-->Doug Noland:

...Broad money supply (M3) surged $42.1 billion for the week of March 29, with 3-week gains of $91.3 billion. For the first 13 weeks of 2004, M3 has expanded $221.6 billion, or 10.1% annualized. For the week, Demand & Checkable Deposits increased $8.7 billion (up $48.0 billion over three weeks). Savings Deposits added $3.9 billion and Small Denominated Deposits dipped $0.6 billion. Retail Money Fund deposits declined $0.4 billion, while Institutional Money Fund deposits jumped $16.2 billion. Large Denominated Deposits expanded $8.4 billion. Repurchase Agreements rose $3.2 billion, while Eurodollar deposits added $2.4 billion.

It is also worth noting that Savings Deposits have expanded by $119.9 billion, or 15.2% annualized, during the first 13 weeks of 2004. Over 52 weeks, Savings Deposits were up $413 billion, or 14.4%.

Total Bank Credit jumped $9.1 billion to $6.53 Trillion (week of March 31). Bank Credit is up $283.3 billion during the first 13 weeks of the year, or 18.1% annualized. For the week, Securities holdings declined $7.4 billion. Loans & Leases jumped $16.5 billion, with Real Estate loans up $15.8 billion. Real Estate loans are up $92.2 billion y-t-d, or 16.6% annualized. For the week, Commercial & Industrial loans declined $6.7 billion and Consumer loans dipped $0.2 billion. Security loans surged $19.3 billion, while Other loans declined $11.6 billion. Elsewhere, Total Commercial Paper increased $3.0 billion to $1.322 Trillion. Financial CP declined $3.3 billion to $1.204 Trillion, while Non-financial CP increased $6.3 billion to $118.1 billion. Year-to-date, Total CP is up $53.5 billion, or 15.7% annualized.

Fed Foreign “Custody” Holdings of Treasury, Agency debt jumped $16.7 billion, reversing last week’s atypical decline. Year-to-date, Custody Holdings are up $109.3 billion, or 38.1% annualized.