[Economic Indicators April, 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 r....................      45,129         45,012        43,615       1,514       513,892        117  .........  .........         15        101
1999:Dec r....................      41,958         41,638        40,661       1,297       593,938        320  .........  .........         67        179
2000:Dec r....................      38,674         38,464        37,246       1,428       584,945        210  .........  .........        111         99
2001:Dec r....................      41,390         41,323        39,739       1,650       635,480         67  .........  .........         33         34
2002:Dec r....................      40,359         40,279        38,350       2,009       681,462         80  .........  .........         45         35
2003:Dec r....................      42,699         42,654        41,657       1,043       720,128         46         17          0         29  .........
2004:Dec r....................      46,624         46,561        44,715       1,909       758,988         63         11          0         52  .........
2005:Dec r....................      44,809         44,641        42,861       1,949       786,588        169         97          0         72  .........
 
2005:Mar r....................      46,728         46,678        44,946       1,782       765,844         49         13          0         37  .........
      Apr r...................      46,393         46,261        44,719       1,673       766,866        132         52          0         80  .........
      May r...................      45,949         45,810        44,416       1,534       768,389        139          6          0        133  .........
      June r..................      46,425         46,176        44,649       1,776       771,184        249         85          0        164  .........
      July r..................      45,792         45,368        44,057       1,736       772,686        425        176         12        237  .........
      Aug r...................      44,683         44,321        43,060       1,623       774,833        362         63          3        297  .........
      Sept r..................      45,697         45,365        43,653       2,044       778,203        332         12          5        315  .........
      Oct r...................      44,943         44,660        43,046       1,897       780,199        284         35         29        220  .........
      Nov r...................      44,775         44,649        42,980       1,796       783,505        126         20          0        106  .........
      Dec r...................      44,809         44,641        42,861       1,949       786,588        169         97          0         72  .........
 
2006:Jan r....................      44,129         44,019        42,689       1,440       792,075        110         78          0         32  .........
      Feb r...................      44,193         44,141        42,639       1,555       796,597         53         21          2         30  .........
      Mar.....................      43,701         43,532        42,202       1,498       799,043        169        119          0         50  .........
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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.
    Note.--Data reflect annual 
seasonal adjustment revisions and 
results of annual review of break 
factors.
    Source: Board of Governors of 
the Federal Reserve System.