[Economic Indicators July, 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 ..............................................      40,469       40,204       40,224      39,528       267,701        265         84         20
1990:Dec ..............................................      41,747       41,422       41,445      40,083       293,240        326         76         23
1991:Dec ..............................................      45,493       45,301       45,301      44,504       317,512        192         38          1
1992:Dec ..............................................      54,388       54,265       54,265      53,235       350,865        124         18          1
1993:Dec ..............................................      60,530       60,448       60,448      59,460       386,451         82         31          0
1994:Dec ..............................................      59,419       59,210       59,210      58,260       418,072        209        100          0
1995:Dec ..............................................      56,454       56,197       56,197      55,164       434,098        257         40          0
1996:Dec  .............................................      50,162       50,008       50,008      48,746       451,373        155         68          0
1997:Dec ..............................................      46,861       46,537       46,537      45,176       478,877        324         79          0
1998:Dec ..............................................      44,902       44,785       44,785      43,319       512,321        117         15          0
 
1998:June .............................................      45,410       45,159       45,159      43,794       492,314        251        159          0
      July ............................................      44,895       44,637       44,637      43,524       494,736        258        215          0
      Aug .............................................      44,983       44,712       44,712      43,453       497,869        271        242          0
      Sept ............................................      44,540       44,290       44,290      42,846       502,038        251        178          0
      Oct .............................................      44,405       44,231       44,231      42,831       505,843        174        107          0
      Nov .............................................      44,497       44,414       44,414      42,873       509,144         83         37          0
      Dec .............................................      44,902       44,785       44,785      43,319       512,321        117         15          0
 
1999:Jan ..............................................      45,125       44,920       44,920      43,591       516,807        206          7          0
      Feb .............................................      44,551       44,435       44,435      43,336       520,843        116          9          0
      Mar .............................................      43,717       43,652       43,652      42,412       524,233         65         18          0
      Apr..............................................      43,979       43,812       43,812      42,820     r 528,741        166         39          0
      May..............................................      44,360       44,233       44,233      43,105     r 534,860        127         89          0
      June r...........................................      42,867       42,722       42,722      41,606       537,587        145        127          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.