Which of the following is not included in either M1 or M2?

A) U.S.Treasury bills
B) Small time deposits
C) Demand deposits
D) Money market mutual funds

U.S. Treasury Bills

Short-term government securities issued by the United States Department of the Treasury with maturity periods typically less than a year, considered low-risk investments.

Small Time Deposits

Bank deposits that have a fixed term or maturity date, typically with smaller deposit amounts and shorter durations.

Demand Deposits

Bank accounts that allow the account holder to withdraw funds without prior notification, such as checking accounts.