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SPECIAL NOTICE

Data on reserves and the monetary base have been revised to reflect the results of annual reviews of break factors and seasonal factors.  Revisions to seasonal factors start in August 1998, and they are the major source of revisions to the data.  Revisions to break factors begin in January 2003, and revisions to break-adjusted data do not exceed $600 million in any maintenance period.  The maximum revision to total reserves, nonborrowed reserves, required reserves, and the monetary base (Table 1) in any maintenance period was $1.1 billion; most revisions were less than $500 million.

Break factors remove discontinuities (or �breaks�) associated with regulatory changes in reserve requirements, such as the annual indexations of the low-reserve tranche and the reserve requirement exemption levels. 1  Seasonal factors for required reserves and the surplus vault cash component of the monetary base have been reestimated with the revised break-adjusted data.

A more detailed description of the methods for constructing break factors and seasonal factors is available under �Annual Review of Break and Seasonal Factors� on the Federal Reserve�s web site (http://www.federalreserve.gov/releases/h3/hist/).  Historical data, updated each week, are available there as well.  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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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           May 20, 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
 --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                                  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-Apr.                     40696        40666        39153         1542       696642           29            8            0           21
       May                      40885        40829        39263         1622       700150           55            3            0           53
       June                     42351        42190        40489         1862       702785          161           87            0           74
                                                                                                                                             
       July                     43314        43184        41380         1935       705363          130           21            0          110
       Aug.                     45581        45253        41814         3767       710239          329          168           15          146
       Sep.                     44283        44102        42768         1515       712136          181           23            0          158
                                                                                                                                             
       Oct.                     43475        43368        41926         1549       715939          107           13            0           94
       Nov.                     43049        42981        41486         1563       718992           68           25            0           43
       Dec.                     42839        42794        41182         1658       720980           46           17            0           29
                                                                                                                                             
  2004-Jan.                     43209        43103        41683         1525       722589          106           93            0           13
       Feb.                     42976        42934        41141         1835       724124           42           28            0           14
       Mar.                     44629        44578        42807         1823       725609           51           23            0           28
                                                                                                                                             
       Apr. p                   45597        45511        43836         1761       728652           86           29            0           57
 2 weeks ending(7)
  2004-Mar. 17                  44861        44811        42870         1991       724820           51           28            0           23
            31                  44637        44582        42948         1689       726824           55           19            0           36
                                                                                                                                             
       Apr. 14                  45147        45068        43227         1920       728151           79           35            0           45
            28                  46052        45961        44415         1637       728928           91           25            0           66
                                                                                                                                             
       May  12p                 45564        45465        44046         1518       730231           99           11            0           88
---------------------------------------------------------------------------------------------------------------------------------------------  
 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)
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(9)                                                                                
  2003-Apr.                41177        41147        39634       709103        10600        41894        30577        11317
       May                 41786        41731        40165       712768        11414        41548        30372        11176
       June                41864        41703        40002       714370        11307        41917        30557        11360
                                                                                                                           
       July                43594        43464        41659       717039        12180        42642        31414        11228
       Aug.                46105        45777        42338       720544        14142        43008        31963        11045
       Sep.                44431        44250        42915       720729        12485        43063        31946        11117
                                                                                                                           
       Oct.                43207        43100        41658       724472        11672        43318        31535        11783
       Nov.                42667        42599        41105       729499        11531        42608        31137        11472
       Dec.                42944        42898        41286       737623        10860        44077        32084        11993
                                                                                                                           
  2004-Jan.                45433        45327        43908       736233        11560        46572        33874        12698
       Feb.                43829        43788        41994       734852        10864        46426        32966        13461
       Mar.                44064        44013        42241       736258        11942        44381        32122        12259
                                                                                                                           
       Apr. p              45970        45884        44209       740120        14005        42842        31964        10877
 2 weeks ending(10)
  2004-Mar. 17             42687        42636        40696       735085        11846        43669        30841        12828          197
            31             45292        45237        43603       737867        11980        45112        33312        11800          109
                                                                                                                                        
       Apr. 14             43231        43152        41311       739529        12094        42793        31137        11657          138
            28             48905        48814        47268       740647        16025        42959        32880        10079          205
                                                                                                                                        
       May  12p            44599        44500        43081       740573        13248        42359        31352        11008          168
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Apr.                41018        40989        39476         697745
       May                 41566        41511        39944         701463
       June                41604        41442        39741         703193
                                                                         
       July                43268        43138        41334         705643
       Aug.                45712        45383        41945         709013
       Sep.                43976        43796        42461         708990
                                                                         
       Oct.                42693        42586        41144         712686
       Nov.                42099        42031        40536         717172
       Dec.                42449        42404        40791         725210
                                                                         
  2004-Jan.                45369        45263        43843         725105
       Feb.                43765        43723        41930         723886
       Mar.                43958        43906        42135         725457
                                                                         
       Apr. p              45802        45716        44041         729734
 2 weeks ending(6)
  2004-Mar. 17             42590        42539        40599         723968
            31             45170        45115        43481         727317
                                                                         
       Apr. 14             43094        43015        41174         728884
            28             48712        48621        47075         730561
                                                                         
       May  12p            44392        44293        42874         729886
  
 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.`

Statistical releases

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