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Economic Commentary

Communication and the Humphrey-Hawkins Process

The Federal Reserve reports its monetary policy goals for the coming year to Congress in what is known as the Humphrey-Hawkins testimony. The report includes a discussion of the economic projections of the Federal Open Market Committee (FOMC) and of the Federal Reserve’s target ranges for growth of the M2 and M3 monetary aggregates. The process seems to work well for reporting short-term goals, but perhaps could be improved upon to better communicate the Federal Reserve’s long-term monetary objectives.

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 paper and its data are subject to revision; please visit for updates.

Suggested Citation

McElravey, John. 1989. “Communication and the Humphrey-Hawkins Process.” Federal Reserve Bank of Cleveland, Economic Commentary 4/15/1989.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International