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NOTES

Source: Federal Reserve Bank of St. Louis  

Release: H.3 Aggregate Reserves of Depository Institutions and the Monetary Base (data not included in press release)

Units:  Millions of Dollars, Not Seasonally Adjusted

Frequency:  Monthly

Notes:

The Board of Governors discontinued the H.3 statistical release on September 17, 2020. For more information, please see the announcement posted on August 20, 2020.

Series is calculated using data from the H.3 release as Total reserve balances maintained less Reserve balance requirements.

Please note though that this historical concept of "excess reserves" no longer has the same meaning following phase two of the simplification of reserves administration. For more information, see the Reserves Simplification Rule.

Suggested Citation:

Federal Reserve Bank of St. Louis, Excess Reserves of Depository Institutions (DISCONTINUED) [EXCSRESNS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/EXCSRESNS, October 22, 2020.

Source: Federal Reserve Bank of St. Louis  

Release: Money Velocity

Units:  Ratio, Seasonally Adjusted

Frequency:  Quarterly

Notes:

Calculated as the ratio of quarterly nominal GDP
to the quarterly average of M2 money stock.

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 M2 Money Stock [M2V], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/M2V, October 22, 2020.

Source: U.S. Bureau of Economic Analysis  

Release: Gross Domestic Product  

Units:  Billions of Dollars, Seasonally Adjusted Annual Rate

Frequency:  Quarterly

Notes:

BEA Account Code: A191RC

Gross domestic product (GDP), the featured measure of U.S. output, is the market value of the goods and services produced by labor and property located in the United States.For more information, see the Guide to the National Income and Product Accounts of the United States (NIPA) and the Bureau of Economic Analysis.

Suggested Citation:

U.S. Bureau of Economic Analysis, Gross Domestic Product [GDP], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/GDP, October 22, 2020.

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

Release: H.6 Money Stock Measures  

Units:  Billions of Dollars, Seasonally Adjusted

Frequency:  Weekly, Ending Monday

Notes:

M2 includes a broader set of financial assets held principally by households. M2 consists of M1 plus: (1) savings deposits (which include money market deposit accounts, or MMDAs); (2) small-denomination time deposits (time deposits in amounts of less than $100,000); and (3) balances in retail money market mutual funds (MMMFs). Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail MMMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

Suggested Citation:

Board of Governors of the Federal Reserve System (US), M2 Money Stock [M2], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/M2, October 22, 2020.

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