[Economic Indicators May, 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 ..............................................      38,895       38,118       38,601      37,849       239,799        777         93        483
1988:Dec ..............................................      40,428       38,712       39,957      39,381       256,905      1,716        130      1,244
1989:Dec ..............................................      40,522       40,257       40,277      39,600       267,625        265         84         20
1990:Dec ..............................................      41,797       41,471       41,494      40,132       293,190        326         76         23
1991:Dec ..............................................      45,563       45,371       45,371      44,584       317,403        192         38          1
1992:Dec ..............................................      54,383       54,260       54,260      53,228       351,347        124         18          1
1993:Dec ..............................................      60,545       60,463       60,463      59,482       386,880         82         31          0
1994:Dec ..............................................      59,404       59,195       59,195      58,236       418,484        209        100          0
1995:Dec ..............................................      56,386       56,129       56,129      55,108       434,523        257         40          0
1996:Dec ..............................................      50,063       49,908       49,908      48,639       452,669        155         68          0
                                                                                                                                                        
1996:Apr ..............................................      55,155       55,064       55,064      54,035       437,075         91         34          0
      May .............................................      54,168       54,040       54,040      53,308       437,881        127        105          0
      June ............................................      54,038       53,652       53,652      52,888       439,686        386        192          0
      July ............................................      53,221       52,854       52,854      52,156       442,262        368        284          0
      Aug .............................................      52,181       51,847       51,847      51,221       443,999        334        309          0
      Sept ............................................      51,280       50,912       50,912      50,242       445,812        368        306          0
      Oct .............................................      50,076       49,789       49,789      49,082       447,077        287        212          0
      Nov .............................................      49,811       49,597       49,597      48,776       449,365        214        109          0
      Dec .............................................      50,063       49,908       49,908      48,639       452,669        155         68          0
                                                                                                                                                        
1997:Jan ..............................................      49,517       49,472       49,472      48,293     r 454,137         45         19          0
      Feb .............................................      49,008       48,966       48,966      47,977     r 456,284         42         21          0
      Mar..............................................      48,312       48,155       48,155    r 47,151     r 457,623        156         37          0
      Apr..............................................      47,431       47,170       47,170      46,420       458,269        261         88          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.