March 16, 2006
                                                                                      H.6 (508)


Discontinuance of M3

As announced on November 10, 2005, the Board of Governors will cease publication of the M3 monetary
aggregate on March 23, 2006. 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).

M3 does not appear to convey any additional information about economic activity that is not already
embodied in M2 and has not played a role in the monetary policy process for many years.
Consequently, the Board judged that the costs of collecting the underlying data and publishing M3
outweigh the benefits.

On March 23, 2006, the Board will publish a final set of historical data on M3 and its components.  
The Board will publish historical data on M1, M2, M3, and their components in the current format
for the last time today (www.federalreserve.gov/releases/h6/hist/).  Beginning March 9, 2006, each
week the Board will publish historical data on M1, M2, and their components
(www.federalreserve.gov/releases/h6/hist/newformat.htm).


FEDERAL RESERVE STATISTICAL RELEASE
 
 H.6 (508)
 Table 1                  These data are scheduled for release each Thursday at 4:30 p.m.
                                                                       March 16, 2006
 MONEY STOCK MEASURES
 Billions of dollars                             

  
 Footnotes to Table 1:
 1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; 
    (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository 
    institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection
    and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW)    
    and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits
    at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks, demand deposits, and
    OCDs, each seasonally adjusted separately.
 

 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time 
    deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository 
    institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds.
    Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, 
    each seasonally adjusted separately, and adding this result to seasonally adjusted M1.
 

 3. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits
    in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 
    or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. 
    banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and 
    Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions,
    and money market mutual funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination 
    time deposits, RPs, and Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2.                
  
 Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/).
 Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information
 about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 
 202-728-5886).  For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.
1
  
  
  
 H.6 (508)
 Table 3
 MONEY STOCK MEASURES
 Billions of Dollars

 Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision.
 p -- indicates preliminary data.
 
  
  
  
  
 H.6 (508)
 Table 4
 SEASONALLY ADJUSTED COMPONENTS OF M1
 Billions of dollars

 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions 
    are included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations 
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash 
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.
 

 e -- indicates estimated data.     p -- indicates preliminary data.
 
  
  
  
 H.6 (508)
 Table 5
 SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars

 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial
    banks and thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.
 

 p -- indicates preliminary data.
  
  
  
 H.6 (508)
 Table 6
 SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
 Billions of dollars

 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act
    corporations, excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and 
    money market mutual funds.                                      
 3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding 
    those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
 4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada,
    excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market
    mutual funds.                                                  
 p -- indicates preliminary data    e -- indicates estimated data
1
  
  
  
 H.6 (508)
 Table 7
 NOT SEASONALLY ADJUSTED COMPONENTS OF M1

 1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are
    included in demand deposits.
 3. Demand deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations 
    (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash 
    items in the process of collection and Federal Reserve float.
 4. NOW and ATS balances at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
 5. NOW and ATS balances at thrift institutions, credit union share draft balances, and demand deposits at thrift institutions.
 

 e -- indicates estimated data.     p -- indicates preliminary data.
 
  
  
  
 H.6 (508)
 Table 8
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
 Billions of dollars

 1. Savings deposits include money market deposit accounts.
 2. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial 
    banks and thrift institutions are subtracted from small time deposits.
 3. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds.
 

 p -- indicates preliminary data.
 
 

 

 

 H.6 (508)
 Table 9
 NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3
 Billions of dollars
 

 1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
 2. Large-denomination time deposits at domestically chartered commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations,
    excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
 3. RP liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities, excluding those
    amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds.
 4. Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada,
    excluding those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and by money market mutual funds.
 p -- indicates preliminary data    e -- indicates estimated data
1
 

  
  
 H.6 (508)
 Table 10
 MEMORANDUM ITEMS
 Billions of dollars, not seasonally adjusted

 1. Source: Daily Treasury statement.
  e -- indicates estimated data     p -- indicates preliminary data

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