In other developments, the Fed reported yesterday that all three measures of the nation's money supply rose during the week ended Dec. 17.

The Fed said that all three measures of the nation's money supply rose during the week ended Sept. 16.

Meanwhile, the Federal Reserve reported that all three measures of the nation's money supply declined in May.

Mr. Kudlow does not watch the popular measures of the nation's money supply, which have been surprisingly weak this year.

In other developments, the Federal Reserve reported yesterday that all three measures of the nation's money supply rose during the week ended May 29.

The Fed also reported that all three measures of the nation's money supply rose in the week ended July 11.

But the huge transfers of tax and other funds may have distorted the latest measures of the nation's money supply.

The Fed also said in its report that all three measures of the nation's money supply increased in late March.

Late yesterday the Fed reported that all three measures of the nation's money supply rose in the week ended May 11.

In other developments, the Federal Reserve said yesterday that all three measures of the nation's money supply fell during the week ended June 13.