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`FEDERAL RESERVE STATISTICAL RELEASE
  
 H.3 (502)
 Table 1	                                                                                            For Release at 4:30 p.m. Eastern Time
                                                                                                                           July 3, 2003
 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   adjustment
                                 borrowed(3)                 NSA(4)     base(5)  
 -------------------------------------------------------------------------------------------------------------------------------------------
 Month(6)
  2002-May                39406       39294       38145        1261      657784         112                                 105            7
       June               39469       39327       38231        1238      662317         142                                 136            6
                                                                                                                                            
       July               39679       39487       38301        1377      666838         191                                 176           16
       Aug.               39961       39628       38353        1608      669833         333                                 185          148
       Sep.               39209       38980       37722        1486      671399         229                                 169           60
                                                                                                                                            
       Oct.               39171       39028       37636        1535      674250         143                                 120           23
       Nov.               39760       39489       38122        1638      677612         272                                  60          211
       Dec.               40217       40138       38208        2009      681900          80                                  45           35
                                                                                                                                            
  2003-Jan.               40731       40704       39024        1707      685722          27          12           0          13            2
       Feb.               40820       40795       38855        1965      691305          25          21           0           5             
       Mar.               40973       40951       39337        1636      695142          22          14           0           8             
                                                                                                                                            
       Apr.               40806       40777       39274        1532      698209          29           8           0          21             
       May                40987       40931       39368        1619      701137          55           3           0          53             
 2 weeks ending(7)
  2003-Apr. 30            41215       41186       39664        1551      700295          29           2           0          27              
                                                                                                                                             
       May  14            39761       39710       38217        1543      699029          51           3           0          48              
            28            41796       41738       40182        1614      702849          58           2           0          56              
                                                                                                                                             
       June 11            42932       42863       40940        1992      702981          69           7           0          63              
            25p           42216       41975       40625        1590      703172         241         163           0          78              
---------------------------------------------------------------------------------------------------------------------------------------------  
 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)                                                                                
  2002-May                 40292        40180        39030       668123         9188        41824        31104        10721
       June                38617        38474        37378       672966         7917        41680        30700        10980
                                                                                                                           
       July                39417        39225        38039       678900         8037        42805        31380        11425
       Aug.                39838        39505        38230       679480         8463        42992        31375        11617
       Sep.                38864        38635        37378       679889         8665        42328        30200        12128
                                                                                                                           
       Oct.                38672        38529        37137       681780         8780        43028        29892        13137
       Nov.                39214        38943        37576       687291         9758        42236        29457        12780
       Dec.                40274        40194        38264       697149         9926        43368        30347        13021
                                                                                                                           
  2003-Jan.                42869        42842        41162       699247        10075        46209        32794        13415
       Feb.                41939        41913        39973       701039         9860        45942        32079        13863
       Mar.                40597        40575        38961       705037         9840        43088        30757        12331
                                                                                                                           
       Apr.                41172        41142        39640       709076        10598        41991        30574        11417
       May                 41801        41745        40182       712714        11405        41636        30396        11241
 2 weeks ending(10)
  2003-Apr. 30             42987        42958        41436       710393        11852        42024        31136        10889           75
                                                                                                                                        
       May  14             39468        39417        37924       710006         9772        41432        29696        11736           22
            28             44326        44269        42712       715244        13116        41968        31211        10758          101
                                                                                                                                        
       June 11             40907        40838        38914       713542        11050        41040        29857        11183          110
            25p            42227        41987        40637       714076        11427        42303        30800        11503          -15
--------------------------------------------------------------------------------------------------------------------------------------------   
 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)
  2002-May                 40226        40114        38965         657980
       June                38541        38398        37302         662820
                                                                         
       July                39322        39131        37945         668678
       Aug.                39725        39392        38117         669245
       Sep.                38740        38511        37254         669647
                                                                         
       Oct.                38530        38388        36995         671432
       Nov.                39054        38783        37416         676721
       Dec.                40128        40048        38118         686226
                                                                         
  2003-Jan.                42854        42827        41147         688334
       Feb.                41937        41912        39972         690253
       Mar.                40595        40573        38959         693909
                                                                         
       Apr.                41164        41135        39632         697806
       May                 41788        41732        40169         701533
 2 weeks ending(6)
  2003-Apr. 30             42975        42946        41424         699223
                                                                         
       May  14             39455        39404        37911         698797
            28             44313        44255        42699         704042
                                                                         
       June 11             40893        40824        38901         702594
            25p            42213        41973        40623         702995
  
 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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