If you believe this line of bullshit, then there's a bridge in 
brooklyn i'd like to sell ya!

http://www.federalreserve.gov/releases/h6/discm3.htm


Release Date: November 10, 2005, revised March 9, 2006
Discontinuance of M3
On March 23, 2006, the Board of Governors of the Federal Reserve 
System will cease publication of the M3 monetary aggregate. The Board 
will also cease publishing the following components: large-
denomination time deposits, repurchase agreements (RPs), and 
Eurodollars. The Board will continue to publish institutional money 
market mutual funds as a memorandum item in this release.

Measures of large-denomination time deposits will continue to be 
published by the Board in the Flow of Funds Accounts (Z.1 release) on 
a quarterly basis and in the H.8 release on a weekly basis (for 
commercial banks).

M3 does not appear to convey any additional information about 
economic activity that is not already embodied in M2 and has not 
played a role in the monetary policy process for many years. 
Consequently, the Board judged that the costs of collecting the 
underlying data and publishing M3 outweigh the benefits.

Statistical releases 

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OM
 
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