Federal Reserve Economic Data

FRED Economic Data, St. Louis FED

FRED Graph

1Y5Y10YMax
to
Date:
Line 1 - Velocity of MZM Money Stock (DISCONTINUED)
Line 1
(a) Velocity of MZM Money Stock (DISCONTINUED), Ratio, Seasonally Adjusted (MZMV)
This series has been discontinued and will no longer be updated. The institutional money market funds component (IMFSL (https://fred.stlouisfed.org/series/IMFSL)) used to calculate MZM has been discontinued by the Board of Governors and is no longer available in the H.6 statistical release, Money Stock Measures. For further information about the changes to the H.6 statistical release, please see the announcements (https://www.federalreserve.gov/feeds/h6.html) provided by the source. Calculated as the ratio of quarterly nominal GDP (GDP (https://fred.stlouisfed.org/series/GDP)) to the quarterly average of MZM money stock (MZMSL (https://fred.stlouisfed.org/series/MZMSL)). The velocity of money is the frequency at which one unit of currency is used to purchase domestically- produced goods and services within a given time period. In other words, it is the number of times one dollar is spent to buy goods and services per unit of time. If the velocity of money is increasing, then more transactions are occurring between individuals in an economy. The frequency of currency exchange can be used to determine the velocity of a given component of the money supply, providing some insight into whether consumers and businesses are saving or spending their money. There are several components of the money supply,: M1, M2, and MZM (M3 is no longer tracked by the Federal Reserve); these components are arranged on a spectrum of narrowest to broadest. Consider M1, the narrowest component. M1 is the money supply of currency in circulation (notes and coins, traveler’s checks [non-bank issuers], demand deposits, and checkable deposits). A decreasing velocity of M1 might indicate fewer short- term consumption transactions are taking place. We can think of shorter- term transactions as consumption we might make on an everyday basis. The broader M2 component includes M1 in addition to saving deposits, certificates of deposit (less than $100,000), and money market deposits for individuals. Comparing the velocities of M1 and M2 provides some insight into how quickly the economy is spending and how quickly it is saving. MZM (money with zero maturity) is the broadest component and consists of the supply of financial assets redeemable at par on demand: notes and coins in circulation, traveler’s checks (non-bank issuers), demand deposits, other checkable deposits, savings deposits, and all money market funds. The velocity of MZM helps determine how often financial assets are switching hands within the economy.

Select a date that will equal 100 for your custom index:
  Enter date as YYYY-MM-DD
to

Write a custom formula to transform one or more series or combine two or more series.

You can begin by adding a series to combine with your existing series.

Type keywords to search for data

    Now create a custom formula to combine or transform the series.

    For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

    Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

    Finally, you can change the units of your new series.

    Select a date that will equal 100 for your custom index:
        Enter date as YYYY-MM-DD

    Line 1 - Velocity of MZM Money Stock (DISCONTINUED)
    Line 2
    (a) Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis, Percent, Not Seasonally Adjusted (DGS10)
    H.15 Statistical Release (https://www.federalreserve.gov/releases/h15/current/h15.pdf) notes and Treasury Yield Curve Methodology (https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/yieldmethod.aspx). For questions on the data, please contact the data source (https://www.federalreserve.gov/apps/ContactUs/feedback.aspx?refurl=/releases/h15/%). For questions on FRED functionality, please contact us here (https://fred.stlouisfed.org/contactus/).</p>

    Select a date that will equal 100 for your custom index:
      Enter date as YYYY-MM-DD
    to

    Write a custom formula to transform one or more series or combine two or more series.

    You can begin by adding a series to combine with your existing series.

    Type keywords to search for data

      Now create a custom formula to combine or transform the series.

      For example, invert an exchange rate by using formula 1/a, where “a” refers to the first FRED data series added to this line. Or calculate the spread between 2 interest rates, a and b, by using the formula a - b.

      Use the assigned data series variables (a, b, c, etc.) together with operators (+, -, *, /, ^, etc.), parentheses and constants (1, 1.5, 2, etc.) to create your own formula (e.g., 1/a, a-b, (a+b)/2, (a/(a+b+c))*100). As noted above, you may add other data series to this line before entering a formula.

      Finally, you can change the units of your new series.

      Select a date that will equal 100 for your custom index:
          Enter date as YYYY-MM-DD

      ADDLINE
      Type keywords to search for data
      Create user-defined line
      You can customize a graph by adding a straight line between two data points.
      FORMAT GRAPH
      Details
      Display
      Customize
      Frame
      Plot area
      Text

      Line 1
      Velocity of MZM Money Stock (DISCONTINUED)
      Line details & color

      Line style, thickness, color and position


      Line 2
      Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis
      Line details & color

      Line style, thickness, color and position



      Fullscreen

      Notes

      Velocity of MZM Money Stock (DISCONTINUED)  (MZMV)

      Source: Federal Reserve Bank of St. Louis  

      Release: Money Velocity

      Units:  Ratio, Seasonally Adjusted

      Frequency:  Quarterly

      Notes:

      This series has been discontinued and will no longer be updated. The institutional money market funds component (IMFSL) used to calculate MZM has been discontinued by the Board of Governors and is no longer available in the H.6 statistical release, Money Stock Measures. For further information about the changes to the H.6 statistical release, please see the announcements provided by the source.

      Calculated as the ratio of quarterly nominal GDP (GDP) to the quarterly average of MZM money stock (MZMSL).

      The velocity of money is the frequency at which one unit of currency is used to purchase domestically- produced goods and services within a given time period. In other words, it is the number of times one dollar is spent to buy goods and services per unit of time. If the velocity of money is increasing, then more transactions are occurring between individuals in an economy.
      The frequency of currency exchange can be used to determine the velocity of a given component of the money supply, providing some insight into whether consumers and businesses are saving or spending their money. There are several components of the money supply,: M1, M2, and MZM (M3 is no longer tracked by the Federal Reserve); these components are arranged on a spectrum of narrowest to broadest. Consider M1, the narrowest component. M1 is the money supply of currency in circulation (notes and coins, traveler’s checks [non-bank issuers], demand deposits, and checkable deposits). A decreasing velocity of M1 might indicate fewer short- term consumption transactions are taking place. We can think of shorter- term transactions as consumption we might make on an everyday basis.

      The broader M2 component includes M1 in addition to saving deposits, certificates of deposit (less than $100,000), and money market deposits for individuals. Comparing the velocities of M1 and M2 provides some insight into how quickly the economy is spending and how quickly it is saving.

      MZM (money with zero maturity) is the broadest component and consists of the supply of financial assets redeemable at par on demand: notes and coins in circulation, traveler’s checks (non-bank issuers), demand deposits, other checkable deposits, savings deposits, and all money market funds. The velocity of MZM helps determine how often financial assets are switching hands within the economy.

      Suggested Citation:

      Federal Reserve Bank of St. Louis, Velocity of MZM Money Stock (DISCONTINUED) [MZMV], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MZMV, April 7, 2025.

      Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis  (DGS10)

      Source: Board of Governors of the Federal Reserve System (US)  

      Release: H.15 Selected Interest Rates  

      Units:  Percent, Not Seasonally Adjusted

      Frequency:  Daily

      Notes:

      For further information regarding treasury constant maturity data, please refer to the H.15 Statistical Release notes and Treasury Yield Curve Methodology.

      For questions on the data, please contact the data source. For questions on FRED functionality, please contact us here.

      Suggested Citation:

      Board of Governors of the Federal Reserve System (US), Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis [DGS10], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DGS10, April 7, 2025.

      Release Tables

      H.15 Selected Interest Rates

      Related Data and Content

      Data Suggestions Based On Your Search

      Content Suggestions

      Other Formats

      Annual, Not Seasonally Adjusted Monthly, Not Seasonally Adjusted Weekly, Not Seasonally Adjusted

      Related Categories

      Money Velocity Monetary Data Money, Banking, & Finance Treasury Constant Maturity Interest Rates

      Releases

      More Series from Money Velocity More Series from H.15 Selected Interest Rates

      Tags

      MZM Money Stock Velocity Monetary Aggregates Discontinued St. Louis Fed Quarterly Copyrighted: Citation Required Seasonally Adjusted Nation United States of America 10-Year Maturity H.15 Selected Interest Rates Treasury Daily Interest Rate Interest Board of Governors Rate Public Domain: Citation Requested Not Seasonally Adjusted

      Need Help?

      Questions or Comments
      FRED Help

      Subscribe to the FRED newsletter

      Follow us

      Back to Top
      Color format