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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                          July 22, 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
 -------------------------------------------------------------------------------------------------------------------------------------------
  1998-June                45410        45159           45159        43794         1615       492314          251          159            0
                                                                                                                                           
       July                44895        44637           44637        43524         1371       494736          258          215            0
       Aug.                44983        44712           44712        43453         1530       497869          271          242            0
       Sep.                44540        44290           44290        42846         1694       502038          251          178            0
                                                                                                                                           
       Oct.                44405        44231           44231        42831         1574       505843          174          107            0
       Nov.                44497        44414           44414        42873         1624       509144           83           37            0
       Dec.                44902        44785           44785        43319         1583       512321          117           15            0
                                                                                                                                           
  1999-Jan.                45125        44920           44920        43591         1534       516807          206            7            0
       Feb.                44551        44435           44435        43336         1215       520843          116            9            0
       Mar.                43717        43652           43652        42412         1305       524233           65           18            0
                                                                                                                                           
       Apr.                43979        43812           43812        42820         1159       528739          166           39            0
       May                 44360        44233           44233        43105         1256       534857          127           89            0
       June                42870        42725           42725        41606         1264       537587          145          127            0
 Two weeks ending
  1999-May  19             43653        43551           43551        42560         1093       534003          103           85            0
                                                                                                                                           
       June  2             44941        44824           44824        43506         1434       536541          117          106            0
            16             42523        42410           42410        41369         1154       536820          114          100            0
            30             42921        42741           42741        41572         1348       538504          180          158            0
                                                                                                                                           
       July 14p            41527        41196           41196        40500         1027       539898          331          196            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
-------------------------------------------------------------------------------------------------------------------------------------------
                                                                                
  1998-June                45094        44843        43479       497891         9671        42611        35423         7188
                                                                                                                           
       July                44598        44340        43227       502128         9645        42030        34953         7077
       Aug.                44714        44443        43184       504414         9688        42123        35026         7097
       Sep.                44196        43946        42502       507834         9289        42524        34908         7616
                                                                                                                           
       Oct.                44117        43943        42543       511359         9027        43268        35089         8179
       Nov.                44152        44069        42528       516958         8855        43104        35297         7807
       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        42163        34407         7757
       May                 44875        44747        43619       539984        10070        42458        34805         7653
       June                42397        42252        41133       542783         8541        42631        33856         8775
 Two weeks ending
  1999-May  19             44626        44524        43533       539604         9878        42562        34749         7813          131
                                                                                                                                        
       June  2             45058        44941        43623       541884        10096        42696        34962         7735          200
            16             42037        41924        40883       542726         8546        41828        33492         8336          228
            30             42377        42197        41028       542969         8315        43425        34062         9364           89
                                                                                                                                        
       July 14p            41330        40999        40304       547984         7543        44018        33787        10231          206
   
 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
 ----------------------------------------------------------------------------------
  1998-June                45145        44894        43529         491113
                                                                         
       July                44656        44398        43285         495250
       Aug.                44780        44509        43250         497479
       Sep.                44273        44023        42579         500983
                                                                         
       Oct.                44201        44027        42627         504465
       Nov.                44243        44160        42619         510137
       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                42437        42292        41173         535846
 Two weeks ending
  1999-May  19             44658        44556        43565         532729
                                                                         
       June  2             45094        44977        43659         534989
            16             42075        41962        40921         535937
            30             42419        42239        41071         535878
                                                                         
       July 14p            41377        41046        40351         541031
  
 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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