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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                       January 24, 2008
 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                           Other borrowings of depository institutions 
                                                                                                       from the Federal Reserve, NSA
                          --------------------------------------------------          Term    -----------------------------------------------
                                                                                     auction                                                
      Date              total(2)    non-        required      excess    Monetary     credit,       total     primary   secondary     seasonal
                                 borrowed(3)                  NSA(4)     base(5)       NSA
 --------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2006-Dec.                43315       43124       41507        1808      811822                     191         111           0           80
                                                                                                                                             
  2007-Jan.                42171       41960       40665        1506      813455                     211         187           0           24
       Feb.                42454       42424       40956        1498      813448                      30           8           0           22
       Mar.                42321       42267       40686        1635      814991                      54          21           5           28
                                                                                                                                             
       Apr.                42715       42635       41189        1525      817205                      79          32           0           48
       May                 43197       43093       41760        1436      818799                     103          14           0           90
       June                43606       43419       41904        1702      820085                     187          43           0          145
                                                                                                                                             
       July                41915       41653       40251        1664      821476                     262          45           0          217
       Aug.                44922       43948       40100        4822      824512                     975         701          19          255
       Sep.                42540       40973       40798        1742      821732                    1567        1345           0          221
                                                                                                                                             
       Oct.                42507       42252       41056        1450      824713                     254         126          13          115
       Nov.                42646       42281       40970        1676      825653                     366         315           0           50
       Dec.                42584       27154       40836        1748      823448       11613        3818        3787           1           30
 2 weeks ending(7)
  2007-Nov. 21             41831       41307       40344        1487      826259                     524         479           0           45
                                                                                                                                             
       Dec.  5             43993       43794       42170        1822      824857                     199         158           0           41
            19             40834       37001       39666        1168      822014                    3833        3798           2           34
                                                                                                                                             
  2008-Jan.  2             44039        8732       41646        2393      824534       30000        5308        5286           0           21
            16p            41575         199       39863        1713      820885       40000        1377        1371           0            6
---------------------------------------------------------------------------------------------------------------------------------------------  
 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-Dec.                43282        43091        41474       825288         8479        50897        34803        16094
                                                                                                                           
  2007-Jan.                44631        44420        43125       823693         8775        52160        35857        16304
       Feb.                42685        42656        41187       819693         7720        53728        34966        18762
       Mar.                40753        40699        39118       820793         7518        49732        33236        16496
                                                                                                                           
       Apr.                42541        42462        41016       822629         8560        48809        33981        14828
       May                 44066        43963        42630       825071         9205        48659        34861        13798
       June                43652        43465        41951       826508         8739        49432        34913        14519
                                                                                                                           
       July                42731        42469        41067       828452         8420        50206        34311        15896
       Aug.                44621        43646        39799       829739        10983        51040        33637        17402
       Sep.                42079        40513        40338       826415         8606        49628        33473        16155
                                                                                                                           
       Oct.                41476        41222        40026       828353         8264        49747        33212        16535
       Nov.                41863        41497        40187       833075         8526        48985        33337        15649
       Dec.                42715        27285        40967       836402         8193        52153        34522        17630
 2 weeks ending(10)
  2007-Nov. 21             40531        40007        39044       833688         7810        49711        32721        16990           74
                                                                                                                                        
       Dec.  5             44359        44160        42536       835284         9478        48359        34881        13478           38
            19             38677        34844        37508       831790         6610        52080        32067        20013          357
                                                                                                                                        
  2008-Jan.  2             46742        11435        44349       842249         9504        53819        37238        16581           39
            16p            39988        -1389        38275       833994         7949        51441        32039        19402           99
--------------------------------------------------------------------------------------------------------------------------------------------   
 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-Dec.                43362        43171        41554         818399
                                                                         
  2007-Jan.                44619        44408        43113         816799
       Feb.                42711        42682        41214         812909
       Mar.                40794        40740        39159         813940
                                                                         
       Apr.                42597        42518        41072         815954
       May                 44135        44032        42699         818599
       June                43736        43549        42034         820033
                                                                         
       July                42828        42566        41164         822062
       Aug.                44728        43753        39906         823101
       Sep.                42202        40635        40460         819869
                                                                         
       Oct.                41612        41357        40161         821880
       Nov.                42007        41641        40331         826683
       Dec.                42794        27363        41046         829859
 2 weeks ending(6)
  2007-Nov. 21             40669        40145        39182         827367
                                                                         
       Dec.  5             44517        44318        42694         828877
            19             38817        34984        37649         825283
                                                                         
  2008-Jan.  2             46715        11408        44322         835607
            16p            39968        -1408        38256         827320
  
 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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