[Economic Indicators January, 2009]
[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                          Borrowings from the Federal Reserve (NSA)
                                                       -----------------------------------------------------------------------------------------------------------------------------------------
                                                               Reserves of depository institutions                                                Other borrowings from the Federal Reserve
                                                       ---------------------------------------------------                                 -----------------------------------------------------
                                                                                                                                                                    Asset-
                                                                                                                                                                    backed     Credit
                                                                                                                                                        Primary   commerical  extended
                        Period                                                                              Monetary                Term                dealer       paper        to
                                                                                                 Excess       base     Total \4\   auction             and other     money    American   Adjust-
                                                        Total \2\  Nonborrowed \3\   Required     (NSA)                            credit    Primary    broker-     market      Inter-  ment \6\
                                                                                                                                                        dealer      mutual    national
                                                                                                                                                      credit \5\     fund       Group,
                                                                                                                                                                   liquidity    Inc.
                                                                                                                                                                   facility
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1999:Dec r............................................     42,183         41,862       40,889      1,294      593,842        320  ........  ........  ..........  ..........  ........       179
2000:Dec r............................................     38,717         38,507       37,391      1,325      584,929        210  ........  ........  ..........  ..........  ........        99
2001:Dec r............................................     41,442         41,376       39,799      1,643      635,559         67  ........  ........  ..........  ..........  ........        34
2002:Dec r............................................     40,400         40,320       38,392      2,008      681,631         80  ........  ........  ..........  ..........  ........        35
2003:Dec r............................................     42,757         42,711       41,710      1,047      720,402         46  ........        17  ..........  ..........  ........  ........
2004:Dec r............................................     46,552         46,489       44,643      1,909      759,072         63  ........        11  ..........  ..........  ........  ........
2005:Dec r............................................     45,139         44,970       43,238      1,901      786,976        169  ........        97  ..........  ..........  ........  ........
2006:Dec r............................................     43,338         43,147       41,475      1,863      811,126        191  ........       111  ..........  ..........  ........  ........
2007:Dec r............................................     42,674         27,244       40,905      1,769      822,357     15,430    11,613     3,787  ..........  ..........  ........  ........
2008:Dec r............................................    820,942        167,377       53,530    767,412    1,651,203    653,565   438,327    88,245     47,631      32,102     47,206  ........
 
2008:Jan r............................................     42,150         -3,510       40,509      1,640      820,174     45,660    44,516     1,137  ..........  ..........  ........  ........
      Feb r...........................................     42,826        -17,331       41,100      1,726      821,355     60,157    60,000       155  ..........  ..........  ........  ........
      Mar r...........................................     44,299        -50,224       41,321      2,978      825,910     94,523    75,484     1,617     16,168   ..........  ........  ........
      Apr r...........................................     43,561        -91,848       41,716      1,846      824,631    135,410   100,000     9,624     25,764   ..........  ........  ........
      May r...........................................     44,128       -111,652       42,115      2,013      827,170    155,780   127,419    14,076     14,238   ..........  ........  ........
      June r..........................................     43,364       -127,914       41,089      2,275      832,490    171,278   150,000    14,225      6,908   ..........  ........  ........
      July r..........................................     43,330       -122,334       41,353      1,977      838,062    165,664   150,000    15,204        255   ..........  ........  ........
      Aug r...........................................     44,559       -123,520       42,568      1,991      842,815    168,078   150,000    17,980          0   ..........  ........  ........
      Sept r..........................................    102,784       -187,321       42,733     60,051      905,174    290,105   149,814    32,632     53,473      31,877     22,187  ........
      Oct r...........................................    315,516       -332,803       47,612    267,904    1,130,304    648,319   244,778    94,017    114,953     117,457     77,047  ........
      Nov r...........................................    609,937        -88,849       50,883    559,053    1,433,490    698,786   393,088    95,839     60,655      71,009     78,070  ........
      Dec r...........................................    820,942        167,377       53,530    767,412    1,651,203    653,565   438,327    88,245     47,631      32,102     47,206  ........
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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\ Includes secondary and 
seasonal, and other credit 
extensions, not shown separately.
    \5\ Includes credit extended 
through the Primary Dealer Credit 
Facility and credit extended to 
other broker-dealers.
    \6\ Discontinued after January 
8, 2003.
    Source: Board of Governors of 
the Federal Reserve System.