[Economic Indicators January, 2003]
[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                        ------------------------------------------------------   Monetary  --------------------------------
                                                                                                  Excess        base                            Adjust-
                                                       Total \2\  Nonborrowed \3\   Required      (NSA)                    Total     Seasonal     ment
--------------------------------------------------------------------------------------------------------------------------------------------------------
1993:Dec ...........................................      60,460         60,378        59,390       1,070     r 386,462         82         31         51
1994:Dec ...........................................      59,369         59,160        58,209       1,159     r 418,194        209        100        109
1995:Dec ...........................................      56,430         56,173        55,140       1,290     r 434,400        257         40        217
1996:Dec ...........................................      50,149         49,994        48,733       1,416     r 451,921        155         68         87
1997:Dec ...........................................      46,848         46,523        45,163       1,685     r 479,838        324         79        245
1998:Dec ...........................................      45,136         45,019        43,622       1,514     r 513,891        117         15        101
1999:Dec ...........................................      41,824         41,504        40,527       1,297     r 593,726        320         67        179
2000:Dec ...........................................      38,535         38,326        37,108       1,427     r 584,961        210        111         99
2001:Dec ...........................................      41,220         41,154        39,572       1,649     r 635,781         67         33         34
2002:Dec ...........................................      40,072         39,992        38,084       1,988       681,947         80         45         35
 
2002:Jan ...........................................      41,735         41,685        40,340       1,395     r 641,839         50         17         33
      Feb ..........................................      41,450         41,420        40,080       1,371     r 646,592         30         17         12
      Mar ..........................................      41,050         40,971        39,629       1,421     r 650,155         79         20         59
      Apr ..........................................      40,806         40,735        39,594       1,211     r 654,332         71         50         21
      May ..........................................      39,164         39,052        37,902       1,261     r 657,636        112        105          7
      June .........................................      39,313         39,171        38,075       1,238     r 662,015        142        136          6
      July..........................................      39,679         39,488        38,305       1,374     r 666,912        191        176         16
      Aug ..........................................      40,054         39,721        38,417       1,637     r 669,661        333        185        148
      Sept .........................................      39,275         39,045        37,799       1,476     r 671,350        229        169         60
      Oct ..........................................      38,918         38,776        37,368       1,550     r 674,279        143        120         23
      Nov r.........................................      39,561         39,290        37,945       1,616       677,622        272         60        211
      Dec ..........................................      40,072         39,992        38,084       1,988       681,947         80         45         35
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    \1\ Data are prorated averages 
of biweekly (maintenance period) 
averages of daily figures.
    Reserves and monetary base 
incorporate adjustments for 
discontinuities, or ``breaks,'' 
associated with changes in reserve 
requirements.
    \2\ Seasonally adjusted break-
adjusted required reserves plus 
unadjusted excess reserves.
    \3\ Seasonally adjusted break-
adjusted total reserves less 
unadjusted total borrowings of 
depository institutions from the 
Federal Reserve.

    Source: Board of Governors of 
the Federal Reserve System.