[Economic Indicators June, 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 r...............................................     45,170         45,053       43,658      1,512      513,921  .........       117  ........  .........        15  ........       101
1999:Dec r...............................................     42,183         41,862       40,889      1,294      593,846  .........       320  ........  .........        67  ........       179
2000:Dec r...............................................     38,716         38,507       37,391      1,325      584,929  .........       210  ........  .........       111  ........        99
2001:Dec r...............................................     41,443         41,376       39,799      1,643      635,601  .........        67  ........  .........        33  ........        34
2002:Dec r...............................................     40,400         40,320       38,392      2,008      681,656  .........        80  ........  .........        45  ........        35
2003:Dec r...............................................     42,757         42,711       41,710      1,047      720,474  .........        46        17          0        29  ........  ........
2004:Dec r...............................................     46,552         46,489       44,643      1,909      759,173  .........        63        11          0        52  ........  ........
2005:Dec r...............................................     45,138         44,970       43,238      1,900      787,303  .........       169        97          0        72  ........  ........
2006:Dec r...............................................     43,337         43,146       41,475      1,862      811,729  .........       191       111          0        80  ........  ........
2007:Dec r...............................................     42,704         27,273       40,952      1,752      823,268     11,613     3,818     3,787          1        30  ........  ........
 
2007:June r..............................................     43,369         43,182       41,618      1,751      819,825  .........       187        43          0       145  ........  ........
      July r.............................................     41,816         41,554       40,179      1,637      821,128  .........       262        45          0       217  ........  ........
      Aug r..............................................     45,018         44,043       40,189      4,828      824,439  .........       975       701         19       255  ........  ........
      Sept r.............................................     42,668         41,101       40,942      1,726      821,972  .........     1,567     1,345          0       221  ........  ........
      Oct r..............................................     42,443         42,188       41,008      1,435      824,655  .........       254       126         13       115  ........  ........
      Nov r..............................................     42,672         42,306       40,976      1,696      825,471  .........       366       315          0        50  ........  ........
      Dec r..............................................     42,704         27,273       40,952      1,752      823,268     11,613     3,818     3,787          1        30  ........  ........
 
2008:Jan r...............................................     42,152         -3,507       40,519      1,633      821,416     44,516     1,143     1,137          0         6  ........  ........
      Feb r..............................................     42,856        -17,301       41,146      1,709      822,524     60,000       157       155          0         3  ........  ........
      Mar r..............................................     44,259        -50,264       41,269      2,990      826,999     75,484  \5\19,04     1,617          0         6    16,168  ........
                                                                                                                                            0
      Apr r..............................................     43,535        -91,875       41,607      1,928      824,420    100,000    35,410     9,624          0        21    25,764  ........
      May r..............................................     44,156       -111,624       42,049      2,107      826,473    127,419    28,361    14,076          0        47    14,238  ........
      June ..............................................     43,405       -127,873       41,025      2,380      832,285    150,000    21,278    14,225         70        75     6,908  ........
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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.