1
 FEDERAL RESERVE STATISTICAL RELEASE
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                          July 22, 2004
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Adjusted for changes in reserve requirements(1)
 Seasonally adjusted unless noted otherwise
 Millions of dollars
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                                  Reserves of depository institutions                          Borrowings of depository institutions from
                                                                                                        the Federal Reserve, NSA
                          --------------------------------------------------               --------------------------------------------------
      Date                   total(2)     non-         required       excess     Monetary        total      primary    secondary     seasonal
                                       borrowed(3)                    NSA(4)      base(5)
 --------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2003-June                     42348        42186        40485         1862       702786          161           87            0           74
       July                     43314        43183        41379         1935       705363          130           21            0          110
       Aug.                     45581        45252        41814         3767       710239          329          168           15          146
       Sep.                     44289        44109        42779         1510       712123          181           23            0          158
       Oct.                     43394        43287        41921         1473       715834          107           13            0           94
       Nov.                     43034        42966        41544         1489       718967           68           25            0           43
       Dec.                     42827        42781        41788         1038       720964           46           17            0           29
  2004-Jan.                     43152        43046        42253          899       722554          106           93            0           13
       Feb.                     42916        42874        41715         1201       724094           42           28            0           14
       Mar.                     44612        44561        42854         1758       725672           51           23            0           28
       Apr.                     45591        45505        43836         1755       728748           86           29            0           57
       May                      45353        45242        43761         1592       732303          112            9            0          103
       June                     45917        45737        44084         1833       737782          180           40            0          140
 2 weeks ending(7)
  2004-May  26                  44591        44480        42930         1661       732387          112            3            0          109
       June  9                  47002        46860        45413         1589       736797          143           20            0          123
            23                  45340        45157        43408         1932       735839          183           44            0          139
       July  7                  45676        45453        43729         1947       742936          223           59            0          165
            21p                 45091        44849        43713         1378       748088          242           39            0          203
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 1. Reserves and monetary base figures incorporate adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve
    requirements. (For more information, see Table 3).
 2. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves plus unadjusted excess
    reserves. (Also, see footnote 2 on Table 2 and footnote 2 on Table 3.)
 3. Seasonally  adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves less unadjusted total
    borrowings of depository institutions from the Federal Reserve.
 4. Excess reserves NSA equals unadjusted total reserves (Table 2, column 1) less adjusted required reserves (Table 2, column 3).
 5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves plus (2)
    the seasonally adjusted currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction
    Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the
    seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements.
    (Also see footnote 3 on Table 2 and footnote 4 on Table 3.)
 6. Prorated averages of biweekly averages.
 7. Averages of daily figures.
 p  preliminary
1
 H.3 (502)
 Table 2
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Not adjusted for changes in reserve requirements(1)
 Not seasonally adjusted
 Millions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                    Reserves of depository institutions                                          Vault cash(5)
                  --------------------------------------                            --------------------------------------
                                                                            Reserve                  used to                 Net carryover
      Date              total(2) nonborrowed     required     Monetary     balances       total      satisfy      surplus(7)  of reserve
                                                               base(3)     with F.R.                required                  balances(8)
                                                                            Banks(4)                reserves(6)
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 Month(9)
  2003-June                41861        41699        39998       714370        11307        41925        30554        11371
       July                43593        43463        41659       717038        12179        42650        31414        11237
       Aug.                46105        45776        42338       720544        14142        43019        31963        11056
       Sep.                44437        44257        42927       720721        12491        43075        31946        11129
       Oct.                43127        43019        41653       724368        11606        43380        31520        11859
       Nov.                42651        42582        41161       729473        11525        42598        31126        11472
       Dec.                42925        42879        41887       737601        10845        44077        32080        11997
  2004-Jan.                45404        45298        44505       736224        11528        46583        33876        12707
       Feb.                43778        43736        42577       734833        10819        46429        32959        13470
       Mar.                44049        43997        42291       736324        11932        44402        32117        12285
       Apr.                45964        45878        44209       740224        14000        42843        31964        10879
       May                 46300        46188        44707       743747        14080        43050        32220        10830
       June                45549        45368        43716       749308        13067        43610        32481        11129
 2 weeks ending(10)
  2004-May  26             48027        47915        46365       744888        14996        43779        33031        10749           99
       June  9             45566        45423        43977       747911        13525        42666        32041        10625          110
            23             45725        45542        43793       747531        13188        43342        32537        10805          103
       July  7             45174        44951        43227       754657        12239        45361        32936        12425           93
            21p            45404        45162        44026       760184        12455        44021        32949        11072          228
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 1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with
    regulatory changes in reserve requirements.
 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements.
 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances
    and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all
    quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose
    vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve
    requirements. Currency and vault cash figures are measured over computation periods ending on Mondays.
 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments.
 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt
    from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements.
 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault
    cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash
    exceeds their required reserves) to satisfy current reserve requirements.
 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the
    amount used to satisfy reserve requirements.
 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+)
    or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown.
 9. Prorated averages of biweekly averages.
10. Averages of daily figures.
 p  preliminary
1
 H.3 (502)
 Table 3
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Adjusted for changes in reserve requirements(1)
 Not seasonally adjusted
 Millions of dollars
 ---------------------------------------------------------------------------------
                      Reserves of depository institutions
                    ---------------------------------------
      Date              total(2) nonborrowed    required(3)  Monetary base(4)
 ----------------------------------------------------------------------------------
 Month(5)
  2003-June                41600        41439        39738         703193
       July                43268        43137        41333         705643
       Aug.                45711        45382        41945         709012
       Sep.                43982        43802        42472         708982
       Oct.                42613        42505        41139         712583
       Nov.                42083        42015        40594         717147
       Dec.                42431        42385        41392         725188
  2004-Jan.                45339        45233        44440         725098
       Feb.                43713        43671        42512         723867
       Mar.                43942        43891        42184         725523
       Apr.                45796        45711        44041         729838
       May                 46073        45961        44480         733467
       June                45280        45100        43447         738768
 2 weeks ending(6)
  2004-May  26             47792        47680        46130         734959
       June  9             45312        45170        43723         737616
            23             45459        45276        43527         737082
       July  7             44881        44658        42934         743620
            21p            45078        44836        43700         749556
 1. Figures reflect adjustments for discontinuities, or "breaks", associated with
    regulatory changes in reserve requirements.
 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3,
    column 3) plus excess reserves NSA (Table 1, column 5).
 3. To adjust required reserves for discontinuities due to regulatory changes in
    in reserve requirements, a multiplicative procedure is used to estimate what
    required reserves would have been in past periods had current reserve
    requirements been in effect. Break-adjusted required reserves are equal to
    break-adjusted required reserves against transactions deposits.
 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus
    (2) the (unadjusted) currency component of the money stock plus (3), for all
    quarterly reporters on the "Report of Transaction Accounts, Other Deposits and
    Vault Cash" and for all those weekly reporters whose vault cash exceeds their
    required reserves, the break-adjusted difference between current vault cash and
    the amount applied to satisfy current reserve requirements.
 5. Prorated averages of biweekly averages.
 6. Averages of daily figures.
 p  preliminary
 Note: Current and historical H.3 data are available each week on the Federal Reserve
       Board's web site (http://www.federalreserve.gov/). Monthly data are available
       back to January 1959, and weekly data are available back to January 1975 for most
       series. For information about individual copies or subscriptions, contact
       Publications Services at the Federal Reserve Board (phone 202-452-3245,
       fax 202-728-5886). For paid electronic access to current and historical data,
       call STAT-USA at 1-800-782-8872 or 202-482-1986.