Monetary actions in 1969 exerted a decidedly more restrictive effect on the future course of economic activity than in the previous two years. All of the major economic variables generally used as indicators of monetary ease or restraint evidenced the restrictive influence. In 1969 the growth rates of the money stock, defined as currency and demand deposits held by the nonbank public, and money more broadly defined to include time deposits, decreased markedly from the previous two years. Bank credit likewise showed a slower rate of increase. Interest rates rose rapidly during most of the year, reaching levels well above their averages in previous years.