[Economic Indicators March, 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]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                           Adjusted for changes in reserve requirements                Borrowings of depository institutions from the
                               -------------------------------------------------------------------                 Federal  Reserve (NSA)
                                         Reserves of depository institutions                      ------------------------------------------------------
            Period             ------------------------------------------------------   Monetary
                                                                            Excess        base       Total     Primary   Secondary   Seasonal   Adjust-
                                 Total \2\  Nonborrowed \3\   Required      (NSA)                                                                 ment
--------------------------------------------------------------------------------------------------------------------------------------------------------
1993:Dec .....................      60,460         60,378        59,390       1,070       386,462         82  .........  .........         31         51
1994:Dec .....................      59,369         59,160        58,209       1,159       418,194        209  .........  .........        100        109
1995:Dec .....................      56,430         56,173        55,140       1,290       434,400        257  .........  .........         40        217
1996:Dec .....................      50,149         49,994        48,733       1,416       451,921        155  .........  .........         68         87
1997:Dec .....................      46,848         46,523        45,163       1,685       479,838        324  .........  .........         79        245
1998:Dec .....................      45,141         45,024        43,627       1,514       513,685        117  .........  .........         15        101
1999:Dec .....................      41,809         41,488        40,512       1,297       593,138        320  .........  .........         67        179
2000:Dec .....................      38,537         38,327        37,110       1,427       584,718        210  .........  .........        111         99
2001:Dec .....................      41,243         41,177        39,595       1,649       635,559         67  .........  .........         33         34
2002:Dec .....................      40,117         40,037        38,120       1,997     r 681,767         80  .........  .........         45         35
 
2002:Mar .....................      40,768         40,689        39,347       1,421       649,996         79  .........  .........         20         59
      Apr ....................      40,635         40,565        39,424       1,211       654,098         71  .........  .........         50         21
      May ....................      39,406         39,294        38,145       1,261       657,819        112  .........  .........        105          7
      June ...................      39,469         39,327        38,231       1,238       662,370        142  .........  .........        136          6
      July ...................      39,674         39,482        38,300       1,374       666,912        191  .........  .........        176         16
      Aug ....................      39,977         39,644        38,340       1,637       669,929        333  .........  .........        185        148
      Sept ...................      39,252         39,023        37,776       1,476       671,453        229  .........  .........        169         60
      Oct ....................      39,184         39,041        37,634       1,550       674,300        143  .........  .........        120         23
      Nov ....................      39,686         39,414        38,070       1,616       677,516        272  .........  .........         60        211
      Dec ....................      40,117         40,037        38,120       1,997     r 681,767         80  .........  .........         45         35
 
2003:Jan r....................      40,607         40,581        38,947       1,660       685,592         27         12          0         13          2
      Feb r...................      40,755         40,730        38,848       1,908       691,281         25         21          0          5  .........
      Mar p...................      40,935         40,913        39,326       1,608       696,644         22         14          0          8  .........
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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.