[Economic Indicators December, 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\
--------------------------------------------------------------------------------------------------------------------------------------------------------
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        44,692       1,909       759,625         63         11          0         52  .........
2005:Dec .....................      45,144         44,976        43,244       1,900       787,906        169         97          0         72  .........
2006:Dec .....................      43,313         43,122        41,508       1,805       812,576        191        111          0         80  .........
2007:Dec .....................      42,580         27,149        40,826       1,754       824,380      3,818      3,787          1         30  .........
 
2006:Dec .....................      43,313         43,122        41,508       1,805       812,576        191        111          0         80  .........
 
2007:Jan .....................      42,171         41,960        40,667       1,504       813,385        211        187          0         24  .........
      Feb ....................      42,422         42,392        40,925       1,497       812,166         30          8          0         22  .........
      Mar ....................      42,320         42,266        40,685       1,635       813,793         54         21          5         28  .........
      Apr ....................      42,711         42,632        41,183       1,528       816,077         79         32          0         48  .........
      May ....................      43,153         43,050        41,715       1,439       817,891        103         14          0         90  .........
      June ...................      43,602         43,415        41,897       1,705       819,299        187         43          0        145  .........
      July ...................      41,915         41,653        40,241       1,674       821,320        262         45          0        217  .........
      Aug ....................      44,921         43,946        40,098       4,823       824,863        975        701         19        255  .........
      Sept ...................      42,538         40,972        40,792       1,747       822,426      1,567      1,345          0        221  .........
      Oct r...................      42,493         42,239        41,041       1,453       826,815        254        126         13        115  .........
      Nov r...................      42,634         42,268        40,935       1,698       827,927        366        315          0         50  .........
      Dec ....................      42,580         27,149        40,826       1,754       824,380      3,818      3,787          1         30  .........
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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.