2008-02-03

Hmmm?!?!? US Bank Reserves

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                                  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                                                   

 --------------------------------------------------------------------------------------------------------------------------------------------

                                                                                                                                             

 2 weeks ending(7)                                                                                                                           

  2007-Dec.  5             43993       43794       42170        1822      824857                     199         158           0           41

            19             40834       37001       39666        1168      822014                    3833        3798           2           34

                                                                                                                                             

  2008-Jan.  2             44040        8733       41647        2393      824534       30000        5308        5286           0           21

            16             41574         198       39864        1710      820879       40000        1377        1371           0            6

            30p            41639       -8751       40179        1460      821298       50000         390         385           0            5


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