[Economic Indicators September, 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       584,808        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......................      42,770         42,724        41,729       1,040       719,853         46         17          0         29  .........
2004:Dec......................      46,798         46,735        44,889       1,909       758,601         63         11          0         52  .........
 
2004:Aug......................      45,480         45,229        43,898       1,582       747,476        251         18          0        233  .........
      Sept....................      46,488         46,153        44,833       1,655       751,494        335         97          0        238  .........
      Oct.....................      46,344         46,165        44,587       1,757       754,085        179         15          0        164  .........
      Nov.....................      46,368         46,185        44,585       1,784       758,452        183        105          0         78  .........
      Dec.....................      46,798         46,735        44,889       1,909       758,601         63         11          0         52  .........
 
2005:Jan......................      47,477         47,415        45,736       1,741       761,158         62         39          0         23  .........
      Feb.....................      45,962         45,920        44,467       1,495       764,307         42         26          0         16  .........
      Mar.....................      46,811         46,762        45,029       1,782       766,512         49         13          0         37  .........
      Apr.....................      46,585         46,453        44,916       1,669       767,418        132         52          0         80  .........
      May.....................      45,886         45,747        44,364       1,522       768,399        139          6          0        133  .........
      June....................      46,682         46,433        44,907       1,774       771,684        249         85          0        164  .........
      July....................      46,102         45,677        44,370       1,732     r 772,243        425        176         12        237  .........
      Aug r...................      44,542         44,180        42,919       1,623       774,587        362         63          3        297  .........
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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.