[Economic Indicators March, 2008]
[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]
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                                                                        Adjusted for changes in reserve requirements                        Other borrowings of depository institutions from the
                                                            -------------------------------------------------------------------    Term                    Federal Reserve (NSA)
                                                                      Reserves of depository institutions                        auction  ------------------------------------------------------
                           Period                           ------------------------------------------------------   Monetary     credit
                                                                                                         Excess        base       (NSA)      Total     Primary   Secondary   Seasonal   Adjust-
                                                              Total \2\  Nonborrowed \3\   Required      (NSA)                                                                          ment \4\
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1998:Dec ..................................................      45,168         45,052        43,656       1,512       513,920  .........        117  .........  .........         15        101
1999:Dec ..................................................      42,115         41,795        40,821       1,294       593,826  .........        320  .........  .........         67        179
2000:Dec ..................................................      38,680         38,471        37,356       1,325       584,944  .........        210  .........  .........        111         99
2001:Dec ..................................................      41,420         41,354        39,777       1,643       635,610  .........         67  .........  .........         33         34
2002:Dec ..................................................      40,357         40,278        38,349       2,008       681,623  .........         80  .........  .........         45         35
2003:Dec ..................................................      42,672         42,626        41,625       1,047       720,362  .........         46         17          0         29  .........
2004:Dec ..................................................      46,600         46,538        44,692       1,909       759,258  .........         63         11          0         52  .........
2005:Dec ..................................................      45,144         44,976        43,244       1,900       787,313  .........        169         97          0         72  .........
2006:Dec ..................................................      43,315         43,124        41,507       1,808       811,822  .........        191        111          0         80  .........
2007:Dec r.................................................      42,585         27,154        40,839       1,746       823,385     11,613      3,818      3,787          1         30  .........
 
2007:Feb ..................................................      42,454         42,424        40,956       1,498       813,448  .........         30          8          0         22  .........
      Mar .................................................      42,321         42,267        40,686       1,635       814,991  .........         54         21          5         28  .........
      Apr .................................................      42,715         42,635        41,189       1,525       817,205  .........         79         32          0         48  .........
      May .................................................      43,197         43,093        41,760       1,436       818,799  .........        103         14          0         90  .........
      June ................................................      43,606         43,419        41,904       1,702       820,085  .........        187         43          0        145  .........
      July ................................................      41,915         41,653        40,251       1,664       821,476  .........        262         45          0        217  .........
      Aug .................................................      44,922         43,948        40,100       4,822       824,512  .........        975        701         19        255  .........
      Sept ................................................      42,540         40,973        40,798       1,742       821,732  .........      1,567      1,345          0        221  .........
      Oct .................................................      42,507         42,252        41,056       1,450       824,713  .........        254        126         13        115  .........
      Nov .................................................      42,646         42,281        40,970       1,676       825,653  .........        366        315          0         50  .........
      Dec r................................................      42,585         27,154        40,839       1,746       823,385     11,613      3,818      3,787          1         30  .........
 
2008:Jan r.................................................      41,780         -3,879        40,146       1,634       821,174     44,516      1,143      1,137          0          6  .........
      Feb .................................................      42,567        -17,590        40,861       1,706       822,442     60,000        157        155          0          3  .........
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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.