[Economic Indicators May, 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 from the Federal Reserve (NSA)
                                                          ---------------------------------------------------------------    Term   ------------------------------------------------------------
                                                                  Reserves of depository institutions                      auction                                             Primary
                          Period                          ---------------------------------------------------  Monetary     credit                                             dealer    Adjust-
                                                                                                    Excess       base       (NSA)      Total    Primary  Secondary  Seasonal   credit   ment \4\
                                                           Total \2\  Nonborrowed \3\   Required     (NSA)                                                                    facility
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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 ................................................     43,317         43,126       41,455      1,862      811,824  .........       191       111          0        80  ........  ........
2007:Dec ................................................     42,599         27,169       40,848      1,752      823,387     11,613     3,818     3,787          1        30  ........  ........
 
2007:May ................................................     43,114         43,010       41,661      1,453      818,712  .........       103        14          0        90  ........  ........
      June ..............................................     43,607         43,420       41,856      1,751      820,080  .........       187        43          0       145  ........  ........
      July ..............................................     41,783         41,521       40,145      1,637      821,336  .........       262        45          0       217  ........  ........
      Aug ...............................................     44,870         43,895       40,042      4,828      824,451  .........       975       701         19       255  ........  ........
      Sept ..............................................     42,698         41,132       40,972      1,726      821,885  .........     1,567     1,345          0       221  ........  ........
      Oct ...............................................     42,537         42,283       41,102      1,435      824,742  .........       254       126         13       115  ........  ........
      Nov ...............................................     42,679         42,313       40,982      1,696      825,673  .........       366       315          0        50  ........  ........
      Dec ...............................................     42,599         27,169       40,848      1,752      823,387     11,613     3,818     3,787          1        30  ........  ........
 
2008:Jan ................................................     41,786         -3,874       40,153      1,633      821,160     44,516     1,143     1,137          0         6  ........  ........
      Feb ...............................................     42,579        -17,578       40,869      1,709      822,450     60,000       157       155          0         3  ........  ........
      Mar r..............................................     44,033        -50,490       41,043      2,990      827,183     75,484  \5\ 19,0     1,617          0         6    16,168  ........
                                                                                                                                           40
      Apr ...............................................     43,474        -91,936       41,546      1,928      824,761    100,000    35,410     9,624          0        21    25,764  ........
      May ...............................................     44,034       -111,746       41,934      2,100      826,679    127,419    28,361    14,076          0        47    14,238  ........
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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.
    \5\ Total for March 2008 
includes other credit extensions not 
shown separately. For details see 
H.3 release of March 27, 2008.
    Source: Board of Governors of 
the Federal Reserve System.