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<p>[QUOTE=&quot;Cloudsweeper99, post: 1308360, member: 3011&quot;]From the NY Fed website:</p><p><br /></p><p>&quot;The money supply measures reflect the different degrees of liquidity—or spendability—that different types of money have. The narrowest measure, M1, is restricted to the most liquid forms of money; it consists of currency in the hands of the public; travelers checks; demand deposits, and other deposits against which checks can be written. M2 includes M1, plus savings accounts, time deposits of under $100,000, and balances in retail money market mutual funds. &quot;</p><p><br /></p><p>So the Fed includes money market funds that consist of short term Treasuries and corporates as part of &quot;the most liquid forms of money&quot; they publish.&nbsp; Currency [i.e., FRNs] is only a small part of their measure of what is money.</p><p><br /></p><p>Yet, I&#039;m sure you still won&#039;t get it or admit you are wrong.[/QUOTE]</p><p><br /></p>

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