[Economic Indicators September, 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       513,708        117  .........  .........         15        101
1999:Dec .....................      41,809         41,488        40,512       1,297       593,155        320  .........  .........         67        179
2000:Dec .....................      38,537         38,327        37,110       1,427       584,765        210  .........  .........        111         99
2001:Dec .....................      41,243         41,177        39,595       1,649       635,617         67  .........  .........         33         34
2002:Dec .....................      40,217         40,138        38,208       2,009       681,900         80  .........  .........         45         35
 
2002:Sept ....................      39,209         38,980        37,722       1,486       671,399        229  .........  .........        169         60
      Oct ....................      39,171         39,028        37,636       1,535       674,250        143  .........  .........        120         23
      Nov ....................      39,760         39,489        38,122       1,638       677,612        272  .........  .........         60        211
      Dec ....................      40,217         40,138        38,208       2,009       681,900         80  .........  .........         45         35
 
2003:Jan .....................      40,731         40,704        39,024       1,707       685,722         27         12          0         13          2
      Feb ....................      40,820         40,795        38,855       1,965       691,306         25         21          0          5  .........
      Mar ....................      40,973         40,951        39,337       1,636       695,142         22         14          0          8  .........
      Apr.....................      40,806         40,777        39,274       1,532       698,228         29          8          0         21  .........
      May ....................      40,986         40,931        39,367       1,619       701,181         55          3          0         53  .........
      June ...................      42,795         42,634        40,942       1,854       703,172        161         87          0         74  .........
      July r..................      43,927         43,796        42,003       1,924       703,534        130         21          0        110  .........
      Aug r...................      46,292         45,964        42,520       3,773       709,217        329        168         15        146  .........
      Sept p..................      44,967         44,787        43,460       1,507       711,795        181         23          0        158  .........
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.