The cold heart of the solar chromosphere is best investigated using fu
ndamental band lines of carbon monoxide, CO, at 4.7 mu m. We have obta
ined time series of CO spectra in the quiet sun and in active-region p
lage at the solar limb and at disk centre. In addition, we have record
ed time series in sunspot umbrae located near disk centre. The power s
pectra and RMS amplitudes of the quiet-sun oscillations at disk centre
and at the limb are not compatible with a generally hot chromosphere
which is periodically cooled, but support recent suggestions that the
low chromosphere is pervasively cool, interspersed with hot, possibly
shocked material. In the plage the CO oscillations provide indirect ev
idence for the expansion of hot material (probably inside magnetic ele
ments) with height. In umbrae the CO lines exhibit well-separated 3 mi
n and 5 min peaks.We also present spectra of the phase shift between v
elocity and intensity oscillations of CO lines. At disk centre in the
quiet sun the phase shift is on the whole similar to that seen in atom
ic lines formed near the classical temperature minimum, although with
some properties peculiar to CO. In plages the quality of the phase shi
ft is marginal, but suggests either large radiative damping or propaga
ting waves in the 4 mHz frequency range. Finally, in sunspots the phas
e shift resembles that of atomic chromospheric lines in some umbrae.