[Economic Indicators December, 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       681,899         80  .........  .........         45         35
 
2002:Nov .....................      39,760         39,489        38,122       1,638       677,611        272  .........  .........         60        211
      Dec ....................      40,217         40,138        38,208       2,009       681,899         80  .........  .........         45         35
 
2003:Jan .....................      40,731         40,704        39,024       1,707       685,725         27         12          0         13          2
      Feb ....................      40,820         40,795        38,855       1,965       691,300         25         21          0          5  .........
      Mar ....................      40,973         40,951        39,337       1,636       695,141         22         14          0          8  .........
      Apr.....................      40,806         40,777        39,274       1,532       698,221         29          8          0         21  .........
      May ....................      40,986         40,931        39,367       1,619       701,177         55          3          0         53  .........
      June ...................      42,795         42,634        40,942       1,854       703,172        161         87          0         74  .........
      July....................      43,927         43,796        42,003       1,924       703,534        130         21          0        110  .........
      Aug ....................      46,282         45,954        42,519       3,763       709,233        329        168         15        146  .........
      Sept ...................      44,963         44,783        43,458       1,505       711,231        181         23          0        158  .........
      Oct r...................      43,992         43,884        42,525       1,467       715,778        107         13          0         94  .........
      Nov ....................      43,432         43,364        41,883       1,548       719,013         68         25          0         43  .........
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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.