# USD by the numbers

<div class="money-supply">
  <div class="ms-head">M1</div>
  <div class="ms-head">M2</div>
  <div class="ms-head">M3</div>
  <div class="ms-head">L</div>
  <div class="ms-head">$T</div>
  <div class="ms-head"></div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">2.0</div><div class="ms-desc">$100 bills</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">0.12</div><div class="ms-desc">$50 bills</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">0.22</div><div class="ms-desc">$20 bills</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">0.05</div><div class="ms-desc">$1, $2, $5, $10 bills + coin</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">3.0</div><div class="ms-desc">Household demand deposits at commercial banks</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">0.4</div><div class="ms-desc">Household demand deposits at credit unions + thrifts</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">3.4</div><div class="ms-desc">Business + government + foreign demand deposits</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">5.3</div><div class="ms-desc">Savings deposits — passbook + statement + online</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">4.0</div><div class="ms-desc">Money market deposit accounts — MMDAs</div>

<div class="ms-m1"></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">1.0</div><div class="ms-desc">Interest-bearing checking — NOW + ATS accounts</div>

<div></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">1.0</div><div class="ms-desc">Small-denomination time deposits — retail CDs under $100k</div>

<div></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">2.0</div><div class="ms-desc">Retail government MMFs</div>

<div></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">1.0</div><div class="ms-desc">Retail prime MMFs</div>

<div></div><div class="ms-m2"></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">0.14</div><div class="ms-desc">Retail tax-exempt MMFs</div>

<div></div><div></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">2.5</div><div class="ms-desc">Large-denomination time deposits — institutional CDs ≥ $100k</div>

<div></div><div></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">3.5</div><div class="ms-desc">Institutional general government MMFs</div>

<div></div><div></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">0.9</div><div class="ms-desc">Institutional Treasury-only MMFs</div>

<div></div><div></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">0.25</div><div class="ms-desc">Institutional prime + tax-exempt MMFs</div>

<div></div><div></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">1.5</div><div class="ms-desc">Tri-party repurchase agreements</div>

<div></div><div></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">1.5</div><div class="ms-desc">Bilateral + FICC-cleared repurchase agreements</div>

<div></div><div></div><div class="ms-m3"></div><div class="ms-l"></div>
  <div class="ms-amt">0.5</div><div class="ms-desc">Eurodollars — USD deposits held outside US banks</div>

<div></div><div></div><div></div><div class="ms-l"></div>
  <div class="ms-amt">2.3</div><div class="ms-desc">T-bills issued at ≤17-week</div>

<div></div><div></div><div></div><div class="ms-l"></div>
  <div class="ms-amt">3.0</div><div class="ms-desc">T-bills issued at 26-week</div>

<div></div><div></div><div></div><div class="ms-l"></div>
  <div class="ms-amt">1.5</div><div class="ms-desc">T-bills issued at 52-week + cash management bills</div>

<div></div><div></div><div></div><div class="ms-l"></div>
  <div class="ms-amt">0.75</div><div class="ms-desc">Financial commercial paper</div>

<div></div><div></div><div></div><div class="ms-l"></div>
  <div class="ms-amt">0.4</div><div class="ms-desc">Asset-backed commercial paper</div>

<div></div><div></div><div></div><div class="ms-l"></div>
  <div class="ms-amt">0.25</div><div class="ms-desc">Nonfinancial commercial paper</div>

<div></div><div></div><div></div><div class="ms-l"></div>
  <div class="ms-amt">0.2</div><div class="ms-desc">Savings bonds — Series EE / I</div>
</div>

<table>
  <thead>
    <tr><th>M1</th><th>M2</th><th>M3</th><th>L</th><th>$T</th><th></th></tr>
  </thead>
  <tbody>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>2.0</td><td>$100 bills</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>0.12</td><td>$50 bills</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>0.22</td><td>$20 bills</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>0.05</td><td>$1, $2, $5, $10 bills + coin</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>3.0</td><td>Household demand deposits at commercial banks</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>0.4</td><td>Household demand deposits at credit unions + thrifts</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>3.4</td><td>Business + government + foreign demand deposits</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>5.3</td><td>Savings deposits (passbook + statement + online)</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>4.0</td><td>Money market deposit accounts (MMDAs)</td></tr>
    <tr><td>✓</td><td>✓</td><td>✓</td><td>✓</td><td>1.0</td><td>Interest-bearing checking (NOW + ATS)</td></tr>
    <tr><td></td><td>✓</td><td>✓</td><td>✓</td><td>1.0</td><td>Small-denomination time deposits (retail CDs &lt;$100k)</td></tr>
    <tr><td></td><td>✓</td><td>✓</td><td>✓</td><td>2.0</td><td>Retail government MMFs</td></tr>
    <tr><td></td><td>✓</td><td>✓</td><td>✓</td><td>1.0</td><td>Retail prime MMFs</td></tr>
    <tr><td></td><td>✓</td><td>✓</td><td>✓</td><td>0.14</td><td>Retail tax-exempt MMFs</td></tr>
    <tr><td></td><td></td><td>✓</td><td>✓</td><td>2.5</td><td>Large-denomination time deposits (institutional CDs ≥$100k)</td></tr>
    <tr><td></td><td></td><td>✓</td><td>✓</td><td>3.5</td><td>Institutional general government MMFs</td></tr>
    <tr><td></td><td></td><td>✓</td><td>✓</td><td>0.9</td><td>Institutional Treasury-only MMFs</td></tr>
    <tr><td></td><td></td><td>✓</td><td>✓</td><td>0.25</td><td>Institutional prime + tax-exempt MMFs</td></tr>
    <tr><td></td><td></td><td>✓</td><td>✓</td><td>1.5</td><td>Tri-party repurchase agreements</td></tr>
    <tr><td></td><td></td><td>✓</td><td>✓</td><td>1.5</td><td>Bilateral + FICC-cleared repurchase agreements</td></tr>
    <tr><td></td><td></td><td>✓</td><td>✓</td><td>0.5</td><td>Eurodollars</td></tr>
    <tr><td></td><td></td><td></td><td>✓</td><td>2.3</td><td>T-bills issued at ≤17-week</td></tr>
    <tr><td></td><td></td><td></td><td>✓</td><td>3.0</td><td>T-bills issued at 26-week</td></tr>
    <tr><td></td><td></td><td></td><td>✓</td><td>1.5</td><td>T-bills issued at 52-week + cash management bills</td></tr>
    <tr><td></td><td></td><td></td><td>✓</td><td>0.75</td><td>Financial commercial paper</td></tr>
    <tr><td></td><td></td><td></td><td>✓</td><td>0.4</td><td>Asset-backed commercial paper</td></tr>
    <tr><td></td><td></td><td></td><td>✓</td><td>0.25</td><td>Nonfinancial commercial paper</td></tr>
    <tr><td></td><td></td><td></td><td>✓</td><td>0.2</td><td>Savings bonds (Series EE / I)</td></tr>
  </tbody>
</table>

## Glossary

### Currency

**Currency in circulation** — Federal Reserve notes and coin held outside the
Treasury, Federal Reserve Banks, and depository institution vaults. Broken out
by denomination ($100, $50, $20, etc.).

### Deposits

**Demand deposit** — A bank account from which funds can be withdrawn on demand
without prior notice (i.e., a checking account). Historically
non-interest-bearing.

**Household demand deposits** — Checking-account balances held by individuals
and nonprofits.

**Business + government + foreign demand deposits** — Checking-account balances
held by nonfinancial corporations, state/local governments, and foreign entities
at US banks. Excludes the Treasury's General Account at the Fed (which is not
part of any M-aggregate).

**Savings deposits** — Interest-bearing accounts at depository institutions with
no scheduled maturity. Includes passbook, statement, and online savings
accounts.

**Money market deposit account (MMDA)** — A bank-issued, FDIC-insured deposit
account that pays a money-market-like rate and allows limited withdrawals. Not
the same as a money market fund.

**Interest-bearing checking (NOW + ATS)** — Checking accounts that pay interest,
enabled by Negotiable Order of Withdrawal (NOW) accounts and Automatic Transfer
Service (ATS) sweeps.

**Time deposit** — A deposit with a fixed maturity date and (usually) a penalty
for early withdrawal. Certificates of deposit (CDs) are the most common form.

**Small-denomination time deposit** — A time deposit under $100,000 (a retail
CD).

**Large-denomination time deposit** — A time deposit of $100,000 or more (an
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,
high-quality debt and aims to maintain a stable $1 share price.

**Retail vs. institutional MMF** — Retail MMFs are open to households (lower
minimums, individual share classes); institutional MMFs are restricted to
corporations, pension funds, and other large investors.

**Government MMF** — An MMF that invests at least 99.5% in cash, Treasury
securities, agency debt, and repos collateralized by those. The largest MMF
category by assets.

**Treasury-only MMF** — A subset of government MMFs that hold only Treasury
securities and Treasury repos.

**Prime MMF** — An MMF that invests in a broader range of short-term debt
including commercial paper, large CDs, and corporate notes.

**Tax-exempt MMF** — An MMF that invests primarily in short-term municipal debt;
interest is exempt from federal income tax.

### Wholesale funding

**Repurchase agreement (repo)** — A short-term collateralized loan: the borrower
sells a security and agrees to repurchase it later at a slightly higher price;
the difference is interest. Treasuries are the most common collateral.

**Tri-party repo** — A repo where a custodian bank (e.g. BNY Mellon) handles
collateral management for both sides. The dominant venue for general-collateral
repo.

**Bilateral repo** — A repo arranged directly between two counterparties without
a custodian.

**FICC-cleared repo** — A repo cleared through the Fixed Income Clearing
Corporation, which steps in as central counterparty to reduce settlement risk.

**Eurodollars** — US dollar–denominated deposits held at banks outside the
United States. The name predates the term being generic; today most are held in
the Caribbean and London.

### Treasury & corporate short-term debt

**Treasury bill (T-bill)** — US government debt with an original maturity of one
year or less. Sold at a discount and redeemed at face value.

**T-bill auction term** — The original tenor at issuance (4-week, 8-week,
13-week, 17-week, 26-week, 52-week). When Treasury re-opens an existing CUSIP,
the original auction term sticks — so a "26-week" bill four months later still
appears in the 26-week bucket even though its remaining maturity is much
shorter.

**Cash management bill (CMB)** — A T-bill with an irregular maturity (e.g., 14
or 35 days) issued ad-hoc when Treasury needs short-term cash.

**Commercial paper (CP)** — Unsecured short-term debt issued by corporations and
financial institutions, typically maturing in under 270 days.

**Financial CP** — CP issued by banks, broker-dealers, and other financial
firms.

**Asset-backed CP (ABCP)** — CP backed by a pool of assets (e.g., trade
receivables, credit-card receivables, auto loans).

**Nonfinancial CP** — CP issued by nonfinancial corporations to fund payroll,
inventory, and other working capital.

**Savings bond (Series EE / I)** — Non-marketable US government bonds sold
directly to individual investors. Series EE pays a fixed rate; Series I pays a
rate that adjusts every six months with inflation.