I quoted from some of the notes on FRED series for yesterday's post. I didn't need this part from the Small Time Deposits - Total series yesterday, but it is too significant to pass up:
The small-denomination time deposit component of M2 excludes individual retirement account (IRA) and Keogh balances at depository institutions because heavy penalties for pre-retirement withdrawals make them too illiquid to be included in the monetary aggregates.
They are "too illiquid to be included" in the M2 measure of money.
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