In 1974, the FOMC began to specify "ranges of tolerance" for the growth of M1 and for the broader M2 monetary aggregate over the period that extended to the next meeting of the Committee.
The framers of the act believed that such sudden or unreasonable fluctuations of grain futures prices reflected their susceptibility to “speculation, manipulation, or control.” Moreover, such fluctuations in price were seen to have broad ramifications that affected the national public interest. Grain futures contracts were widely used by producers and distributors of grain to hedge the risks of price fluctuations.