aug r............................................      52,181       51,847       51,847      51,221       443,999        334        309          0
      Sept r...........................................      51,280       50,912       50,912      50,242       445,812        368        306          0
      Octr ............................................      50,076       49,789       49,789      49,082       447,077        287        212          0
      Nov r............................................      49,811       49,597       49,597      48,776       449,365        214        109          0
      Dec r............................................      50,063       49,908       49,908      48,639       452,669        155         68          0
                                                                                                                                                        
1997:Jan r.............................................      49,517       49,472       49,472      48,293       454,139         45         19          0
      Feb r............................................      49,008       48,966       48,966      47,977       456,285         42         21          0
      Mar..............................................      48,312       48,155       48,155      47,152       457,617        156         37          0
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    \1\ Data are prorated averages 
of biweekly (maintenance period) 
averages of daily figures.
    Note.--Series revised to reflect 
annual benchmarking and seasonal 
adjustment revisions.

    Data released May 8, 1997 are 
not included here.

    Source: Board of Governors of 
the Federal Reserve System.