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To: patron_anejo_por_favor who wrote (271386)	12/18/2003 6:48:39 PM
From: Oblomov	Read Replies (2) \| Respond to of 436258

I think you had the wrong link. Here's MZM: research.stlouisfed.org We're back to July in terms of M3, M2, and MZM. But reserves and currency has continued to increase, so it has to be due to a decline either in savings/NOW, time deposits, money markets, or demand deposits. Could it be a repayment of debt? Or what are some alternative explanations that explain a decline in monetary aggregates, other than Fed OMO?