The Fed reported that M1 plunged by $8 billion.

The Federal Reserve said the nation’s basic money supply, also known as M1, fell to a seasonally adjusted $745.7 billion in the week ended June 8 from a revised $753.7 billion the previous week. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks. The large decline in M1 in early June was unexpected, with most credit analysts having predicted M1 would be unchanged or down only slightly. The Fed revised M2’s May average upward by $1 billion, to $2.8399 trillion.