---

`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                          July 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
 -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                               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
 -------------------------------------------------------------------------------------------------------------------------------------------
  1999-June                42758        42613           41463         1295       536549          145           18          127             
                                                                                                                                           
       July                42035        41726           40911         1124       540488          309           83          226             
       Aug.                41910        41566           40750         1160       544354          344           72          271             
       Sep.                41772        41434           40563         1209       550333          338           56          282             
                                                                                                                                           
       Oct.                41339        41058           40189         1150       557847          281           52          221            8
       Nov.                41560        41325           40231         1330       569432          236          157           71            7
       Dec.                41742        41422           40434         1308       591188          320          179           67           74
                                                                                                                                           
  2000-Jan.                43113        42739           41088         2025       591970          374          296           31           46
       Feb.                41635        41527           40521         1113       573501          108           45           44           19
       Mar.                40453        40274           39244         1209       571368          179          101           71            7
                                                                                                                                           
       Apr.                40919        40615           39768         1152       572866          304          184          120            0
       May                 41354        40992           40388          966       574142          362           86          276             
       June                39961        39482           38826         1136       575465          479           90          389             
 Two weeks ending
  2000-May  31             42082        41642           41074         1008       575085          440          100          340             
                                                                                                                                           
       June 14             39392        38920           38414          978       574023          472          134          339             
            28             40531        40060           39252         1279       576724          471           43          428             
                                                                                                                                           
       July 12             39957        39368           38723         1234       576736          589          117          472             
            26p            40214        39665           39188         1026       577215          549           22          527             
---------------------------------------------------------------------------------------------------------------------------------------------  
 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
 -------------------------------------------------------------------------------------------------------------------------------------------
  
                    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
 -------------------------------------------------------------------------------------------------------------------------------------------
                                                                                
  1999-June                42331        42186        41036       542732         8467        42624        33864         8760
                                                                                                                           
       July                41762        41452        40637       548006         7745        44081        34017        10064
       Aug.                41702        41358        40542       550773         7721        44603        33981        10622
       Sep.                41314        40976        40105       555336         7646        44448        33669        10779
                                                                                                                           
       Oct.                40733        40451        39583       562681         6777        47039        33956        13083
       Nov.                40970        40735        39641       578975         6283        50830        34688        16142
       Dec.                41655        41334        40347       607934         5263        60630        36392        24238
                                                                                                                           
  2000-Jan.                44232        43859        42207       604631         5169        74015        39063        34952
       Feb.                42095        41987        40982       579215         5078        63764        37017        26747
       Mar.                39742        39563        38533       577124         6515        48946        33227        15719
                                                                                                                           
       Apr.                40584        40280        39433       578327         7078        46453        33507        12946
       May                 41555        41193        40589       580081         7660        44632        33895        10737
       June                39222        38743        38087       581264         6465        44563        32757        11806
 Two weeks ending
  2000-May  31             42202        41762        41194       580747         7743        45158        34459        10699          114
                                                                                                                                        
       June 14             38685        38213        37707       581450         6502        43847        32183        11664          151
            28             39752        39281        38473       580583         6420        45105        33332        11773           89
                                                                                                                                        
       July 12             39278        38689        38043       584734         6531        45782        32747        13035          138
            26p            39572        39023        38546       582567         6392        44924        33180        11743           65
--------------------------------------------------------------------------------------------------------------------------------------------   
 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
 ----------------------------------------------------------------------------------
  1999-June                42446        42301        41151         535874
                                                                         
       July                41899        41590        40775         541017
       Aug.                41861        41518        40702         543894
       Sep.                41496        41158        40287         548405
                                                                         
       Oct.                40935        40653        39785         555697
       Nov.                41195        40960        39866         572012
       Dec.                41889        41568        40580         600632
                                                                         
  2000-Jan.                44229        43856        42204         596904
       Feb.                42102        41994        40989         571870
       Mar.                39754        39575        38545         570236
                                                                         
       Apr.                40600        40296        39449         571507
       May                 41575        41213        40610         573249
       June                39246        38767        38111         574381
 Two weeks ending
  2000-May  31             42224        41784        41216         573985
                                                                         
       June 14             38707        38235        37729         574577
            28             39777        39306        38498         573701
                                                                         
       July 12             39305        38716        38071         577763
            26p            39601        39052        38575         575855
  
 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.`

---