[Economic Indicators February, 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       434,471        257  .........  .........         40        217
1996:Dec .....................      50,149         49,994        48,733       1,416       451,933        155  .........  .........         68         87
1997:Dec .....................      46,848         46,523        45,163       1,685       479,786        324  .........  .........         79        245
1998:Dec .....................      45,254         45,138        43,741       1,514       513,814        117  .........  .........         15        101
1999:Dec .....................      41,928         41,607        40,631       1,297       593,468        320  .........  .........         67        179
2000:Dec .....................      38,677         38,467        37,249       1,427       584,733        210  .........  .........        111         99
2001:Dec .....................      41,411         41,344        39,760       1,651       635,319         67  .........  .........         33         34
2002:Dec .....................      40,442         40,362        38,433       2,009       681,195         80  .........  .........         45         35
2003:Dec .....................      42,843         42,797        41,804       1,039       719,828         46         17          0         29  .........
2004:Dec .....................      46,596         46,533        44,681       1,915     r 758,273         63         11          0         52  .........
 
2004:Feb .....................      42,999         42,957        41,805       1,194       724,921         42         28          0         14  .........
      Mar ....................      44,739         44,688        42,933       1,806       727,274         51         23          0         28  .........
      Apr ....................      45,688         45,602        43,881       1,807       730,894         86         29          0         57  .........
      May ....................      45,390         45,279        43,747       1,643       734,655        112          9          0        103  .........
      June ...................      45,935         45,755        44,047       1,888       739,415        180         40          0        140  .........
      July ...................      45,733         45,488        44,022       1,711       745,562        245         42          0        203  .........
      Aug ....................      44,754         44,502        43,203       1,551       747,145        251         18          0        233  .........
      Sept ...................      46,252         45,917        44,686       1,566       751,644        335         97          0        238  .........
      Oct ....................      46,035         45,856        44,318       1,717       754,141        179         15          0        164  .........
      Nov ....................      45,946         45,763        44,174       1,772     r 758,179        183        105          0         78  .........
      Dec ....................      46,596         46,533        44,681       1,915     r 758,273         63         11          0         52  .........
 
2005:Jan r....................      47,664         47,602        45,922       1,742       760,941         62         39          0         23  .........
      Feb p...................      45,730         45,688        44,199       1,530       768,417         42         26          0         16  .........
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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.