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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 21, 1999
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Adjusted for changes in reserve requirements1                                                                                              
 Averages of daily figures, seasonally adjusted unless noted otherwise
 Millions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                                    Reserves of depository institutions                            Borrowings of depository institutions from
                                                                                                         the Federal Reserve, NSA
                      ---------------------------------------------------------------              -----------------------------------------
      Date             total2    nonborrowed3  nonborrowed plus required   excess NSA5     Monetary       total      seasonal     extended 
                                               extended credit4                              base6                                 credit4
 -------------------------------------------------------------------------------------------------------------------------------------------
  1997-Dec.                46669        46345           46345        44986         1683       480152          324           79            0
                                                                                                                                           
  1998-Jan.                46501        46291           46291        44721         1780       482837          210           18            0
       Feb.                45722        45664           45664        44198         1524       484226           58           12            0
       Mar.                46045        46004           46004        44731         1314       485860           41           22            0
                                                                                                                                           
       Apr.                45959        45887           45887        44614         1345       487203           72           41            0
       May                 45591        45438           45438        44441         1150       489102          153           94            0
       June                45391        45140           45140        43771         1620       491634          251          159            0
                                                                                                                                           
       July                44813        44556           44556        43449         1365       493698          258          215            0
       Aug.                44997        44726           44726        43484         1513       497375          271          242            0
       Sep.                44585        44334           44334        42901         1684       502168          251          178            0
                                                                                                                                           
       Oct.                44385        44211           44211        42813         1572       506082          174          107            0
       Nov.                44571        44488           44488        42947         1624       509936           84           37            0
       Dec. p              44910        44793           44793        43318         1593       513952          117           15            0
 Two weeks ending
  1998-Nov. 18             43731        43649           43649        42188         1542       508696           82           40            0
                                                                                                                                           
       Dec.  2             45435        45356           45356        43776         1659       511966           79           20            0
            16             44138        44112           44112        42834         1304       512229           26           13            0
            30             45617        45422           45422        43796         1820       515726          195           18            0
                                                                                                                                           
  1999-Jan. 13p            44776        44407           44407        42470         2306       517217          370            9            0
  
 p--preliminary	pe--preliminary estimate
 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. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program
    to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing 
    promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of 
    nonborrowed reserves.
 5. Excess reserves NSA equals unadjusted total reserves Table 2, column 1) less adjusted required reserves Table 2, column 3.
 6. 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.
1        
   
   
   
 H.3 (502)
 Table 2
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Not adjusted for changes in reserve requirements1 
 Averages of daily figures, not seasonally adjusted
 Millions of dollars
 -------------------------------------------------------------------------------------------------------------------------------------------
  
                    Reserves of depository institutions                                          Vault cash5
                  --------------------------------------                            --------------------------------------
                                                                            Reserve                  used to                 Net carryover
      Date              total2   nonborrowed     required  Monetary base3  balances       total      satisfy      surplus7    of reserve
                                                                           with F.R.                required                  balances8
                                                                            Banks4                  reserves6
-------------------------------------------------------------------------------------------------------------------------------------------
                                                                                
  1997-Dec.                47880        47555        46196       491919        10673        44707        37206         7500
                                                                                                                           
  1998-Jan.                47495        47285        45714       491608         9732        47336        37762         9574
       Feb.                44974        44916        43450       488411         9394        43167        35580         7587
       Mar.                45507        45466        44193       490964        10138        41598        35370         6228
                                                                                                                           
       Apr.                46475        46403        45131       494109        11053        41215        35423         5792
       May                 44805        44652        43655       494953         9646        41482        35159         6323
       June                45095        44844        43475       497929         9668        42635        35427         7208
                                                                                                                           
       July                44600        44342        43235       502195         9646        42035        34954         7081
       Aug.                44707        44436        43194       504455         9682        42121        35025         7095
       Sep.                44193        43943        42509       507862         9284        42579        34909         7670
                                                                                                                           
       Oct.                44115        43942        42544       511423         9026        43348        35090         8258
       Nov.                44152        44068        42527       517006         8855        43109        35297         7812
       Dec. p              45024        44908        43432       525089         9028        44305        35997         8308
 Two weeks ending
  1998-Nov. 18             43455        43373        41913       516140         8520        43080        34935         8145          285
                                                                                                                                        
       Dec.  2             44880        44801        43221       519553         9028        43313        35853         7460           92
            16             44222        44196        42917       521725         8949        43230        35273         7957          117
            30             45810        45615        43990       528854         9064        45470        36746         8724           73
                                                                                                                                        
  1999-Jan. 13p            45554        45184        43247       530561         9630        45023        35924         9100          168
   
 p--preliminary	pe--preliminary estimate
 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.
    requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays.
 5. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance 
    period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which 
    the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period.
 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 held by depository institutions minus the amount applied 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.
1
  
  
  
 H.3 (502)
 Table 3
 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE
 Adjusted for changes in reserve requirements1 
 Averages of daily figures, not seasonally adjusted
 Millions of dollars
 ---------------------------------------------------------------------------------
  
                      Reserves of depository institutions
                    ---------------------------------------
      Date              total2   nonborrowed    required3    Monetary base4
 ----------------------------------------------------------------------------------
  1997-Dec.                47971        47647        46288         485113
                                                                         
  1998-Jan.                47487        47277        45706         484408
       Feb.                44993        44935        43469         481348
       Mar.                45543        45501        44228         483999
                                                                         
       Apr.                46525        46453        45181         487361
       May                 44865        44712        43715         488278
       June                45171        44920        43552         491177
                                                                         
       July                44688        44430        43323         495347
       Aug.                44808        44537        43295         497556
       Sep.                44310        44059        42626         501052
                                                                         
       Oct.                44244        44070        42672         504573
       Nov.                44292        44209        42668         510236
       Dec. p              45177        45061        43585         518360
 Two weeks ending
  1998-Nov. 18             43592        43510        42049         509464
                                                                         
       Dec.  2             45028        44949        43369         512666
            16             44377        44351        43073         515128
            30             45974        45779        44153         522069
                                                                         
  1999-Jan. 13p            45534        45165        43228         523069
  
 p--preliminary		pe--preliminary estimate
 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.
 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.`

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