http://www.federalreserve.gov/releases/h3/current/h3.htm Take a look at this. Required reserves just increased this past two weeks 5.2% !! Remember, as all of this new based money is circulating through the banking system, reserves are not 'removed' from the system. They are merely moved from the excess reserves category to the required reserves one. 3B of required reserves increase probably approximates to 30B of new aggregate money the banking system created alone in the last few weeks. Once the maximum lending multipliers are reached (leaving out the shadow banking system, where there are no reserve requirements) there will be next to no excess reserves, but all required reserves. If the Fed were to let the money multipliers max out with the existing money base, we'd see 1T+ of required reserves and next to none in excess reserves. The # to watch going forward will be the required reserves.