USD by the numbers
USD by the numbers
M1
M2
M3
$T
2.0<br>$100 bills
0.12<br>$50 bills
0.22<br>$20 bills
0.05<br>$1, $2, $5, $10 bills + coin
3.0<br>Household demand deposits at commercial banks
0.4<br>Household demand deposits at credit unions + thrifts
3.4<br>Business + government + foreign demand deposits
5.3<br>Savings deposits — passbook + statement + online
4.0<br>Money market deposit accounts — MMDAs
1.0<br>Interest-bearing checking — NOW + ATS accounts
1.0<br>Small-denomination time deposits — retail CDs under $100k
2.0<br>Retail government MMFs
1.0<br>Retail prime MMFs
0.14<br>Retail tax-exempt MMFs
2.5<br>Large-denomination time deposits — institutional CDs ≥ $100k
3.5<br>Institutional general government MMFs
0.9<br>Institutional Treasury-only MMFs
0.25<br>Institutional prime + tax-exempt MMFs
1.5<br>Tri-party repurchase agreements
1.5<br>Bilateral + FICC-cleared repurchase agreements
0.5<br>Eurodollars — USD deposits held outside US banks
2.3<br>T-bills issued at ≤17-week
3.0<br>T-bills issued at 26-week
1.5<br>T-bills issued at 52-week + cash management bills
0.75<br>Financial commercial paper
0.4<br>Asset-backed commercial paper
0.25<br>Nonfinancial commercial paper
0.2<br>Savings bonds — Series EE / I
M1M2M3L$T
✓✓✓✓2.0$100 bills<br>✓✓✓✓0.12$50 bills<br>✓✓✓✓0.22$20 bills<br>✓✓✓✓0.05$1, $2, $5, $10 bills + coin<br>✓✓✓✓3.0Household demand deposits at commercial banks<br>✓✓✓✓0.4Household demand deposits at credit unions + thrifts<br>✓✓✓✓3.4Business + government + foreign demand deposits<br>✓✓✓✓5.3Savings deposits (passbook + statement + online)<br>✓✓✓✓4.0Money market deposit accounts (MMDAs)<br>✓✓✓✓1.0Interest-bearing checking (NOW + ATS)<br>✓✓✓1.0Small-denomination time deposits (retail CDs<br>✓✓✓2.0Retail government MMFs<br>✓✓✓1.0Retail prime MMFs<br>✓✓✓0.14Retail tax-exempt MMFs<br>✓✓2.5Large-denomination time deposits (institutional CDs ≥$100k)<br>✓✓3.5Institutional general government MMFs<br>✓✓0.9Institutional Treasury-only MMFs<br>✓✓0.25Institutional prime + tax-exempt MMFs<br>✓✓1.5Tri-party repurchase agreements<br>✓✓1.5Bilateral + FICC-cleared repurchase agreements<br>✓✓0.5Eurodollars<br>✓2.3T-bills issued at ≤17-week<br>✓3.0T-bills issued at 26-week<br>✓1.5T-bills issued at 52-week + cash management bills<br>✓0.75Financial commercial paper<br>✓0.4Asset-backed commercial paper<br>✓0.25Nonfinancial commercial paper<br>✓0.2Savings bonds (Series EE / I)
Glossary
Currency
Currency in circulation — Federal Reserve notes and coin held outside the<br>Treasury, Federal Reserve Banks, and depository institution vaults. Broken out<br>by denomination ($100, $50, $20, etc.).
Deposits
Demand deposit — A bank account from which funds can be withdrawn on demand<br>without prior notice (i.e., a checking account). Historically<br>non-interest-bearing.
Household demand deposits — Checking-account balances held by individuals<br>and nonprofits.
Business + government + foreign demand deposits — Checking-account balances<br>held by nonfinancial corporations, state/local governments, and foreign entities<br>at US banks. Excludes the Treasury's General Account at the Fed (which is not<br>part of any M-aggregate).
Savings deposits — Interest-bearing accounts at depository institutions with<br>no scheduled maturity. Includes passbook, statement, and online savings<br>accounts.
Money market deposit account (MMDA) — A bank-issued, FDIC-insured deposit<br>account that pays a money-market-like rate and allows limited withdrawals. Not<br>the same as a money market fund.
Interest-bearing checking (NOW + ATS) — Checking accounts that pay interest,<br>enabled by Negotiable Order of Withdrawal (NOW) accounts and Automatic Transfer<br>Service (ATS) sweeps.
Time deposit — A deposit with a fixed maturity date and (usually) a penalty<br>for early withdrawal. Certificates of deposit (CDs) are the most common form.
Small-denomination time deposit — A time deposit under $100,000 (a retail<br>CD).
Large-denomination time deposit — A time deposit of $100,000 or more (an<br>institutional or jumbo CD, often negotiable in the secondary market).
Money market funds
Money market fund (MMF) — A mutual fund that invests in short-term,<br>high-quality debt and aims to maintain a stable $1 share price.
Retail vs. institutional MMF — Retail MMFs are open to households (lower<br>minimums, individual share classes); institutional MMFs are restricted to<br>corporations, pension funds, and other large investors.
Government MMF — An MMF that invests at least 99.5% in cash, Treasury<br>securities, agency debt, and repos collateralized by those. The largest MMF<br>category by assets.
Treasury-only MMF — A subset of government MMFs that hold only Treasury<br>securities and Treasury repos.
Prime MMF — An MMF that invests in a broader range of short-term debt<br>including commercial paper, large CDs, and corporate notes.
Tax-exempt MMF — An MMF that invests primarily in short-term municipal debt;<br>interest is exempt from federal income tax.
Wholesale funding
Repurchase agreement (repo) — A short-term collateralized loan: the borrower<br>sells a security and agrees to repurchase it later at a slightly higher price;<br>the difference is...