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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           May 24, 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-Apr.                     44605        44357        42777         1828       800589          248          164            0           84
       May                      45036        44861        43232         1804       804760          175           24            0          151
       June                     45392        45140        43608         1784       804591          253           16            0          237
                                                                                                                                             
       July                     44203        43852        42657         1546       804087          350           39            0          312
       Aug.                     42895        42526        41361         1534       804700          369           26            0          343
       Sep.                     42898        42495        41138         1761       805214          403           66            0          338
                                                                                                                                             
       Oct.                     42797        42568        41123         1674       806633          229           24            0          205
       Nov.                     43211        43052        41506         1706       809735          160           48            0          112
       Dec.                     43296        43105        41479         1817       812354          191          111            0           80
                                                                                                                                             
  2007-Jan.                     41507        41296        39967         1540       813301          211          187            0           24
       Feb.                     42063        42034        40558         1506       811965           30            8            0           22
       Mar.                     41807        41753        40163         1644       813543           54           21            5           28
                                                                                                                                             
       Apr.                     42393        42313        40861         1532       815968           79           32            0           48
 2 weeks ending(7)
  2007-Mar. 28                  40325        40265        38634         1691       812782           60           31            0           29
                                                                                                                                             
       Apr. 11                  42897        42817        41086         1810       814885           80           44            0           36
            25                  40939        40856        39604         1335       815628           83           32            0           52
                                                                                                                                             
       May   9                  45354        45284        43885         1470       819301           71            6            0           65
            23p                 42159        42046        40861         1297       816829          113           22            0           92
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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
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-Apr.                44733        44486        42906       808436        10296        48381        34437        13944
       May                 45440        45265        43636       811900        10650        48294        34789        13504
       June                45048        44795        43264       812213         9911        48982        35137        13845
                                                                                                                           
       July                44864        44513        43318       811744         9611        49617        35253        14365
       Aug.                42683        42314        41149       809737         8794        50243        33888        16355
       Sep.                42612        42208        40851       809990         9111        49402        33501        15901
                                                                                                                           
       Oct.                41755        41526        40081       809234         8254        50093        33502        16591
       Nov.                42234        42074        40528       815381         8455        48961        33779        15181
       Dec.                43282        43091        41465       825289         8479        50901        34803        16098
                                                                                                                           
  2007-Jan.                44658        44447        43118       823718         8801        52165        35857        16309
       Feb.                42665        42635        41159       819695         7722        53737        34943        18795
       Mar.                40772        40718        39128       820795         7519        49731        33253        16478
                                                                                                                           
       Apr.                42544        42465        41013       822635         8559        48805        33986        14819
 2 weeks ending(10)
  2007-Mar. 28             42033        41973        40342       820561         7383        50966        34650        16316          160
                                                                                                                                        
       Apr. 11             39906        39826        38095       821613         7781        49002        32125        16877          163
            25             43945        43863        42610       822897         8689        48912        35256        13656          157
                                                                                                                                        
       May   9             44428        44358        42958       824153         9905        48075        34523        13552           62
            23p            43721        43608        42424       823758         8666        49392        35056        14336           -3
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Apr.                44758        44511        42930         800912
       May                 45464        45289        43660         804710
       June                45079        44827        43295         804893
                                                                         
       July                44898        44548        43352         804620
       Aug.                42714        42345        41180         802664
       Sep.                42645        42242        40884         803104
                                                                         
       Oct.                41783        41554        40109         802286
       Nov.                42259        42100        40553         808519
       Dec.                43282        43091        41465         818343
                                                                         
  2007-Jan.                44633        44422        43093         816812
       Feb.                42676        42647        41171         812902
       Mar.                40790        40736        39146         813927
                                                                         
       Apr.                42563        42484        41032         815935
 2 weeks ending(6)
  2007-Mar. 28             42053        41993        40362         813531
                                                                         
       Apr. 11             39928        39848        38117         814635
            25             43964        43881        42629         816347
                                                                         
       May   9             44442        44371        42972         817643
            23p            43737        43624        42440         817289
  
 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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