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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: GraceZ who wrote (56175)	3/18/2006 11:26:57 AM
From: UncleBigs	Read Replies (1) of 110194

Seems to be a lot of people who believe that the Fed is hiding M-3 so that they can pump money at will in secret. I don't believe that. For one, with the exception of the repo data, M-3 really isn't useful. The amount of money held in money market funds is obtainable elsewhere and doesn't really represent money in my opinion. The garbage that most money market funds hold would not be in the money supply if held directly (i.e. 60 day Fannie Mae paper) but because it is packaged in a mutual fund and pegged at $1 value, it is included in M-3. The repo data can be monitored separately. Fortunately the Fed puts out very detailed information on its balance sheet and money operations. Maybe they are cooking the books but I don't think so.

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