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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           July 5, 2007
 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)
  2006-June                     45172        44920        43477         1696       804374          253           16            0          237
                                                                                                                                             
       July                     44122        43771        42682         1440       803996          350           39            0          312
       Aug.                     42832        42463        41447         1385       804592          369           26            0          343
       Sep.                     43088        42685        41460         1628       805323          403           66            0          338
                                                                                                                                             
       Oct.                     42891        42662        41268         1623       806897          229           24            0          205
       Nov.                     43185        43025        41493         1691       810082          160           48            0          112
       Dec.                     43314        43123        41510         1804       812574          191          111            0           80
                                                                                                                                             
  2007-Jan.                     42180        41969        40670         1510       813387          211          187            0           24
       Feb.                     42437        42407        40934         1502       812166           30            8            0           22
       Mar.                     42337        42283        40697         1640       813792           54           21            5           28
                                                                                                                                             
       Apr.                     42715        42636        41187         1528       816072           79           32            0           48
       May                      43155        43052        41715         1440       817897          103           14            0           90
       June p                   43579        43391        41893         1686       819118          187           43            0          145
 2 weeks ending(7)
  2007-May   9                  44449        44379        42977         1472       818603           71            6            0           65
            23                  41917        41804        40621         1295       817002          113           22            0           92
                                                                                                                                             
       June  6                  43867        43744        42210         1658       818670          124           10            0          114
            20                  42580        42365        41075         1505       818691          215           79            0          136
                                                                                                                                             
       July  4p                 44804        44616        42848         1956       819984          188           12            0          176
---------------------------------------------------------------------------------------------------------------------------------------------  
 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)                                                                                
  2006-June                45047        44795        43352       812208         9906        48984        35142        13842
                                                                                                                           
       July                44853        44503        43413       811734         9602        49619        35251        14367
       Aug.                42676        42307        41291       809728         8786        50244        33890        16354
       Sep.                42585        42182        40957       809961         9082        49402        33503        15899
                                                                                                                           
       Oct.                41752        41523        40129       809227         8247        50093        33505        16588
       Nov.                42234        42074        40542       815378         8451        48958        33782        15176
       Dec.                43282        43091        41478       825284         8474        50901        34807        16094
                                                                                                                           
  2007-Jan.                44641        44430        43131       823694         8777        52165        35864        16301
       Feb.                42666        42637        41164       819692         7718        53733        34948        18785
       Mar.                40769        40715        39129       820790         7515        49729        33254        16475
                                                                                                                           
       Apr.                42542        42463        41014       822625         8554        48805        33988        14817
       May                 44023        43920        42583       825076         9201        48651        34822        13829
       June p              43625        43437        41939       826335         8711        49422        34914        14508
 2 weeks ending(10)
  2007-May   9             44439        44368        42966       824143         9908        48075        34531        13544           62
            23             43720        43607        42425       824207         8664        49392        35057        14335           -4
                                                                                                                                        
       June  6             44086        43963        42428       827647         9346        48003        34740        13263         -117
            20             41824        41609        40318       825696         8199        48697        33625        15073           14
                                                                                                                                        
       July  4p            45870        45682        43914       826442         9046        51289        36824        14465          -52
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2006-June                45143        44890        43447         804934
                                                                         
       July                44963        44613        43523         804665
       Aug.                42793        42424        41408         802718
       Sep.                42711        42308        41083         803140
                                                                         
       Oct.                41879        41650        40256         802349
       Nov.                42370        42211        40679         808594
       Dec.                43361        43170        41557         818395
                                                                         
  2007-Jan.                44629        44418        43119         816800
       Feb.                42693        42663        41190         812908
       Mar.                40810        40756        39170         813937
                                                                         
       Apr.                42598        42518        41070         815950
       May                 44092        43989        42652         818604
       June p              43708        43521        42022         819860
 2 weeks ending(6)
  2007-May   9             44501        44431        43029         817669
            23             43789        43676        42494         817774
                                                                         
       June  6             44163        44039        42505         821107
            20             41902        41687        40396         819154
                                                                         
       July  4p            45965        45777        44009         820099
  
 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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