The measure that the U.S. Federal Reserve uses to monitor the United StatesÂ’s monetary assets using M1, M2, and M3. M1 is travelersÂ’ checks and the currency in circulation, in checking accounts, or in other accounts upon which checks can be written. M2 includes M1, plus savings accounts, time deposits under $100,000, and funds in retail money market mutual funds. M3 includes M2 plus time deposits over $100,000, balances in institutional money funds, repurchase liabilities issued by depository institutions, and eurodollars held by U.S. residents at foreign branches of U.S. banks and at all banks in the United Kingdom and Canada.