Conspiracy theorists will probably be disappointed if they take the time to look up the M2 and M3 definitions in a macroeconomics textbook. The short answer is that M2 is already so wide, that M3 adds little, or no information. There’s really nothing to hide by discontinuing the publication of M3 numbers, which were costly to assemble and pretty much useless.
This is a great answer from James Hamilton, PhD, a professor (meaning, full professor with tenure) at UCSD.
