Your Economy (No Politics)

[Bullwinkle]

I believe so, at least to some degree...

Money Stock Measures

M1, M2, and M3 are progressively more inclusive measures of money: M1 is included in M2, which is included in M3.

M1, the most narrowly defined measure, consists of the most liquid forms of money, namely currency and checkable deposits.

The non-M1 components of M2 are primarily household holdings of savings deposits, small time deposits, and retail money market mutual funds.

The non-M2 components of M3 consist of institutional money funds and certain managed liabilities of depositories, namely large time deposits, repurchase agreements, and Eurodollars.


http://www.federalreserve.gov/releases/h6/about.htm

As a side note, it may even effect the Program Trade data I post weekly...