M1 soared $4.1 billion in the week ended May 25.

The Federal Reserve Board reported that the nation’s basic money supply, also known as M1, rose to a seasonally adjusted $758.1 billion in the week ended May 25 from a revised $754 billion the week before. The Fed originally estimated M1 at $754.1 billion the previous week. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks. The growth in M1 was in the general range expected by a number of economists and had little effect on the credit markets.