This paper introduces a new measure of monetary policy shocks for the United States from 1969 to 1996, addressing the limitations of conventional measures such as the federal funds rate. The new measure is derived by controlling for the Federal Reserve's forecasts of output and inflation, ensuring that policy actions are not driven by anticipations of future economic developments. The series is constructed using information from the Federal Reserve's Open Market Committee (FOMC) meetings and internal forecasts, capturing changes in the intended funds rate around these meetings. The authors find that the new measure yields stronger and faster effects of monetary policy on both output and inflation compared to conventional measures, suggesting that previous measures were contaminated by forward-looking Federal Reserve behavior and endogeneity. The paper also compares the new measure with broader measures of monetary policy, showing that it captures key episodes of monetary action and provides a more accurate representation of the impact of monetary policy on the economy.This paper introduces a new measure of monetary policy shocks for the United States from 1969 to 1996, addressing the limitations of conventional measures such as the federal funds rate. The new measure is derived by controlling for the Federal Reserve's forecasts of output and inflation, ensuring that policy actions are not driven by anticipations of future economic developments. The series is constructed using information from the Federal Reserve's Open Market Committee (FOMC) meetings and internal forecasts, capturing changes in the intended funds rate around these meetings. The authors find that the new measure yields stronger and faster effects of monetary policy on both output and inflation compared to conventional measures, suggesting that previous measures were contaminated by forward-looking Federal Reserve behavior and endogeneity. The paper also compares the new measure with broader measures of monetary policy, showing that it captures key episodes of monetary action and provides a more accurate representation of the impact of monetary policy on the economy.