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THE ECONOMY.(TO THE POINT)

Investor's Business Daily

| May 02, 2003 | COPYRIGHT 2003 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Hundreds settle up with the IRS

The agency said 1,253 taxpayers have participated in its voluntary compliance program, which is aimed at collecting taxes on holdings squirreled away in offshore bank accounts. The IRS will decide how many of them are eligible for the program. They then have five months to file corrected returns and pay taxes. Those who register won't be subject to criminal charges under the program.

** M2 money supply rose $16 bil to $5.9102 tril in the week ended April 21. M3 swelled $24.8 bil to $8.5832 tril. M1 rose $18.3 bil to $1.2405 tril.

** The average rate for a 30-year mortgage fell to 5.7% from 5.79% last week, Freddie Mac said. That's the lowest since the decades-low 5.61% hit during the week of March 14. The 15-year mortgage rate fell 9 basis points to 5.03%.

BOJ won't prop up stock prices

Bank of Japan Gov. Toshihiko Fukui said the central bank will probably reject any pushes from politicians for it to buy shares in Japanese banks. He also said the BoJ won't intervene in Japan's ...

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