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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           May 13, 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.                     40811        40782        39269         1542       696991           29            8            0           21
       May                      40972        40917        39351         1622       699972           55            3            0           53
       June                     42787        42626        40925         1862       702916          161           87            0           74
                                                                                                                                             
       July                     43926        43796        41991         1935       705339          130           21            0          110
       Aug.                     46304        45975        42537         3767       710849          329          168           15          146
       Sep.                     44984        44804        43469         1515       712505          181           23            0          158
                                                                                                                                             
       Oct.                     44007        43900        42459         1549       716024          107           13            0           94
       Nov.                     43438        43370        41875         1563       719205           68           25            0           43
       Dec.                     43022        42976        41364         1658       721120           46           17            0           29
                                                                                                                                             
  2004-Jan.                     43095        42989        41570         1525       722377          106           93            0           13
       Feb.                     42656        42614        40821         1835       724104           42           28            0           14
       Mar.                     44526        44474        42703         1823       725331           51           23            0           28
                                                                                                                                             
       Apr. p                   45666        45580        43905         1761       728849           86           29            0           57
 2 weeks ending(7)
  2004-Mar. 17                  44060        44009        42069         1991       723821           51           28            0           23
            31                  45164        45109        43475         1689       727122           55           19            0           36
                                                                                                                                             
       Apr. 14                  44358        44279        42435         1923       727867           79           35            0           45
            28                  47083        46992        45449         1633       730051           91           25            0           66
                                                                                                                                             
       May  12p                 44904        44805        43386         1517       727315           99           12            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       740006        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             43233        43154        41311       739531        12097        42793        31137        11657          138
            28             48902        48811        47268       740644        16022        42959        32880        10079          205
                                                                                                                                        
       May  12p            44600        44501        43082       738866        13248        42359        31352        11007          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.                41169        41140        39627         697832
       May                 41773        41718        40152         701587
       June                41850        41689        39988         703337
                                                                         
       July                43574        43444        41640         705824
       Aug.                46080        45751        42313         709235
       Sep.                44402        44221        42886         709250
                                                                         
       Oct.                43167        43059        41618         712980
       Nov.                42619        42551        41057         717492
       Dec.                42897        42851        41239         725485
                                                                         
  2004-Jan.                45415        45309        43889         725142
       Feb.                43828        43786        41993         723921
       Mar.                44062        44010        42239         725515
                                                                         
       Apr. p              45959        45873        44198         729711
 2 weeks ending(6)
  2004-Mar. 17             42684        42634        40693         724020
            31             45289        45234        43600         727385
                                                                         
       Apr. 14             43230        43151        41307         728964
            28             48884        48793        47251         730660
                                                                         
       May  12p            44582        44483        43065         728290
  
 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.`

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