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To: BigBull who wrote (91207)	4/6/2001 6:24:42 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

<<What's going on with M1 these days? You know - good old fashioned CASH.>> I'm not sure, but I think Luc keeps converting all his poot profits to cash and then buries it beneath his cardboard box....ERRR, BOMB SHELTER.<G> Seriously, because demand for real cash (ie currency) is relatively constant, M1 varies very little over time, excepting unusual events like y2K. M3 continues to grow at a prodigious pace, although the rate of increase of growth has leveled out in recent weeks. The main drivers of this are 1) investors selling equities and moving the funds to the money markets, 2) decreased supply of treasuries is pushing lenders out of bonds and into money markets, swelling this aggregate and 3) equity drawdowns from mortgage refi's getting parked in mm's. The Fed's willingness to be the lender of "first, last and any" resort is contributing to M3 expansion as well....