Such an assessment was made around the time of the June meeting of the Federal Open Market Committee (FOMC) by the members of the Board of Governors and the presidents of the Reserve Banks, all of whom participate in deliberations on monetary policy.
However, the use of such variables as reliable guides for policy became increasingly problematic over recent years as increased competition and innovation in the financial sector tended to undermine the historical linkages between money and credit aggregates and key macroeconomic variables such as nominal GDP.