The nation’s basic money supply fell $1.5...

The nation’s basic money supply fell $1.5 billion in the week ended May 16, the Federal Reserve Board reported. The Fed said the measure of money, known as M1, fell to a seasonally adjusted average of $768.1 billion from a revised $769.6 billion the previous week. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks. The Fed said a broader measure of money, known as M2, rose $2.5 billion to an average of $3.002 trillion in the week ended May 16. M2 equals M1 plus accounts such as savings deposits and money market mutual funds.