[Economic Indicators May, 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                                                             
--------------------------------------------------------------------------------------------------------------------------------------------------------
1988:Dec r.............................................      40,434       38,718       39,962      39,386       257,042      1,716        130      1,244
1989:Dec r.............................................      40,504       40,238       40,258      39,581       267,767        265         84         20
1990:Dec r.............................................      41,790       41,464       41,487      40,125       293,248        326         76         23
1991:Dec r.............................................      45,535       45,343       45,344      44,556       317,446        192         38          1
1992:Dec r.............................................      54,358       54,234       54,235      53,202       351,030        124         18          1
1993:Dec r.............................................      60,524       60,442       60,442      59,461       386,531         82         31          0
1994:Dec r.............................................      59,407       59,198       59,198      58,238       418,121        209        100          0
1995:Dec r.............................................      56,399       56,141       56,141      55,121       434,168        257         40          0
1996:Dec r.............................................      50,083       49,929       49,929      48,660       452,384        155         68          0
1997:Dec r.............................................      46,669       46,345       46,345      44,986       480,152        324         79          0
                                                                                                                                                        
1997:Apr r.............................................      47,336       47,075       47,075      46,326       458,104        261         88          0
      May r............................................      46,750       46,507       46,507      45,510       459,474        243        173          0
      June r...........................................      46,871       46,504       46,504      45,591       461,746        367        243          0
      July r...........................................      46,717       46,308       46,308      45,516       464,427        409        330          0
      Aug r............................................      46,939       46,341       46,341      45,686       466,711        598        385          0
      Sept r...........................................      46,240       45,802       45,802      44,944       469,406        438        368          0
      Oct r............................................      45,958       45,688       45,688      44,562       471,983        270        227          0
      Nov r............................................      46,310       46,157       46,157      44,693       476,187        153        115          0
      Dec r............................................      46,669       46,345       46,345      44,986       480,152        324         79          0
                                                                                                                                                        
1998:Jan r.............................................      46,501       46,292       46,292      44,721       482,846        210         18          0
      Feb r............................................      45,722       45,664       45,664      44,198       484,243         58         12          0
      Mar r............................................      46,047       46,006       46,006      44,731       485,899         41         22          0
      Apr..............................................      45,898       45,826       45,826      44,510       486,744         72         41          0
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    \1\ Data are prorated averages 
of biweekly (maintenance period) 
averages of daily figures.
    Note.--Series revised to reflect 
annual and seasonal adjustment 
revisions.

    For details, see Federal Reserve 
release H.3(502) Aggregate Reserves 
of Depository Institutions and the 
Monetary Base issued May 7, 1998.

    Source: Board of Governors of 
the Federal Reserve System.