A new measure of monetary shocks is introduced, derived from the Federal Reserve's intended changes in the federal funds rate around FOMC meetings, to address biases in conventional measures. The new measure controls for the Federal Reserve's forecasts and anticipatory actions, reducing endogeneity and improving the accuracy of policy shock estimates. The derivation involves combining narrative records of FOMC meetings with internal forecasts and memos to capture policy intentions. The resulting series shows changes in the intended funds rate not influenced by forecasts, providing a clearer picture of monetary policy effects. Estimates using this measure indicate that monetary policy has large, rapid, and statistically significant effects on output and inflation, stronger and quicker than previous measures. The new measure also reveals that the Federal Reserve's endogenous behavior and anticipatory actions may obscure the true relationship between monetary policy and the real economy. Comparisons with conventional measures show that the new measure provides more accurate estimates of policy effects, highlighting the importance of controlling for forward-looking behavior and endogeneity in monetary policy analysis. The implications of the new measure suggest that previous studies may have underestimated the effects of monetary policy due to these biases. The new measure is robust to various specifications and shows strong correlations with key economic variables, indicating its effectiveness in capturing the true impact of monetary shocks.A new measure of monetary shocks is introduced, derived from the Federal Reserve's intended changes in the federal funds rate around FOMC meetings, to address biases in conventional measures. The new measure controls for the Federal Reserve's forecasts and anticipatory actions, reducing endogeneity and improving the accuracy of policy shock estimates. The derivation involves combining narrative records of FOMC meetings with internal forecasts and memos to capture policy intentions. The resulting series shows changes in the intended funds rate not influenced by forecasts, providing a clearer picture of monetary policy effects. Estimates using this measure indicate that monetary policy has large, rapid, and statistically significant effects on output and inflation, stronger and quicker than previous measures. The new measure also reveals that the Federal Reserve's endogenous behavior and anticipatory actions may obscure the true relationship between monetary policy and the real economy. Comparisons with conventional measures show that the new measure provides more accurate estimates of policy effects, highlighting the importance of controlling for forward-looking behavior and endogeneity in monetary policy analysis. The implications of the new measure suggest that previous studies may have underestimated the effects of monetary policy due to these biases. The new measure is robust to various specifications and shows strong correlations with key economic variables, indicating its effectiveness in capturing the true impact of monetary shocks.