M4 and M5 were dropped in a 1980 redefinition of the monetary aggregates. See Board of Governors of the Federal Reserve System (1976), pp. 10-11 and Anderson and Kavajecz (1994). 7  For instance, in late 1959 and early 1960, money growth declined as other economic indicators rose.
The minutes of the December 1959 FOMC meeting report Chairman Martin as saying, "I am unable to make heads or tails of the money supply," but those of the February 1960 meeting record his comment that "the System ought to be looking at the growth of the money supply." For further discussion, see Bremner (2004), pp. 141-142.