The numbers M1 and M2 are from the Federal Reserve, ODL is a derivative of M2, described below.

The numbers M1 and M2 are from the Federal Reserve, ODL is a derivative of M2, described below.

The data in the chart above is from the Fed. H.6 Money Stock ReportPosted on January 24.

monetary definitions

  • M1 consists of (1) currency outside of the US Treasury, Federal Reserve Banks, and depository institution vaults; (2) Demand deposits at commercial banks (excluding amounts held by depository institutions, the US government, and foreign banks and official institutions) less cash items receivable and Federal Reserve float ; and (3) other liquid deposits, consisting of other demand deposits (or OCDs, which comprised a Negotiable Withdrawal Order, or NOW, and Automatic Transfer Service, or ATS, accounts at depository institutions, giro accounts shares in credit unions and demand deposits in savings institutions) and savings deposits (including money market deposit accounts). The seasonally adjusted M1 is constructed by adding cash, demand deposits and other liquid deposits, each one separately seasonally adjusted.
  • M2 consists of M1 plus (1) small denomination time deposits (time deposits in amounts less than $100,000) less IRA and Keogh balances at depository institutions; and (2) balances in retail money market funds (MMFs) less IRA and Keogh balances in FMMs. Seasonally adjusted M2 is constructed by adding low-denomination time deposits and retail MMFs, each one separately seasonally adjusted, and adding the result to seasonally adjusted M1.
  • ODL is described below

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