[Economic Indicators July, 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 .....................      56,483         56,226        55,193       1,290       434,571        257  .........  .........         40        217
1996:Dec .....................      50,183         50,028        48,766       1,416       452,082        155  .........  .........         68         87
1997:Dec .....................      46,873         46,549        45,189       1,685       479,941        324  .........  .........         79        245
1998:Dec .....................      45,515         45,398        44,001       1,514       514,094        117  .........  .........         15        101
1999:Dec .....................      42,099         41,778        40,802       1,297       593,652        320  .........  .........         67        179
2000:Dec .....................      38,792         38,582        37,364       1,427       584,820        210  .........  .........        111         99
2001:Dec .....................      41,496         41,429        39,846       1,651       635,414         67  .........  .........         33         34
2002:Dec .....................      40,441         40,361        38,432       2,009       681,303         80  .........  .........         45         35
2003:Dec .....................      42,767         42,721        41,729       1,038       719,853         46         17          0         29  .........
2004:Dec .....................      46,761         46,698        44,849       1,911       758,574         63         11          0         52  .........
 
2004:July ....................      46,460         46,216        44,758       1,702       745,848        245         42          0        203  .........
      Aug ....................      45,510         45,258        43,973       1,537       747,506        251         18          0        233  .........
      Sept ...................      46,520         46,185        44,941       1,579       751,528        335         97          0        238  .........
      Oct ....................      46,427         46,248        44,709       1,719       754,172        179         15          0        164  .........
      Nov ....................      46,393         46,210        44,623       1,771       758,483        183        105          0         78  .........
      Dec ....................      46,761         46,698        44,849       1,911       758,574         63         11          0         52  .........
 
2005:Jan .....................      47,436         47,374        45,694       1,742       761,120         62         39          0         23  .........
      Feb ....................      45,949         45,907        44,420       1,529       764,292         42         26          0         16  .........
      Mar ....................      46,810         46,761        45,003       1,807       766,493         49         13          0         37  .........
      Apr ....................      46,613         46,481        44,935       1,678     r 767,409        132         52          0         80  .........
      May r...................      45,918         45,779        44,390       1,528       768,390        139          6          0        133  .........
      June r..................      46,707         46,458        44,932       1,775       771,678        249         85          0        164  .........
      July p..................      46,112         45,687        44,388       1,724       772,112        425        176         12        237  .........
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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.