[Economic Indicators May, 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 r.............................................      40,469       40,204       40,224      39,528       267,701        265         84         20
1990:Dec r.............................................      41,747       41,422       41,445      40,083       293,240        326         76         23
1991:Dec r.............................................      45,493       45,301       45,301      44,504       317,512        192         38          1
1992:Dec r.............................................      54,388       54,265       54,265      53,235       350,865        124         18          1
1993:Dec r.............................................      60,530       60,448       60,448      59,460       386,451         82         31          0
1994:Dec r.............................................      59,419       59,210       59,210      58,260       418,072        209        100          0
1995:Dec r.............................................      56,454       56,197       56,197      55,164       434,098        257         40          0
1996:Dec r ............................................      50,162       50,008       50,008      48,746       451,373        155         68          0
1997:Dec r.............................................      46,861       46,537       46,537      45,176       478,877        324         79          0
1998:Dec r.............................................      44,902       44,785       44,785      43,319       512,321        117         15          0
 
1998:May r.............................................      45,516       45,363       45,363      44,243       489,571        153         94          0
      June r...........................................      45,410       45,159       45,159      43,794       492,314        251        159          0
      July r...........................................      44,895       44,637       44,637      43,524       494,736        258        215          0
      Aug r............................................      44,983       44,712       44,712      43,453       497,869        271        242          0
      Sept r...........................................      44,540       44,290       44,290      42,846       502,038        251        178          0
      Oct r............................................      44,405       44,231       44,231      42,831       505,843        174        107          0
      Nov r............................................      44,497       44,414       44,414      42,873       509,144         84         37          0
      Dec r............................................      44,902       44,785       44,785      43,319       512,321        117         15          0
 
1999:Jan r.............................................      45,125       44,920       44,920      43,591       516,807        206          7          0
      Feb r............................................      44,551       44,435       44,435      43,336       520,843        116          9          0
      Mar r............................................      43,717       43,652       43,652      42,412       524,232         65         18          0
      Apr..............................................      43,979       43,812       43,812      42,820       528,715        166         39          0
      May p (estimates)................................      44,380       44,253       44,253      43,112       535,001        127         89          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 13, 
1999.
    Data shown here are as released 
on June 3, 1999.
    Source: Board of Governors of 
the Federal Reserve System.