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Economic Commentary

The 1985 Humphrey-Hawkins Testimony

In February, the Chairman of the Federal Reserve’s Board of Governors made the annual announcement of the Federal Open Market Committee’s (FOMC) current monetary growth targets. The Federal Reserve began announcing annual targets in 1975 in response to House Concurrent Resolution 133, and the practice was refined and formalized in the Federal Reserve Reform Act of 1977 and in the Full Employment and Balanced Growth Act of 1978 (better known as the Humphrey-Hawkins Act).

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Pakko, Michael. 1985. “The 1985 Humphrey-Hawkins Testimony.” Federal Reserve Bank of Cleveland, Economic Commentary 3/1/1985.