The Federal Open Market Committee (FOMC) holds the primary responsibility for monetary policy. This article argues that in 1992, mixed signals sent by M1, which grew rapidly, and M2, which grew slowly, were the source of an important tension in monetary policymaking. In this article, Joseph Ritter surveys hypotheses about the causes of slow M2 growth and concludes that although the FOMC found none of them wholly persuasive, the Committee gave less weight to movements in this aggregate than in recent years.