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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                      November 21, 2002
 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      required    excess NSA4     Monetary      total      adjustment    seasonal    extended
                                                                                base5                                              credit  
 -------------------------------------------------------------------------------------------------------------------------------------------
  2001-Oct.                45224        45097           43899         1326       629954          127           60           67            0
       Nov.                40867        40783           39415         1452       629373           84           51           33            0
       Dec.                41221        41154           39576         1645       634412           67           34           33            0
                                                                                                                                           
  2002-Jan.                41747        41698           40360         1387       640857           50           33           17            0
       Feb.                41451        41421           40083         1367       646175           30           12           17            0
       Mar.                41013        40935           39599         1414       649651           79           59           20            0
                                                                                                                                           
       Apr.                40760        40690           39552         1208       653945           71           21           50            0
       May                 39116        39003           37843         1273       657913          112            7          105            0
       June                39266        39124           38024         1242       664068          142            6          136            0
                                                                                                                                           
       July                39660        39468           38287         1373       668757          191           16          176            0
       Aug.                40059        39725           38420         1638       671148          333          148          185            0
       Sep.                39284        39055           37808         1476       671563          229           60          169            0
                                                                                                                                           
       Oct. p              38928        38785           37371         1557       673624          143           23          120            0
 Two weeks ending
  2002-Sep. 18             37358        37192           36386          972       669896          167            4          163            0
                                                                                                                                           
       Oct.  2             41041        40871           39245         1795       673069          170            1          170            0
            16             37804        37649           36267         1537       672146          155           25          130            0
            30             39773        39663           38235         1538       675062          111            4          107            0
                                                                                                                                           
       Nov. 13p            38597        38231           36980         1616       675309          366          299           67            0
---------------------------------------------------------------------------------------------------------------------------------------------  
 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.)
 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
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  2001-Oct.                44632        44505        43306       635896        12073        45058        32559        12499
       Nov.                40124        40040        38672       637643         8833        43104        31291        11813
       Dec.                41077        41011        39433       648738         9054        43935        32024        11911
                                                                                                                           
  2002-Jan.                43725        43676        42339       653284         9995        45729        33730        11998
       Feb.                42491        42461        41124       654928         9273        45694        33218        12476
       Mar.                40297        40218        38883       658775         9146        42631        31151        11480
                                                                                                                           
       Apr.                40896        40825        39688       663373         9740        42013        31156        10857
       May                 40242        40130        38969       668139         9209        41819        31033        10786
       June                38571        38429        37329       672980         7929        41662        30642        11021
                                                                                                                           
       July                39392        39201        38020       678979         8096        42723        31296        11427
       Aug.                39859        39525        38220       679551         8520        42886        31338        11547
       Sep.                38916        38687        37440       679954         8732        42227        30184        12043
                                                                                                                           
       Oct. p              38694        38551        37137       681831         8844        42931        29850        13081
 Two weeks ending
  2002-Sep. 18             36205        36038        35233       679708         7668        41577        28537        13040          253
                                                                                                                                        
       Oct.  2             41476        41306        39680       680026         9545        43186        31931        11255          -44
            16             36875        36720        35337       681380         7935        43449        28940        14509          135
            30             40230        40119        38691       682367         9653        42463        30577        11886          202
                                                                                                                                        
       Nov. 13p            37112        36746        35495       684258         8872        41719        28240        13479          198
--------------------------------------------------------------------------------------------------------------------------------------------   
 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
 ----------------------------------------------------------------------------------
  2001-Oct.                44759        44632        43434         627786
       Nov.                40253        40169        38801         629675
       Dec.                41196        41129        39551         639907
                                                                         
  2002-Jan.                43712        43662        42325         644269
       Feb.                42473        42443        41106         645705
       Mar.                40266        40188        38852         649226
                                                                         
       Apr.                40847        40777        39640         653287
       May                 40176        40064        38903         657998
       June                38494        38352        37252         662836
                                                                         
       July                39297        39106        37925         668759
       Aug.                39746        39413        38108         669320
       Sep.                38791        38562        37315         669715
                                                                         
       Oct. p              38552        38409        36995         671487
 Two weeks ending
  2002-Sep. 18             36085        35919        35113         669499
                                                                         
       Oct.  2             41341        41171        39546         669749
            16             36742        36587        35205         671013
            30             40077        39966        38539         672044
                                                                         
       Nov. 13p            36960        36594        35343         673798
  
 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.
 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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