Friday, December 28, 2007
M3 reconstruction shows explosive growth
The Web site referenced below did some sleuthing and data extraction and put M3 back together from various weekly Federal Reserve reports that are still available. http://www.nowandfutures.com/key_stats.html
The formula they're using has five 9s correlation to the original data back to 1980.
There is only one missing element that is apparently no longer available (Eurodollars) and an adjustment has been applied to generate it. Its only about 3% of total M3 so should not have a material effect on the total.
You can see from the chart why the Fed no longer publishes this data.
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