All of the narrow measures of money fell last month. Currency declined at a 2.5% rate, title reserves plunged 15.4%, the monetary base (which measures currency in the hands of the public plus reserves and currency held by banks) was down 1% and M1 (which includes both currency and checkable deposits) dropped 3.9% in January.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-03, pp. 02-04, 03.01.1996.