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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 27, 2000
 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
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                               Reserves of depository institutions                            Borrowings of depository institutions from
                                                                                                         the Federal Reserve, NSA
                      ---------------------------------------------------                 --------------------------------------------------
                                                                                                                                  Special 
      Date             total2    nonborrowed3      required   excess NSA4     Monetary       total6     adjustment    seasonal    Liquidity
                                                                                base5                                             Facility7
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  1998-Dec.                44902        44785           43319         1583       512321          117          101           15             
                                                                                                                                           
  1999-Jan.                45125        44920           43591         1534       516807          206          199            7             
       Feb.                44551        44435           43336         1215       520843          116          106            9             
       Mar.                43717        43652           42412         1305       524233           65           47           18             
                                                                                                                                           
       Apr.                43979        43812           42820         1159       528741          166          128           39             
       May                 44360        44233           43105         1256       534860          127           39           89             
       June                42867        42722           41606         1261       537625          145           18          127             
                                                                                                                                           
       July                41978        41669           40902         1076       541203          309           83          226             
       Aug.                42067        41723           40938         1129       544415          344           72          271             
       Sep.                42113        41774           40916         1197       549560          338           56          282             
                                                                                                                                           
       Oct.                40943        40661           39790         1153       557154          281           52          221            8
       Nov.                41198        40962           39864         1334       569349          236          157           71            7
       Dec.                41537        41216           40225         1311       590295          320          179           67           74
 Two weeks ending
  1999-Dec.  1             41330        41197           39960         1370       573734          133           64           62            7
            15             40947        40766           39849         1098       581580          181           94           61           27
            29             41817        41392           40556         1261       598228          425          222           79          124
                                                                                                                                           
  2000-Jan. 12             43804        43147           40675         3128       604053          657          530           38           90
            26p            43255        43032           41842         1413       596598          224          180           28           17
                                                                                                                                           
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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. Total borrowing includes borrowing under the extended credit program.
 7. Borrowing at the discount window under the terms and conditions established for Century Date Change Special Liquidity Facility in effect
    from October 1, 1999 through April 7, 2000.

 p--preliminary
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
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                    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
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  1998-Dec.                45018        44902        43435       525062         9021        44305        35997         8308
                                                                                                                           
  1999-Jan.                46345        46139        44811       527587         9658        45499        36687         8812
       Feb.                45237        45122        44022       526850         8578        46468        36660         9809
       Mar.                43121        43056        41816       530303         8851        42898        34270         8628
                                                                                                                           
       Apr.                43645        43478        42486       533491         9238        42164        34407         7757
       May                 44875        44747        43619       539984        10070        42459        34805         7654
       June                42394        42249        41133       542818         8539        42632        33856         8776
                                                                                                                           
       July                41802        41493        40726       548065         7797        44059        34005        10054
       Aug.                41871        41527        40742       550860         7802        44664        34069        10595
       Sep.                41787        41449        40590       555185         7698        44519        34089        10430
                                                                                                                           
       Oct.                40702        40420        39549       562639         6768        47017        33933        13084
       Nov.                40944        40709        39610       578943         6285        50736        34660        16077
       Dec.                41660        41340        40349       607732         5260        60479        36400        24079
 Two weeks ending
  1999-Dec.  1             41397        41264        40027       585676         5927        52791        35470        17321           87
            15             40780        40599        39682       596577         5434        56675        35346        21330          166
            29             42217        41792        40956       617403         4888        63637        37329        26308           66
                                                                                                                                        
  2000-Jan. 12             44062        43405        40934       629153         6315        68850        37747        31103         -137
            26p            44971        44748        43558       604330         4660        75830        40311        35518          110
                                                                                                                                        
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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.
 p--preliminary
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
 ----------------------------------------------------------------------------------
  1998-Dec.                45118        45002        43535         518278
                                                                         
  1999-Jan.                46340        46135        44806         520009
       Feb.                45249        45133        44034         519699
       Mar.                43141        43076        41836         523353
                                                                         
       Apr.                43671        43504        42512         526774
       May                 44908        44781        43652         533116
       June                42434        42290        41173         535881
                                                                         
       July                41848        41539        40772         540979
       Aug.                41923        41579        40794         543869
       Sep.                41848        41510        40651         548126
                                                                         
       Oct.                40768        40487        39616         555512
       Nov.                41016        40780        39682         571819
       Dec.                41736        41415        40424         600262
 Two weeks ending
  1999-Dec.  1             41472        41339        40102         578493
            15             40859        40678        39761         589409
            29             42302        41877        41041         609677
                                                                         
  2000-Jan. 12             44041        43384        40912         621215
            26p            44965        44741        43552         596702
                                                                         
  
 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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