[Economic Indicators May, 2007]
[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\
--------------------------------------------------------------------------------------------------------------------------------------------------------
1997:Dec......................      46,873         46,549        45,189       1,685       479,914        324  .........  .........         79        245
1998:Dec......................      45,129         45,012        43,615       1,514       513,861        117  .........  .........         15        101
1999:Dec......................      41,958         41,638        40,661       1,297       593,911        320  .........  .........         67        179
2000:Dec......................      38,674         38,464        37,246       1,428       584,975        210  .........  .........        111         99
2001:Dec......................      41,390         41,323        39,739       1,650       635,545         67  .........  .........         33         34
2002:Dec......................      40,359         40,279        38,350       2,009       681,652         80  .........  .........         45         35
2003:Dec......................      42,699         42,654        41,657       1,043       720,522         46         17          0         29  .........
2004:Dec .....................      46,625         46,562        44,716       1,909       759,672         63         11          0         52  .........
2005:Dec .....................      45,299         45,130        43,396       1,903       788,135        169         97          0         72  .........
2006:Dec .....................      43,296         43,105        41,479       1,817       812,354        191        111          0         80  .........
 
2006:Apr .....................      44,605         44,357        42,777       1,828       800,589        248        164          0         84  .........
      May ....................      45,036         44,861        43,232       1,804       804,760        175         24          0        151  .........
      June ...................      45,392         45,140        43,608       1,784       804,591        253         16          0        237  .........
      July ...................      44,203         43,852        42,657       1,546       804,087        350         39          0        312  .........
      Aug ....................      42,895         42,526        41,361       1,534       804,700        369         26          0        343  .........
      Sept ...................      42,898         42,495        41,138       1,761       805,214        403         66          0        338  .........
      Oct ....................      42,797         42,568        41,123       1,674       806,633        229         24          0        205  .........
      Nov ....................      43,211         43,052        41,506       1,706       809,735        160         48          0        112  .........
      Dec ....................      43,296         43,105        41,479       1,817       812,354        191        111          0         80  .........
 
2007:Jan .....................      41,507         41,296        39,967       1,540       813,301        211        187          0         24  .........
      Feb ....................      42,063         42,034        40,558       1,506       811,965         30          8          0         22  .........
      Mar ....................      41,807         41,753        40,163       1,644     r 813,543         54         21          5         28  .........
      Apr ....................      42,397         42,317        40,864       1,533       815,970         79         32          0         48  .........
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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.