[Economic Indicators March, 2004]
[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 \4\
--------------------------------------------------------------------------------------------------------------------------------------------------------
1994:Dec .....................      59,369         59,160        58,209       1,159       418,196        209  .........  .........        100        109
1995:Dec .....................      56,430         56,173        55,140       1,290       434,388        257  .........  .........         40        217
1996:Dec .....................      50,149         49,994        48,733       1,416       451,904        155  .........  .........         68         87
1997:Dec .....................      46,848         46,523        45,163       1,685       479,826        324  .........  .........         79        245
1998:Dec .....................      45,141         45,024        43,627       1,514       513,695        117  .........  .........         15        101
1999:Dec .....................      41,809         41,488        40,512       1,297       593,168        320  .........  .........         67        179
2000:Dec .....................      38,537         38,327        37,110       1,427       584,782        210  .........  .........        111         99
2001:Dec .....................      41,243         41,177        39,595       1,649       635,668         67  .........  .........         33         34
2002:Dec .....................      40,216         40,136        38,207       2,008       681,970         80  .........  .........         45         35
2003:Dec .....................      43,022         42,976        41,364       1,658       721,120         46         17          0         29  .........
 
2003:Mar .....................      40,971         40,949        39,337       1,634       693,904         22         14          0          8  .........
      Apr ....................      40,811         40,782        39,269       1,542       696,991         29          8          0         21  .........
      May ....................      40,972         40,917        39,351       1,622       699,972         55          3          0         53  .........
      June ...................      42,787         42,626        40,925       1,862       702,916        161         87          0         74  .........
      July ...................      43,926         43,796        41,991       1,935     r 705,339        130         21          0        110  .........
      Aug ....................      46,304         45,975        42,537       3,767       710,849        329        168         15        146  .........
      Sept ...................      44,984         44,804        43,469       1,515       712,505        181         23          0        158  .........
      Oct ....................      44,007         43,900        42,459       1,549       716,024        107         13          0         94  .........
      Nov ....................      43,438         43,370        41,875       1,563       719,205         68         25          0         43  .........
      Dec ....................      43,022         42,976        41,364       1,658       721,120         46         17          0         29  .........
 
2004:Jan r....................      43,095         42,989        41,570       1,525       722,377        106         93          0         13  .........
      Feb r...................      42,656         42,614        40,821       1,835       724,102         42         28          0         14  .........
      Mar p...................      44,515         44,464        42,722       1,793       727,053         51         23          0         28  .........
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.
    \4\ Discontinued after January 
8, 2003.

    Source: Board of Governors of 
the Federal Reserve System.