[Economic Indicators March, 1998]
[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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1988:Dec ..............................................      40,428       38,712       39,957      39,381       257,037      1,716        130      1,244
1989:Dec ..............................................      40,522       40,257       40,277      39,600       267,785        265         84         20
1990:Dec ..............................................      41,797       41,471       41,494      40,132       293,255        326         76         23
1991:Dec ..............................................      45,563       45,371       45,371      44,584       317,474        192         38          1
1992:Dec ..............................................      54,383       54,260       54,260      53,228       351,116        124         18          1
1993:Dec ..............................................      60,545       60,463       60,463      59,482       386,610         82         31          0
1994:Dec ..............................................      59,404       59,195       59,195      58,236       418,182        209        100          0
1995:Dec ..............................................      56,386       56,129       56,129      55,109       434,230        257         40          0
1996:Dec ..............................................      50,063       49,908       49,908      48,639       452,471        155         68          0
1997:Dec ..............................................      47,196       46,872       46,872      45,513       480,575        324         79          0
                                                                                                                                                        
1997:Feb ..............................................      49,008       48,966       48,966      47,977       455,651         42         21          0
      Mar..............................................      48,312       48,155       48,155      47,151       457,011        156         37          0
      Apr..............................................      47,430       47,170       47,170      46,420       458,178        261         88          0
      May..............................................      47,048       46,805       46,805      45,808       459,575        243        173          0
      June.............................................      47,108       46,741       46,741      45,828       461,719        367        243          0
      July.............................................      46,885       46,476       46,476      45,683       464,460        409        330          0
      Aug..............................................      47,414       46,816       46,816      46,161       467,017        598        385          0
      Sept.............................................      46,666       46,229       46,229      45,371       469,676        438        368          0
      Oct .............................................      46,454       46,184       46,184      45,058       472,345        270        227          0
      Nov..............................................      46,865       46,712       46,712      45,248       476,640        153        115          0
      Dec .............................................      47,196       46,872       46,872      45,513       480,575        324         79          0
                                                                                                                                                        
1998:Jan...............................................      46,364       46,154       46,154    r 44,584       482,912        210         18          0
      Feb p............................................      45,815       45,757       45,757      44,297       484,317         58         12          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.