Discontinuance of M3 Reporting

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).

Release dates Historical data About

Editorial footnote: Investors have long been aware that M3 reports have been used by the Fed to influence market movement and equity values. By not reporting the currency supply, the Fed is hiding inflationary data to protect the U.S. Dollar value and foriegn investor interest.

If an increase in the money supply is the cause of a rise in the general price level, then M3 is an important measure of "price inflation". M3 is considered to be the broadest measure of money. It has been our best measure of price inflation. According to one market observer; Yoshaviah, "The information provided by M3, coupled with the 1-Year Treasury Constant Maturity Rate, can allow anyone with a spreadsheet to track the rate of inflation."