The article looks at how interest rates react to weekly money announcements before and after October 1979. Two ideas about policy expectations and expected inflation are compared. Both ideas fit the responses, but they have different views on how the Federal Reserve handles short-term monetary policy. The expected inflation idea suggests that money surprises affect the money stock level over time. On the other hand, the policy anticipations idea suggests that the impact of money surprises decreases as the Federal Reserve tries to balance things out. Other results in the paper support the policy anticipations view of the money stock process.