[Economic Indicators July, 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 .....................      46,875         46,551        45,189       1,687       479,944        324  .........  .........         79        245
1998:Dec .....................      45,168         45,052        43,656       1,512       513,934        117  .........  .........         15        101
1999:Dec .....................      42,115         41,795        40,821       1,294       593,842        320  .........  .........         67        179
2000:Dec .....................      38,680         38,471        37,356       1,325       584,930        210  .........  .........        111         99
2001:Dec .....................      41,420         41,354        39,777       1,643       635,575         67  .........  .........         33         34
2002:Dec .....................      40,357         40,278        38,349       2,008       681,668         80  .........  .........         45         35
2003:Dec .....................      42,672         42,626        41,625       1,047       720,519         46         17          0         29  .........
2004:Dec .....................      46,600         46,538        44,691       1,909       759,625         63         11          0         52  .........
2005:Dec .....................      45,152         44,983        43,251       1,901       787,906        169         97          0         72  .........
2006:Dec .....................      43,314         43,123        41,510       1,804       812,574        191        111          0         80  .........
 
2006:July ....................      44,122         43,771        42,682       1,440       803,996        350         39          0        312  .........
      Aug ....................      42,832         42,463        41,447       1,385       804,592        369         26          0        343  .........
      Sept ...................      43,088         42,685        41,460       1,628       805,323        403         66          0        338  .........
      Oct ....................      42,891         42,662        41,268       1,623       806,897        229         24          0        205  .........
      Nov ....................      43,185         43,025        41,493       1,691       810,082        160         48          0        112  .........
      Dec ....................      43,314         43,123        41,510       1,804       812,574        191        111          0         80  .........
 
2007:Jan .....................      42,180         41,969        40,670       1,510       813,387        211        187          0         24  .........
      Feb ....................      42,437         42,407        40,934       1,502       812,166         30          8          0         22  .........
      Mar ....................      42,337         42,283        40,697       1,640       813,792         54         21          5         28  .........
      Apr ....................      42,715         42,636        41,187       1,528     r 816,071         79         32          0         48  .........
      May ....................      43,155         43,052        41,715       1,440     r 817,886        103         14          0         90  .........
      June r..................      43,606         43,419        41,896       1,710       819,296        187         43          0        145  .........
      July ...................      41,918         41,656        40,239       1,679       821,222        262         45          0        217  .........
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.