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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 15, 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   adjustment
                                 borrowed(3)                 NSA(4)     base(5)  
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2002-Dec.               40217       40138       38208        2009      681899          80                                  45           35
                                                                                                                                            
  2003-Jan.               40731       40704       39024        1707      685725          27          12           0          13            2
       Feb.               40820       40795       38855        1965      691300          25          21           0           5             
       Mar.               40973       40951       39337        1636      695141          22          14           0           8             
                                                                                                                                            
       Apr.               40806       40777       39274        1532      698221          29           8           0          21             
       May                40986       40931       39367        1619      701177          55           3           0          53             
       June               42795       42634       40942        1854      703172         161          87           0          74             
                                                                                                                                            
       July               43927       43796       42003        1924      703534         130          21           0         110             
       Aug.               46282       45954       42519        3763      709233         329         168          15         146             
       Sep.               44963       44783       43458        1505      711231         181          23           0         158             
                                                                                                                                            
       Oct.               43992       43884       42525        1467      715778         107          13           0          94             
       Nov.               43430       43362       41882        1548      719012          68          25           0          43             
       Dec. p             43020       42974       41358        1661      721040          46          17           0          29             
 2 weeks ending(7)
  2003-Nov. 12            43340       43247       41673        1667      718037          94          43           0          51              
            26            43163       43108       41651        1512      719303          56          14           0          43              
                                                                                                                                             
       Dec. 10            44635       44599       43318        1317      720915          36          11           0          25              
            24            42167       42114       40231        1936      720258          54          19           0          35              
                                                                                                                                             
  2004-Jan.  7p           42418       42373       40814        1603      722784          45          22           0          22              
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 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
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 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)                                                                                
  2002-Dec.                40274        40194        38264       697149         9926        43386        30347        13038
                                                                                                                           
  2003-Jan.                42869        42842        41162       699247        10075        46219        32794        13425
       Feb.                41939        41913        39973       701039         9860        45881        32079        13802
       Mar.                40597        40575        38961       705037         9840        42997        30757        12240
                                                                                                                           
       Apr.                41172        41142        39640       709095        10598        41894        30574        11320
       May                 41801        41745        40182       712758        11405        41548        30395        11153
       June                41872        41710        40018       714361        11297        41916        30574        11342
                                                                                                                           
       July                43594        43464        41671       717018        12157        42642        31437        11205
       Aug.                46084        45756        42321       720509        14107        43008        31978        11031
       Sep.                44410        44230        42905       720714        12470        43063        31940        11123
                                                                                                                           
       Oct.                43191        43084        41725       724461        11661        43318        31530        11788
       Nov.                42660        42592        41112       729492        11525        42607        31135        11471
       Dec. p              42942        42896        41280       737654        10859        44076        32083        11993
 2 weeks ending(10)
  2003-Nov. 12             40900        40806        39233       726209        10839        41874        30061        11813          149
            26             43996        43940        42483       730926        12146        43244        31850        11394          154
                                                                                                                                        
       Dec. 10             43266        43230        41949       734325        11408        42576        31858        10718          122
            24             42615        42562        40679       737343        10768        44285        31847        12438           43
                                                                                                                                        
  2004-Jan.  7p            43132        43088        41529       743032        10258        45803        32875        12928          305
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2002-Dec.                40128        40048        38118         686226
                                                                         
  2003-Jan.                42854        42827        41147         688334
       Feb.                41937        41912        39972         690253
       Mar.                40595        40573        38959         693909
                                                                         
       Apr.                41164        41135        39632         697825
       May                 41788        41732        40169         701578
       June                41858        41697        40004         703329
                                                                         
       July                43575        43444        41651         705804
       Aug.                46059        45730        42295         709199
       Sep.                44381        44200        42876         709235
                                                                         
       Oct.                43151        43043        41684         712969
       Nov.                42612        42544        41063         717485
       Dec. p              42895        42849        41233         725516
 2 weeks ending(6)
  2003-Nov. 12             40852        40758        39185         714522
            26             43947        43892        42435         718705
                                                                         
       Dec. 10             43217        43181        41900         722107
            24             42566        42513        40630         725245
                                                                         
  2004-Jan.  7p            43092        43048        41489         730927
  
 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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