The nation’s money supply plunged $14.9 billion.
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A Federal Reserve Board spokesman said the drop in the nation’s basic money supply, or M1, for the week ended Jan. 12 was the largest weekly decline in M1 since the current form of measurement was first used in 1959. The Fed said M1 fell to a seasonally adjusted $734.4 billion from $749.3 billion the previous week.
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