The nation’s money supply plunged in late June.

The Federal Reserve Board reported that the money supply measure known as M1 fell by $7.7 billion in the week ended June 29. The decline was larger than expected by a number of economists, but analysts said it prompted virtually no reaction in the credit markets. The Fed said M1 fell to a seasonally adjusted $742.4 billion in the week ended June 29 from a revised $750.1 billion the previous week. The previous week’s level was originally estimated at $750.7 billion. M1 includes cash in circulation, deposits in checking accounts and non-bank travelers checks.