M3b, repos & Fed watching: "The formula used has over five nines (.9999946 – 1.0 being perfect) correlation to the original data back going back to 1980, and is taken directly from the Federal Reserve’s definition of M3.
There is only one missing element that is apparently no longer available (Eurodollars) and I've applied an adjustment to generate it. Its only about 3% of total M3 so should not have a material effect on the total
The data sources are M2, Institutional Money Market and two weekly reports from the Fed – H.8 and H.4.1.
Not surprisingly, the growth rate has continued up since the last official report in early March
I’ll leave it up to the reader on why M3 was discontinued but wish to point out this quote: 'The last duty of a central banker is to tell the public the truth.' -- Alan Blinder, Vice Chairman of the Federal Reserve, on PBS’s Nightly Business Report in 1994 "
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