The monetary base, including reserves and currency held by the public, grew at an annualized rate of about 4.3% in June and about 5.3% since the beginning of the year. The sweep-adjusted monetary base, however, went up 6.3% between April and May (the most recent data). All three of these increases can be attributed to currency, which has grown at a 6.6% annualized rate so far this year.
Suggested citation: “Monetary Policy,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-08, pp. 02-04, 08.01.1998.