[Economic Indicators February, 2006]
[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\
--------------------------------------------------------------------------------------------------------------------------------------------------------
1996:Dec .....................      50,183         50,028        48,766       1,416       452,081        155  .........  .........         68         87
1997:Dec .....................      46,873         46,549        45,189       1,685       479,946        324  .........  .........         79        245
1998:Dec .....................      45,515         45,398        44,001       1,514       514,077        117  .........  .........         15        101
1999:Dec .....................      42,099         41,778        40,802       1,297       593,635        320  .........  .........         67        179
2000:Dec .....................      38,792         38,582        37,364       1,428       584,831        210  .........  .........        111         99
2001:Dec .....................      41,496         41,429        39,846       1,650       635,401         67  .........  .........         33         34
2002:Dec .....................      40,441         40,361        38,432       2,009       681,386         80  .........  .........         45         35
2003:Dec .....................      42,772         42,726        41,729       1,043       720,101         46         17          0         29  .........
2004:Dec .....................      46,795         46,733        44,886       1,909       758,973         63         11          0         52  .........
2005:Dec .....................      44,803         44,634        42,853     r 1,950     r 786,350        169         97          0         72  .........
 
2005:Feb .....................      45,969         45,927        44,472       1,497       763,479         42         26          0         16  .........
      Mar ....................      46,804         46,755        45,021       1,783       765,712         49         13          0         37  .........
      Apr ....................      46,559         46,428        44,884       1,675       766,942        132         52          0         80  .........
      May ....................      45,873         45,734        44,336       1,537       768,134        139          6          0        133  .........
      June ...................      46,670         46,421        44,887       1,782       771,123        249         85          0        164  .........
      July ...................      46,085         45,660        44,343       1,741       772,865        425        176         12        237  .........
      Aug ....................      44,540         44,178        42,918       1,622       774,705        362         63          3        297  .........
      Sept ...................      45,720         45,388        43,673       2,047       777,801        332         12          5        315  .........
      Oct ....................      44,784         44,500        42,883       1,900       780,069        284         35         29        220  .........
      Nov ....................      44,705         44,579        42,909       1,797     r 783,666        126         20          0        106  .........
      Dec ....................      44,803         44,634        42,853     r 1,950     r 786,350        169         97          0         72  .........
 
2006:Jan r....................      44,232         44,122        42,793       1,439       791,942        110         78          0         32  .........
      Feb p...................      43,778         43,726        42,215       1,564       795,798         53         21          2         30  .........
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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.