M1 comprises (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of other depository corporations; (2) traveler's checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by other depository corporations, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, traveler's checks, demand deposits, and OCDs, each seasonally adjusted separately.
Copyright, 2014, International Monetary Fund. Reprinted with permission.
Source: International Monetary Fund
Release: International Financial Statistics
International Monetary Fund, M1 for United States© [MYAGM1USM052N], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/MYAGM1USM052N/, November 25, 2015.