[Economic Indicators January, 2005]
[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\
--------------------------------------------------------------------------------------------------------------------------------------------------------
1995:Dec .....................      56,430         56,173        55,140       1,290     r 434,471        257  .........  .........         40        217
1996:Dec .....................      50,149         49,994        48,733       1,416     r 451,933        155  .........  .........         68         87
1997:Dec .....................      46,848         46,523        45,163       1,685     r 479,786        324  .........  .........         79        245
1998:Dec .....................      45,254         45,138        43,741       1,514     r 513,814        117  .........  .........         15        101
1999:Dec .....................      41,928         41,607        40,631       1,297     r 593,468        320  .........  .........         67        179
2000:Dec .....................      38,677         38,467        37,249       1,427     r 584,733        210  .........  .........        111         99
2001:Dec .....................      41,411         41,344        39,760       1,651     r 635,319         67  .........  .........         33         34
2002:Dec .....................      40,442         40,362        38,433       2,009     r 681,195         80  .........  .........         45         35
2003:Dec .....................      42,843         42,797        41,804       1,039     r 719,828         46         17          0         29  .........
2004:Dec .....................      46,596         46,533        44,681       1,915       758,305         63         11          0         52  .........
 
2004:Jan .....................      43,204         43,098        42,314         891     r 722,268        106         93          0         13  .........
      Feb ....................      42,999         42,957        41,805       1,194     r 724,921         42         28          0         14  .........
      Mar ....................      44,739         44,688        42,933       1,806     r 727,274         51         23          0         28  .........
      Apr ....................      45,688         45,602        43,881       1,807     r 730,894         86         29          0         57  .........
      May ....................      45,390         45,279        43,747       1,643     r 734,655        112          9          0        103  .........
      June ...................      45,935         45,755        44,047       1,888     r 739,415        180         40          0        140  .........
      July ...................      45,733         45,488        44,022       1,711     r 745,562        245         42          0        203  .........
      Aug ....................      44,754         44,502        43,203       1,551     r 747,145        251         18          0        233  .........
      Sept ...................      46,252         45,917        44,686       1,566     r 751,644        335         97          0        238  .........
      Oct ....................      46,035         45,856        44,318       1,717     r 754,141        179         15          0        164  .........
      Nov r...................      45,946         45,763        44,174       1,772       758,180        183        105          0         78  .........
      Dec ....................      46,596         46,533        44,681       1,915       758,305         63         11          0         52  .........
 
2005:Jan p....................      47,667         47,605        45,925       1,742       761,009         62         39          0         23  .........
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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.

    Source: Board of Governors of 
the Federal Reserve System.