[Economic Indicators December, 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 .....................      46,625         46,562        44,716       1,909       758,988         63         11          0         52  .........
2005:Dec .....................      45,312         45,143        43,403       1,909       787,091        169         97          0         72  .........
 
2005:Nov .....................      45,423         45,297        43,635       1,788       784,153        126         20          0        106  .........
      Dec ....................      45,312         45,143        43,403       1,909       787,091        169         97          0         72  .........
 
2006:Jan .....................      44,045         43,935        42,459       1,586       791,978        110         78          0         32  .........
      Feb ....................      44,166         44,113        42,616       1,550       796,564         53         21          2         30  .........
      Mar ....................      43,702         43,533        42,198       1,504       799,139        169        119          0         50  .........
      Apr ....................      44,609         44,361        42,783       1,826       801,975        248        164          0         84  .........
      May ....................      45,041         44,866        43,243       1,797       806,474        175         24          0        151  .........
      June ...................      45,412         45,159        43,627       1,785       805,529        253         16          0        237  .........
      July ...................      44,201         43,851        42,650       1,551     r 803,676        350         39          0        312  .........
      Aug ....................      42,803         42,435        41,257       1,547     r 804,057        369         26          0        343  .........
      Sept ...................      42,882         42,479        41,119       1,762     r 803,750        403         66          0        338  .........
      Oct r...................      42,782         42,553        41,101       1,681       804,946        229         24          0        205  .........
      Nov ....................      43,196         43,036        41,496       1,700       808,254        160         48          0        112  .........
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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.