Whats happened to M3?
David Chapman Nov 23, 2005 Federal Reserve Statistical Release November 10, 2005 Discontinuance of M3 On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. The Board will continue to publish institutional money market mutual funds as a memorandum item in this release. Measures of large-denomination time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). As a former money market/foreign exchange dealer I grew up in the business on M3. I recall back in the late 1970’s when we would sit around on Thursday’s awaiting the Federal Reserve’s weekly release of the Money Supply numbers. The market would centre on M3. The Bond market and the Eurodollar mark
