M1 data are seasonally adjusted. Last plot for M1 is estimated for September 1999. Last plot for sweep-adjusted M1 is August 1999. Dotted lines for M2 and M3 are FOMC-determined provisional ranges. Dotted lines represent growth in levels and are for reference only.
All yields are from constant-maturity series.
Contract interest rates on commitments for fixed-rate first mortgages. 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. Economic Activity a. Chain-weighted data in billions of 1992 dollars.