M1 surged $7.7 billion in the week ended Jan. 5.

The Federal Reserve Board said the basic U.S. money supply, known as M1, expanded to a seasonally adjusted $749.3 billion in the week ended Jan. 5, from a revised $741.6 billion the previous week. The prior week’s total originally was estimated at $741 billion. M1 represents money readily available for spending, including cash, deposits in checking accounts and other easily accessible accounts.