[Economic Indicators October, 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 r....................      46,600         46,538        44,692       1,909       759,625         63         11          0         52  .........
2005:Dec r....................      45,144         44,976        43,244       1,900       787,906        169         97          0         72  .........
2006:Dec r....................      43,313         43,122        41,508       1,805       812,576        191        111          0         80  .........
 
2006:Sept r...................      43,154         42,751        41,423       1,732       805,415        403         66          0        338  .........
      Oct r...................      42,914         42,685        41,249       1,665       806,940        229         24          0        205  .........
      Nov r...................      43,180         43,020        41,489       1,691       810,080        160         48          0        112  .........
      Dec r...................      43,313         43,122        41,508       1,805       812,576        191        111          0         80  .........
 
2007:Jan r....................      42,171         41,960        40,667       1,504       813,385        211        187          0         24  .........
      Feb r...................      42,422         42,392        40,925       1,497       812,166         30          8          0         22  .........
      Mar r...................      42,320         42,266        40,685       1,635       813,793         54         21          5         28  .........
      Apr r...................      42,711         42,632        41,183       1,528       816,077         79         32          0         48  .........
      May r...................      43,153         43,050        41,715       1,439       817,891        103         14          0         90  .........
      June r..................      43,602         43,415        41,897       1,705       819,299        187         43          0        145  .........
      July r..................      41,915         41,653        40,241       1,674       821,320        262         45          0        217  .........
      Aug r...................      44,921         43,946        40,098       4,823       824,863        975        701         19        255  .........
      Sept ...................      42,538         40,972        40,792       1,747       822,427      1,567      1,345          0        221  .........
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \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.