M1 soared $14.8 billion in the week ended April 20.
The Federal Reserve Board reported that the money supply measure known as M1 rose to a seasonally adjusted $757 billion in the week ended April 20 from a revised $742.2 billion the previous week. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks. The bulge in M1 was due to the transfer of money by millions of Americans into their checking accounts to pay tax bills by the April 15 deadline, said Mitchell Held, chief economist at Smith Barney, Harris Upham.
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