Data are seasonally adjusted. Last plots for the monetary base, M1, M2 and M3 are estimated for November 1999. Last plots for the sweep-adjusted base and M1 are for September 1999. Dotted lines for monetary base and M1 aggregate represent growth rates and are for reference only. Dotted lines for M2 and M3 aggregate are FOMC-determined provisional ranges.
All yields are from constant-maturity series.
Average for the week of November 26, 1999. Between October 1979 and January 1983, the policy target was a quantity of money, not an interest rate. Inflation and Prices a. Annualized. Calculated by the Federal Reserve Bank of Cleveland. Upper and lower bounds for CPI inflation path as implied by the central tendency growth ranges issued by the FOMC and nonvoting Reserve Bank presidents.