In July 1993, Alan Greenspan informed the Congress that the Fed would

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Alan Greenspan informed the Congress that the Fed would cease its emphasis on using M1 or M2 targets to guide the conduct of monetary policy. This meant that the Fed would no longer use measures of the money supply as the primary tool for controlling inflation and the economy, and instead would focus on other indicators such as interest rates and economic growth.

In July 1993, Alan Greenspan Informed the Congress That the Fed