[Economic Indicators July, 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......................      45,129         45,012        43,615       1,514       513,892        117  .........  .........         15        101
1999:Dec......................      41,958         41,638        40,661       1,297       593,938        320  .........  .........         67        179
2000:Dec......................      38,674         38,464        37,246       1,428       584,945        210  .........  .........        111         99
2001:Dec......................      41,390         41,323        39,739       1,650       635,480         67  .........  .........         33         34
2002:Dec......................      40,359         40,279        38,350       2,009       681,462         80  .........  .........         45         35
2003:Dec......................      42,699         42,654        41,657       1,043       720,128         46         17          0         29  .........
2004:Dec r....................      46,625         46,562        44,716       1,909       758,988         63         11          0         52  .........
2005:Dec r....................      45,307         45,138        43,398       1,909       787,090        169         97          0         72  .........
 
2005:July r...................      46,318         45,893        44,577       1,741       773,216        425        176         12        237  .........
      Aug r...................      45,332         44,970        43,715       1,616       775,492        362         63          3        297  .........
      Sept r..................      46,290         45,958        44,256       2,035       778,807        332         12          5        315  .........
      Oct r...................      45,571         45,287        43,675       1,896       780,834        284         35         29        220  .........
      Nov r...................      45,417         45,291        43,629       1,788       784,151        126         20          0        106  .........
      Dec r...................      45,307         45,138        43,398       1,909       787,090        169         97          0         72  .........
 
2006:Jan r....................      44,042         43,932        42,455       1,587       791,977        110         78          0         32  .........
      Feb r...................      44,154         44,102        42,611       1,543       796,554         53         21          2         30  .........
      Mar r...................      43,697         43,528        42,193       1,504       799,047        169        119          0         50  .........
      Apr r...................      44,593         44,345        42,764       1,828       801,971        248        164          0         84  .........
      May r...................      44,993         44,818        43,193       1,800       806,483        175         24          0        151  .........
      June r..................      45,398         45,145        43,616       1,783       805,560        253         16          0        237  .........
      July p..................      44,198         43,847        42,658       1,540       803,505        350         39          0        312  .........
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.