Money Supply Surges: The Federal Reserve Board reported that the measure of the nation's basic money supply known as M2 rose in the week ended May 10 to a seasonally adjusted $3,501.9 billion, up $20.1 billion from a revised $3,481.8 billion the week before. An even broader measure, M3, increased $22.6 billion to $4,171.8 billion from a revised $4,149.2 billion. The narrowest measure, M1, rose $10 billion to $1,064.8 billion from $1,054.8 billion. M1 includes cash in circulation, deposits in checking accounts and non-bank traveler's 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 $100,000 denominations.
From Times Staff and Wire Reports
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