[Economic Indicators July, 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 ................................................     45,170         45,053       43,658      1,512      513,921  .........       117  ........  .........        15  ........       101
1999:Dec ................................................     42,183         41,862       40,889      1,294      593,846  .........       320  ........  .........        67  ........       179
2000:Dec ................................................     38,716         38,507       37,391      1,325      584,929  .........       210  ........  .........       111  ........        99
2001:Dec ................................................     41,443         41,376       39,799      1,643      635,601  .........        67  ........  .........        33  ........        34
2002:Dec ................................................     40,400         40,320       38,392      2,008      681,656  .........        80  ........  .........        45  ........        35
2003:Dec ................................................     42,757         42,711       41,710      1,047      720,474  .........        46        17          0        29  ........  ........
2004:Dec ................................................     46,552         46,489       44,643      1,909      759,173  .........        63        11          0        52  ........  ........
2005:Dec ................................................     45,138         44,970       43,238      1,900      787,303  .........       169        97          0        72  ........  ........
2006:Dec r...............................................     43,338         43,147       41,475      1,863      811,730  .........       191       111          0        80  ........  ........
2007:Dec r...............................................     42,693         27,263       40,918      1,775      823,369     11,613     3,818     3,787          1        30  ........  ........
 
2007:June r..............................................     43,373         43,186       41,624      1,749      819,829  .........       187        43          0       145  ........  ........
      July r.............................................     41,820         41,558       40,183      1,637      821,128  .........       262        45          0       217  ........  ........
      Aug r..............................................     45,021         44,046       40,193      4,828      824,439  .........       975       701         19       255  ........  ........
      Sept r.............................................     42,668         41,102       40,934      1,734      821,968  .........     1,567     1,345          0       221  ........  ........
      Oct r..............................................     42,438         42,184       40,977      1,462      824,649  .........       254       126         13       115  ........  ........
      Nov r..............................................     42,658         42,293       40,954      1,704      825,457  .........       366       315          0        50  ........  ........
      Dec r..............................................     42,693         27,263       40,918      1,775      823,369     11,613     3,818     3,787          1        30  ........  ........
 
2008:Jan r...............................................     42,139         -3,520       40,496      1,643      821,418     44,516     1,143     1,137          0         6  ........  ........
      Feb r..............................................     42,782        -17,375       41,054      1,728      822,509     60,000       157       155          0         3  ........  ........
      Mar r..............................................     44,262        -50,261       41,269      2,993      826,997     75,484  \5\19,04     1,617          0         6    16,168  ........
                                                                                                                                            0
      Apr r..............................................     43,534        -91,876       41,607      1,927      824,411    100,000    35,410     9,624          0        21    25,764  ........
      May r..............................................     44,156       -111,624       42,050      2,106      826,462    127,419    28,361    14,076          0        47    14,238  ........
      June r.............................................     43,412       -127,866       41,026      2,386      832,611    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.