Historical Year Data · 2003

Reserve Balances at Fed in 2003

Reserve Balances at Fed opened 2003 at $11B and closed at $11B, a +0.18% move for the year. The high of $22B was reached on August 20, and the low of $6B on March 12.

Open

$11B

2003-01

$11B

53 data points

High

$22B

Aug 20

Low

$6B

Mar 12

Full Year Change

+0.18%

2002 Change

+31.55%

Monthly Breakdown

Month	Open	Close	High	Low	Change
Jan	$11B	$7B	$12B	$7B	-33.07%
Feb	$12B	$8B	$13B	$6B	-30.61%
Mar	$13B	$6B	$13B	$6B	-52.92%
Apr	$13B	$15B	$15B	$6B	+15.83%
May	$7B	$16B	$16B	$7B	+133.42%
Jun	$12B	$13B	$13B	$10B	+11.57%
Jul	$13B	$11B	$14B	$10B	-16.30%
Aug	$13B	$12B	$22B	$8B	-10.82%
Sep	$16B	$9B	$16B	$9B	-43.98%
Oct	$17B	$16B	$17B	$7B	-4.88%
Nov	$12B	$12B	$12B	$9B	-1.87%
Dec	$13B	$11B	$13B	$10B	-15.65%

Events During 2003

1990 Japanese Bubble Collapse

Deflation

January 1990 – 2003

The Nikkei 225 peaked at 38,957 on December 29, 1989, then fell 82% over 13 years. Japan entered its "lost decades" of deflation, zero rates, and structural stagnation that still shapes global markets today.

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