---

`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                         March 25, 1999
 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  nonborrowed plus required   excess NSA5     Monetary       total      seasonal     extended 
                                               extended credit4                              base6                                 credit4
 -------------------------------------------------------------------------------------------------------------------------------------------
  1998-Feb.                45722        45664           45664        44198         1524       483292           58           12            0
       Mar.                46045        46004           46004        44731         1314       485423           41           22            0
                                                                                                                                           
       Apr.                45959        45887           45887        44614         1345       487686           72           41            0
       May                 45591        45438           45438        44441         1150       489980          153           94            0
       June                45391        45140           45140        43771         1620       492397          251          159            0
                                                                                                                                           
       July                44813        44556           44556        43449         1365       494617          258          215            0
       Aug.                44997        44726           44726        43484         1513       498169          271          242            0
       Sep.                44585        44334           44334        42901         1684       502238          251          178            0
                                                                                                                                           
       Oct.                44385        44211           44211        42813         1572       505765          174          107            0
       Nov.                44571        44488           44488        42947         1624       509503           84           37            0
       Dec.                44905        44788           44788        43321         1584       513037          117           15            0
                                                                                                                                           
  1999-Jan.                44885        44679           44679        43350         1535       516642          206            7            0
       Feb. p              44359        44244           44244        43135         1224       520735          116            9            0
 Two weeks ending
  1999-Jan. 27             45070        45002           45002        44082          988       515969           68            5            0
                                                                                                                                           
       Feb. 10             44889        44731           44731        43672         1217       519145          158            8            0
            24             44064        43952           43952        42875         1189       521042          112            9            0
                                                                                                                                           
       Mar. 10p            44066        44044           44044        42702         1363       523636           22           14            0
            24pe           43740        43677           43677        42555         1185       522633           63           18            0
  
 p--preliminary	pe--preliminary estimate
 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. Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program
    to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing 
    promptly as there is with traditional short-term adjustment credit, the money market impact of extended credit is similar to that of 
    nonborrowed reserves.
 5. Excess reserves NSA equals unadjusted total reserves Table 2, column 1) less adjusted required reserves Table 2, column 3.
 6. 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.
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
-------------------------------------------------------------------------------------------------------------------------------------------
                                                                                
  1998-Feb.                44974        44916        43450       488348         9394        43196        35580         7616
       Mar.                45507        45466        44193       490900        10138        41633        35370         6263
                                                                                                                           
       Apr.                46475        46403        45131       494045        11053        41221        35423         5798
       May                 44805        44652        43655       494889         9646        41504        35159         6344
       June                45095        44844        43475       497865         9668        42611        35427         7184
                                                                                                                           
       July                44600        44342        43235       502130         9646        42030        34954         7075
       Aug.                44707        44436        43194       504390         9682        42123        35025         7098
       Sep.                44193        43943        42509       507797         9284        42524        34909         7614
                                                                                                                           
       Oct.                44115        43942        42544       511357         9026        43268        35090         8178
       Nov.                44152        44068        42527       516958         8855        43104        35297         7807
       Dec.                45019        44902        43435       525062         9022        44305        35997         8308
                                                                                                                           
  1999-Jan.                46346        46140        44811       527587         9659        45499        36687         8813
       Feb. p              45248        45133        44024       526853         8590        46469        36659         9810
 Two weeks ending
  1999-Jan. 27             46866        46798        45878       525405        10019        44838        36847         7991          287
                                                                                                                                        
       Feb. 10             47399        47241        46181       525823         8750        49364        38649        10715           42
            24             44230        44118        43040       527034         8233        45598        35997         9601           68
                                                                                                                                        
       Mar. 10p            43440        43418        42076       528795         9438        42285        34002         8283          -35
            24pe           42827        42764        41642       528181         8313        43525        34515         9011           48
   
 p--preliminary	pe--preliminary estimate
 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.
    requirements. After the introduction of CRR, currency and vault cash figures are measured over computation periods ending on Mondays.
 5. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. Starting with the maintenance 
    period ended November 25, 1992, each maintenance period for weekly reporters ends 16 days after the lagged computation period in which 
    the vault cash is held. Previously, each maintenance period ended 30 days after the lagged computation period.
 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 held by depository institutions minus the amount applied 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.
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
 ----------------------------------------------------------------------------------
  1998-Feb.                44993        44935        43469         481285
       Mar.                45543        45501        44228         483936
                                                                         
       Apr.                46525        46453        45181         487297
       May                 44865        44712        43715         488214
       June                45171        44920        43552         491113
                                                                         
       July                44688        44430        43323         495283
       Aug.                44808        44537        43295         497491
       Sep.                44310        44059        42626         500987
                                                                         
       Oct.                44244        44070        42672         504508
       Nov.                44292        44209        42668         510187
       Dec.                45172        45055        43589         518333
                                                                         
  1999-Jan.                46340        46134        44805         520008
       Feb. p              45257        45142        44033         519699
 Two weeks ending
  1999-Jan. 27             46869        46801        45881         517741
                                                                         
       Feb. 10             47405        47247        46188         518246
            24             44239        44127        43049         520135
                                                                         
       Mar. 10p            43452        43430        42088         521807
            24pe           42843        42780        41657         521123
  
 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.`

---