Last plots for M2, MZM, and currency are estimated for August 1999. Dotted lines for M2 are FOMC-determined provisional ranges. All other dotted lines represent growth in levels and are for reference only.
All yields are from constant-maturity series.
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. Components of real GDP need not add to totals because current dollar values are deflated at the most detailed level for which all required data are available.