[Economic Indicators March, 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 r....................      42,845         42,799        41,807       1,038       719,830         46         17          0         29  .........
2004:Dec r....................      46,639         46,576        44,727       1,911       758,262         63         11          0         52  .........
 
2004:Feb r....................      43,002         42,960        41,809       1,192       724,925         42         28          0         14  .........
      Mar r...................      44,742         44,690        42,937       1,805       727,276         51         23          0         28  .........
      Apr r...................      45,691         45,605        43,884       1,807       730,895         86         29          0         57  .........
      May r...................      45,389         45,277        43,745       1,644       734,654        112          9          0        103  .........
      June r..................      46,083         45,903        44,196       1,887       739,553        180         40          0        140  .........
      July r..................      46,374         46,129        44,672       1,702       746,138        245         42          0        203  .........
      Aug r...................      45,130         44,878        43,593       1,537       747,448        251         18          0        233  .........
      Sept r..................      46,331         45,996        44,752       1,579       751,650        335         97          0        238  .........
      Oct r...................      46,105         45,926        44,386       1,719       754,133        179         15          0        164  .........
      Nov r...................      46,018         45,835        44,247       1,771       758,182        183        105          0         78  .........
      Dec r...................      46,639         46,576        44,727       1,911       758,262         63         11          0         52  .........
 
2005:Jan r....................      47,664         47,602        45,922       1,742       760,902         62         39          0         23  .........
      Feb r...................      45,731         45,689        44,201       1,530       764,459         42         26          0         16  .........
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.