The sweep-adjusted base contains an estimate of required reserves saved when balances are shifted from reservable to nonreservable accounts. Data are seasonally adjusted. Last plots for M2 and M3 are December 1999. Dotted lines for M2 and M3 are FOMC-determined provisional ranges. Last plots for M1, the monetary base, and currency are December 1999.
Dotted lines represent growth rates and are for reference only.
All yields are from constant-maturity series. Inflation and Prices a. 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. West Texas Intermediate crude oil.