[Economic Indicators May, 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 r....................      45,254         45,138        43,741       1,514       513,894        117  .........  .........         15        101
1999:Dec r....................      41,928         41,607        40,631       1,297       593,709        320  .........  .........         67        179
2000:Dec r....................      38,677         38,467        37,249       1,427       585,104        210  .........  .........        111         99
2001:Dec r....................      41,411         41,344        39,760       1,651       635,936         67  .........  .........         33         34
2002:Dec r....................      40,442         40,362        38,433       2,009       682,151         80  .........  .........         45         35
2003:Dec r....................      42,827         42,781        41,788       1,038       720,960         46         17          0         29  .........
 
2003:Apr r....................      40,696         40,666        39,153       1,543       696,642         29          8          0         21  .........
      May r...................      40,884         40,829        39,263       1,621       700,151         55          3          0         53  .........
      June r..................      42,348         42,186        40,485       1,862       702,786        161         87          0         74  .........
      July r..................      43,314         43,183        41,379       1,935       705,363        130         21          0        110  .........
      Aug r...................      45,581         45,252        41,814       3,767       710,239        329        168         15        146  .........
      Sept r..................      44,289         44,109        42,779       1,510       712,134        181         23          0        158  .........
      Oct r...................      43,394         43,287        41,921       1,473       715,868        107         13          0         94  .........
      Nov r...................      43,034         42,966        41,544       1,489       718,989         68         25          0         43  .........
      Dec r...................      42,827         42,781        41,788       1,038       720,960         46         17          0         29  .........
 
2004:Jan r....................      43,152         43,046        42,253         899       722,547        106         93          0         13  .........
      Feb r...................      42,916         42,874        41,715       1,201       724,061         42         28          0         14  .........
      Mar r...................      44,612         44,561        42,854       1,758       725,595         51         23          0         28  .........
      Apr ....................      45,591         45,505        43,836       1,755       728,640         86         29          0         57  .........
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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.
    \4\ Discontinued after January 
8, 2003.

    Note.--Data reflect revisions 
based on the annual review of break 
factors and seasonal factors 
released on May 20, 2004.

    Source: Board of Governors of 
the Federal Reserve System.