[Economic Indicators March, 1999]
[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
--------------------------------------------------------------------------------------------------------------------------------------------------------
1989:Dec...............................................      40,501       40,236       40,256      39,581       267,692        265         84         20
1990:Dec...............................................      41,789       41,464       41,486      40,125       293,312        326         76         23
1991:Dec...............................................      45,535       45,343       45,344      44,556       317,587        192         38          1
1992:Dec...............................................      54,358       54,234       54,235      53,202       350,676        124         18          1
1993:Dec...............................................      60,524       60,442       60,442      59,461       386,325         82         31          0
1994:Dec...............................................      59,406       59,197       59,197      58,238       417,976        209        100          0
1995:Dec...............................................      56,399       56,141       56,141      55,121       434,032        257         40          0
1996:Dec ..............................................      50,083       49,928       49,928      48,660       451,603        155         68          0
1997:Dec...............................................      46,669       46,345       46,345      44,986       479,385        324         79          0
1998:Dec...............................................      44,905       44,788       44,788      43,321       513,037        117         15          0
 
1998:Feb ..............................................      45,722       45,664       45,664      44,198       483,292         58         12          0
      Mar .............................................      46,045       46,004       46,004      44,731       485,423         41         22          0
      Apr .............................................      45,959       45,887       45,887      44,614       487,686         72         41          0
      May .............................................      45,591       45,438       45,438      44,441       489,980        153         94          0
      June.............................................      45,391       45,140       45,140      43,771       492,397        251        159          0
      July.............................................      44,813       44,556       44,556      43,449       494,617        258        215          0
      Aug..............................................      44,997       44,726       44,726      43,484       498,169        271        242          0
      Sept.............................................      44,585       44,334       44,334      42,901       502,238        251        178          0
      Oct..............................................      44,385       44,211       44,211      42,813       505,765        174        107          0
      Nov..............................................      44,571       44,488       44,488      42,947       509,503         84         37          0
      Dec..............................................      44,905       44,788       44,788      43,321       513,037        117         15          0
 
1999:Jan r.............................................      44,885       44,679       44,679      43,350       516,642        206          7          0
      Feb .............................................      44,347       44,232       44,232      43,133       520,723        116          9          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.