[Economic Indicators July, 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...............................................      40,434       38,718       39,962      39,386       257,042      1,716        130      1,244
1989:Dec...............................................      40,504       40,238       40,258      39,581       267,767        265         84         20
1990:Dec...............................................      41,790       41,464       41,487      40,125       293,248        326         76         23
1991:Dec...............................................      45,535       45,343       45,344      44,556       317,446        192         38          1
1992:Dec...............................................      54,358       54,234       54,235      53,202       351,030        124         18          1
1993:Dec...............................................      60,524       60,442       60,442      59,461       386,531         82         31          0
1994:Dec...............................................      59,407       59,198       59,198      58,238       418,121        209        100          0
1995:Dec...............................................      56,399       56,141       56,141      55,121       434,168        257         40          0
1996:Dec...............................................      50,083       49,929       49,929      48,660       452,384        155         68          0
1997:Dec...............................................      46,669       46,345       46,345      44,986       480,152        324         79          0
                                                                                                                                                        
1997:June .............................................      46,871       46,504       46,504      45,591       461,746        367        243          0
      July ............................................      46,717       46,308       46,308      45,516       464,427        409        330          0
      Aug .............................................      46,939       46,341       46,341      45,686       466,711        598        385          0
      Sept ............................................      46,240       45,802       45,802      44,944       469,406        438        368          0
      Oct .............................................      45,958       45,688       45,688      44,562       471,983        270        227          0
      Nov .............................................      46,310       46,157       46,157      44,693       476,187        153        115          0
      Dec .............................................      46,669       46,345       46,345      44,986       480,152        324         79          0
                                                                                                                                                        
1998:Jan ..............................................      46,501       46,292       46,292      44,721     r 482,838        210         18          0
      Feb .............................................      45,722       45,664       45,664      44,198     r 484,226         58         12          0
      Mar .............................................      46,047       46,006       46,006      44,731     r 485,862         41         22          0
      Apr .............................................      45,959       45,887       45,887      44,614     r 487,203         72         41          0
      May .............................................      45,591       45,438       45,438      44,441     r 489,102        153         94          0
      June r...........................................      45,391       45,140       45,140      43,771       491,634        251        159          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.