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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                      September 2, 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-July                44895        44637           44637        43524         1371       494736          258          215            0
       Aug.                44983        44712           44712        43453         1530       497869          271          242            0
       Sep.                44540        44290           44290        42846         1694       502038          251          178            0
                                                                                                                                           
       Oct.                44405        44231           44231        42831         1574       505843          174          107            0
       Nov.                44497        44414           44414        42873         1624       509144           83           37            0
       Dec.                44902        44785           44785        43319         1583       512321          117           15            0
                                                                                                                                           
  1999-Jan.                45125        44920           44920        43591         1534       516807          206            7            0
       Feb.                44551        44435           44435        43336         1215       520843          116            9            0
       Mar.                43717        43652           43652        42412         1305       524233           65           18            0
                                                                                                                                           
       Apr.                43979        43812           43812        42820         1159       528741          166           39            0
       May                 44360        44233           44233        43105         1256       534860          127           89            0
       June                42867        42722           42722        41606         1261       537625          145          127            0
                                                                                                                                           
       July                41979        41669           41669        40902         1076       541164          309          226            0
 Two weeks ending
  1999-June 30             42915        42735           42735        41571         1343       538560          180          158            0
                                                                                                                                           
       July 14             41510        41179           41179        40499         1011       539925          331          196            0
            28             42453        42187           42187        41312         1140       541989          266          249            0
                                                                                                                                           
       Aug. 11             41953        41544           41544        40871         1081       543096          409          263            0
            25p            41853        41549           41549        40731         1122       544204          304          273            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-July                44598        44340        43227       502128         9645        42030        34953         7077
       Aug.                44714        44443        43184       504414         9688        42123        35026         7097
       Sep.                44196        43946        42502       507834         9289        42524        34908         7616
                                                                                                                           
       Oct.                44117        43943        42543       511359         9027        43268        35089         8179
       Nov.                44152        44069        42528       516958         8855        43104        35297         7807
       Dec.                45018        44902        43435       525062         9021        44305        35997         8308
                                                                                                                           
  1999-Jan.                46345        46139        44811       527587         9658        45499        36687         8812
       Feb.                45237        45122        44022       526850         8578        46468        36660         9809
       Mar.                43121        43056        41816       530303         8851        42898        34270         8628
                                                                                                                           
       Apr.                43645        43478        42486       533491         9238        42164        34407         7757
       May                 44875        44747        43619       539984        10070        42459        34805         7654
       June                42394        42249        41133       542818         8539        42632        33856         8776
                                                                                                                           
       July                41802        41493        40726       548026         7797        44059        34005        10054
 Two weeks ending
  1999-June 30             42371        42191        41027       543022         8309        43426        34062         9365           89
                                                                                                                                        
       July 14             41314        40983        40303       548001         7526        44019        33788        10231          205
            28             42238        41972        41098       547650         8041        43899        34198         9702           51
                                                                                                                                        
       Aug. 11             42049        41640        40967       549899         7926        44994        34123        10871           29
            25p            41412        41108        40290       550440         7409        44786        34003        10783          -11
   
 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. 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 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-July                44656        44398        43285         495250
       Aug.                44780        44509        43250         497479
       Sep.                44273        44023        42579         500983
                                                                         
       Oct.                44201        44027        42627         504465
       Nov.                44243        44160        42619         510137
       Dec.                45118        45002        43535         518278
                                                                         
  1999-Jan.                46340        46135        44806         520009
       Feb.                45249        45133        44034         519699
       Mar.                43141        43076        41836         523353
                                                                         
       Apr.                43671        43504        42512         526774
       May                 44908        44781        43652         533116
       June                42434        42290        41173         535881
                                                                         
       July                41848        41539        40772         540940
 Two weeks ending
  1999-June 30             42413        42233        41070         535931
                                                                         
       July 14             41360        41029        40349         541053
            28             42283        42017        41142         540415
                                                                         
       Aug. 11             42098        41689        41016         542868
            25p            41464        41160        40342         543454
  
 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.`

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