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The data in the above table is taken from the Fed’s H.6 Money Stock Report published on January 24.

Monetary definitions

  • M1 consists of (1) currency held outside the US Treasury, Federal Reserve Banks, and depository institution vaults; (2) demand deposits with commercial banks (excluding amounts held by depository institutions, the US government, foreign banks and official institutions), excluding cash in process of collection and floating Federal Reserve funds; and (3) other liquid deposits, which consist of other checkable deposits (or OCDs, which include Negotiable Withdrawal Order, or NOW, and Automatic Transfer Service, or ATS), accounts at depository institutions, general draft accounts at credit unions, and demand deposits : in thrift institutions) and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing up currency, demand deposits and other liquid deposits, each seasonally adjusted separately.
  • M2 consists of M1 plus (1) small nominal time deposits (time deposits of less than $100,000), minus individual retirement account (IRA) and Keogh balances in depository institutions; and (2) balances in retail money market funds (MMFs) minus IRA and Keogh balances in MMFs. Seasonally adjusted M2 is constructed by summing small nominal time deposits and retail MMFs, each seasonally adjusted separately, and adding the result to seasonally adjusted M1.
  • ODL is described below

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