The nation’s basic money supply (M1) rose...

The nation’s basic money supply (M1) rose $1 billion in late July, the Federal Reserve Board reported. The Fed said M1 rose to a seasonally-adjusted $749.1 billion in the week ended July 27 from a revised $748.1 billion the previous week. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks. The Fed revised the June average for M2 downward by $1.2 billion to $2.842 trillion. M2 is made up of M1 and such accounts as savings deposits and money-market mutual funds.