BANKING & FINANCE - Dec. 25, 1992

Money Supply Declines: The two broadest measures of the nation’s money supply fell in the week ended Dec. 14, the Federal Reserve Board reported. The Fed said the measure known as M2 fell to a seasonally adjusted $3,506.0 billion from a revised $3,509.9 billion the previous week. An even broader measure, M3, fell to a seasonally adjusted $4,186.6 billion from a revised $4,187.8 billion. The narrowest measure of the money supply, M1, fell to a seasonally adjusted $1,021.0 billion from $1,022.6 billion. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks. M2 is M1 plus accounts such as savings deposits and money-market mutual funds. M3 is M2 plus less-liquid accounts, such as certificates of deposit in minimum denominations of $100,000.