Speaking of M3, do I remember reading somewhere that it will still be calculated, but just not used in policy-making? Or is my recollection incorrect?
You could still calculate it, but I think the idea was that the extra work and expense involved didn't give enough additional value. If you use M2, you can get the same basic idea. The only people who care are those who think the Fed is owned by an evil cabal of foreign bankers draining our essence.