[Economic Indicators March, 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       r 46,732        44,886       1,909       758,973         63         11          0         52  .........
2005:Dec r....................      44,800         44,631        42,851       1,949       786,331        169         97          0         72  .........
 
2005:Feb r....................      45,972         45,930        44,477       1,495       763,482         42         26          0         16  .........
      Mar r...................      46,807         46,758        45,025       1,782       765,714         49         13          0         37  .........
      Apr r...................      46,564         46,433        44,891       1,673       766,935        132         52          0         80  .........
      May r...................      45,883         45,744        44,350       1,534       768,125        139          6          0        133  .........
      June r..................      46,678         46,429        44,902       1,776       771,110        249         85          0        164  .........
      July r..................      46,095         45,670        44,360       1,736       772,853        425        176         12        237  .........
      Aug ....................      44,541         44,179        42,918       1,623       774,704        362         63          3        297  .........
      Sept r..................      45,716         45,384        43,672       2,044       777,792        332         12          5        315  .........
      Oct r...................      44,783         44,500        42,886       1,897       780,063        284         35         29        220  .........
      Nov r...................      44,712         44,586        42,917       1,796       783,665        126         20          0        106  .........
      Dec r...................      44,800         44,631        42,851       1,949       786,331        169         97          0         72  .........
 
2006:Jan r....................      44,231         44,121        42,791       1,440       791,903        110         78          0         32  .........
      Feb r...................      43,780         43,728        42,226       1,555       795,940         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.