The Fed reported that M1 dropped $4.4 billion.

However, the Federal Reserve Board said M2, a broader measure of the money supply, rose to $2,838.9 billion in May from $2,838 billion in April, less of an increase than expected. M3, an even broader measure, rose to $3,555.1 billion from $3,540.8 billion, a greater increase than expected. The Fed said M1 fell to a seasonally adjusted $753.7 billion in the week ended June 1 from $758.1 billion the previous week. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks. M2 is made up of M1 and such accounts as savings deposits and money-market mutual funds. M3 is the sum of M2 plus less-liquid accounts, such as certificates of deposit in minimum denominations of $100,000.