Historical FOMC Meeting Minutes

The Federal Open Market Committee, which sets US monetary policy including the target range for the federal funds rate (what banks charge each other overnight), holds eight scheduled meetings a year, about six weeks apart, most of them over two days. It announces its decision in a statement at the end of each meeting, then publishes the minutes of that meeting three weeks later. The minutes record how the Committee saw the economy, the options it weighed and why members voted as they did. Each meeting below links to what changed since the previous minutes, the vote with any dissents and their reasons, and the passage recording the decision.

2026

• July 28–29, 2026
  Target range 3.50–3.75% unchanged · Dissents: Hammack ↑, Kashkari ↑, Logan ↑ · Tone: Balanced +0.18
  Three members voted against maintaining the rate, preferring a 25 basis point increase, versus unanimous support in June.
• June 16–17, 2026
  Target range 3.50–3.75% unchanged · Tone: Balanced +0.25
  All participants supported maintaining the target range, versus one dissent for a 25 basis point cut previously.
• April 28–29, 2026
  Target range 3.50–3.75% unchanged · Dissents: Hammack, Kashkari, Logan, Miran ↓ · Tone: Balanced +0.19
  Participants now observed core inflation had moved further above 2 percent, whereas previously progress was absent.
• March 17–18, 2026
  Target range 3.50–3.75% unchanged · Dissents: Miran ↓ · Tone: Balanced +0.04
  Dissent count fell from two to one, with Waller joining the majority and Miran alone preferring a 25 basis point cut.
• January 27–28, 2026
  Target range 3.50–3.75% unchanged · Dissents: Miran ↓, Waller ↓ · Tone: Balanced +0.05
  The FOMC voted to maintain the federal funds rate at 3-1/2 to 3-3/4 percent, instead of lowering it by 1/4 point.

2025

• December 9–10, 2025
  Target range 3.50–3.75% ▼ cut 0.25 pp · Dissents: Goolsbee ↑, Miran ↓, Schmid ↑ · Tone: Leaning dovish -0.74
  The target range was lowered to 3-1/2 to 3-3/4 percent from 3-3/4 to 4 percent.
• October 28–29, 2025
  Target range 3.75–4.00% ▼ cut 0.25 pp · Dissents: Miran ↓, Schmid ↑ · Tone: Leaning dovish -0.66
  The target federal funds rate range was lowered from 4 to 4-1/4 percent to 3-3/4 to 4 percent.
• September 16–17, 2025
  Target range 4.00–4.25% ▼ cut 0.25 pp · Dissents: Miran ↓ · Tone: Leaning dovish -0.69
  The target range for the federal funds rate was lowered by 25 basis points to 4 to 4-1/4 percent.
• July 29–30, 2025
  Target range 4.25–4.50% unchanged · Dissents: Bowman ↓, Waller ↓ · Tone: Balanced +0.19
  Two members voted against holding rates, preferring a 25 basis point cut; previous vote was unanimous.
• June 17–18, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.25
  Participants judged overall uncertainty had diminished since the previous meeting, though still elevated.
• May 6–7, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.11
  Participants in March saw downside risks to employment and upside risks to inflation; by May they judged both risks had risen.
• March 18–19, 2025
  Target range 4.25–4.50% unchanged · Dissents: Waller · Tone: Balanced +0.16
  Monthly Treasury redemption cap reduced from $25 billion to $5 billion beginning April 1.
• January 28–29, 2025
  Target range 4.25–4.50% unchanged · Tone: Balanced +0.21
  The FOMC voted unanimously to maintain the federal funds rate at 4-1/4 to 4-1/2 percent, after lowering it 25 basis points in December.

2024

• December 17–18, 2024
  Target range 4.25–4.50% ▼ cut 0.25 pp · Dissents: Hammack ↑ · Tone: Leaning dovish -0.51
  The target range for the federal funds rate was lowered to 4-1/4 to 4-1/2 percent from 4-1/2 to 4-3/4 percent.
• November 6–7, 2024
  Target range 4.50–4.75% ▼ cut 0.25 pp · Tone: Leaning dovish -0.53
  The FOMC lowered the target range by 25 basis points to 4-1/2 to 4-3/4 percent, versus 50 basis points in September.
• September 17–18, 2024
  Target range 4.75–5.00% ▼ cut 0.50 pp · Dissents: Bowman ↑ · Tone: Leaning dovish -0.65
  The target range for the federal funds rate was lowered by 50 basis points to 4-3/4 to 5 percent.
• July 30–31, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.47
  Participants noted upside risks to inflation had diminished and downside risks to employment had increased.
• June 11–12, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.55
  Participants noted modest further progress toward 2 percent inflation, replacing lack of progress.
• April 30–May 1, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.55
  Participants noted a lack of further progress toward the 2 percent inflation objective in recent months, a change from March's firmer readings.
• March 19–20, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.53
  Participants noted the two most recent monthly core and headline inflation readings were firmer than expected.
• January 30–31, 2024
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.54
  Participants judged the policy rate was likely at its peak, rather than at or near its peak.

2023

• December 12–13, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.51
  Participants now view the policy rate as likely at or near its peak for this tightening cycle.
• October 31–November 1, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.64
  Participants noted financial conditions tightened significantly due to a rise in longer-term Treasury yields, a new development.
• September 19–20, 2023
  Target range 5.25–5.50% unchanged · Tone: Leaning hawkish +0.64
  The FOMC voted to maintain the federal funds rate at 5-1/4 to 5-1/2 percent, instead of raising it.
• July 25–26, 2023
  Target range 5.25–5.50% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.81
  The FOMC raised the federal funds rate target range to 5-1/4 to 5-1/2 percent from 5 to 5-1/4 percent.
• June 13–14, 2023
  Target range 5.00–5.25% unchanged · Tone: Leaning hawkish +0.54
  The FOMC voted to maintain the federal funds rate at 5 to 5-1/4 percent, instead of raising it 25 basis points.
• May 2–3, 2023
  Target range 5.00–5.25% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.79
  Participants noted credit card delinquencies rising for lower-income households; current minutes omit this.
• March 21–22, 2023
  Target range 4.75–5.00% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.87
  The target federal funds rate was raised from 4.5-4.75 percent to 4.75-5 percent.
• January 31–February 1, 2023
  Target range 4.50–4.75% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.94
  The federal funds rate target range was raised by 25 basis points to 4-1/2 to 4-3/4 percent, down from a 50 basis point increase.

2022

• December 13–14, 2022
  Target range 4.25–4.50% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.97
  Federal funds rate target raised 50 basis points to 4-1/4 to 4-1/2 percent, down from 75 basis points.
• November 1–2, 2022
  Target range 3.75–4.00% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.98
  Participants noted longer-term inflation expectations appeared well anchored, a shift from prior emphasis on elevated realized inflation.
• September 20–21, 2022
  Target range 3.00–3.25% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.95
  The federal funds rate target range was raised from 2-1/4 to 2-1/2 percent to 3 to 3-1/4 percent.
• July 26–27, 2022
  Target range 2.25–2.50% ▲ raised 0.75 pp · Tone: Clearly hawkish +0.93
  Federal funds rate target raised from 1.5-1.75% to 2.25-2.5%.
• June 14–15, 2022
  Target range 1.50–1.75% ▲ raised 0.75 pp · Dissents: George · Tone: Clearly hawkish +0.91
  The federal funds rate target range was raised 75 basis points to 1-1/2 to 1-3/4 percent, up from 50 basis points to 3/4 to 1 percent.
• May 3–4, 2022
  Target range 0.75–1.00% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.89
  Federal funds rate target raised 50 basis points to 3/4 to 1 percent, up from 25 basis points to 1/4 to 1/2 percent.
• March 15–16, 2022
  Target range 0.25–0.50% ▲ raised 0.25 pp · Dissents: Bullard ↑ · Tone: Clearly hawkish +0.79
  The federal funds rate target range was raised from 0 to 1/4 percent to 1/4 to 1/2 percent.
• January 25–26, 2022
  Target range 0.00–0.25% unchanged · Tone: Leaning hawkish +0.50
  Participants now viewed labor market conditions as at or very close to maximum employment, versus rapid progress in December.

2021

• December 14–15, 2021
  Target range 0.00–0.25% unchanged · Tone: Balanced -0.06
  The FOMC removed the reference to inflation factors being "expected to be transitory" from the postmeeting statement.
• November 2–3, 2021
  Target range 0.00–0.25% unchanged · Tone: Balanced -0.24
  The FOMC announced a reduction in the pace of net asset purchases, beginning with $10 billion Treasury and $5 billion agency MBS per month.
• September 21–22, 2021
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.49
  Participants judged "substantial further progress" toward price stability had been met or likely soon, versus not yet met in July.
• July 27–28, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.82
  Participants now cited Delta variant and slowing vaccination progress as downside risks to economic outlook.
• June 15–16, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.93
  April PCE inflation reached 3.6 percent, exceeding participants' expectations.
• April 27–28, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.94
  Unemployment rate fell from 6.2 percent to 6.0 percent.
• March 16–17, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Removed reference to oil prices holding down consumer price inflation.
• January 26–27, 2021
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Participants noted payroll employment fell in December, a change from continued recovery in prior minutes.

2020

• December 15–16, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  Asset purchase guidance changed from "at least at the current pace" to explicit monthly minimums of $80 billion Treasuries and $40 billion MBS until substantial further progress.
• November 4–5, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Participants noted permanent job losers continued rising and labor force participation fell among women and less-educated workers.
• September 15–16, 2020
  Target range 0.00–0.25% unchanged · Dissents: Kaplan, Kashkari · Tone: Clearly dovish -1.00
  The FOMC statement incorporated the revised consensus statement's goal of inflation moderately above 2 percent for some time.
• July 28–29, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Participants noted only one-third of the 22 million March-April job losses had been offset by June, versus nearly 20 million net jobs lost since February in June minutes.
• June 9–10, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Participants noted May labor market report was surprisingly positive, with nearly 20 million jobs lost since February.
• April 28–29, 2020
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  All participants favored maintaining the federal funds rate at 0 to 1/4 percent, versus most favoring a cut in March.
• March 15, 2020
  Target range 0.00–0.25% ▼ cut 1.00 pp · Dissents: Mester ↑ · Tone: Clearly dovish -1.00
  The target range for the federal funds rate was lowered from 1-1/2 to 1-3/4 percent to 0 to 1/4 percent.
• January 28–29, 2020
  Target range 1.50–1.75% unchanged · Tone: Leaning dovish -0.49
  Household spending description changed from "strong" to "moderate" in the postmeeting statement.

2019

• December 10–11, 2019
  Target range 1.50–1.75% unchanged · Tone: Leaning dovish -0.49
  The FOMC voted unanimously to hold rates at 1.5-1.75 percent, with no dissents, after a 25 basis point cut in October.
• October 29–30, 2019
  Target range 1.50–1.75% ▼ cut 0.25 pp · Dissents: George ↑, Rosengren ↑ · Tone: Clearly dovish -0.91
  Target range lowered to 1-1/2 to 1-3/4 percent from 1-3/4 to 2 percent.
• September 17–18, 2019
  Target range 1.75–2.00% ▼ cut 0.25 pp · Dissents: Bullard ↓, George ↑, Rosengren ↑ · Tone: Clearly dovish -0.90
  Target range lowered from 2 to 2-1/4 percent to 1-3/4 to 2 percent.
• July 30–31, 2019
  Target range 2.00–2.25% ▼ cut 0.25 pp · Dissents: George ↑, Rosengren ↑ · Tone: Clearly dovish -0.92
  The FOMC lowered the target range for the federal funds rate by 25 basis points to 2 to 2-1/4 percent.
• June 18–19, 2019
  Target range 2.25–2.50% unchanged · Dissents: Bullard ↓ · Tone: Leaning dovish -0.53
  Participants revised down SEP projections for inflation and the longer-run normal unemployment rate.
• April 30–May 1, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.54
  Participants noted first-quarter GDP growth was unexpectedly strong, with some expecting near-term moderation.
• March 19–20, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.56
  Market-based inflation compensation measures rose modestly over the intermeeting period instead of moving lower.
• January 29–30, 2019
  Target range 2.25–2.50% unchanged · Tone: Leaning dovish -0.49
  The FOMC voted to maintain the federal funds rate at 2-1/4 to 2-1/2 percent, instead of raising it 25 basis points.

2018

• December 18–19, 2018
  Target range 2.25–2.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.51
  The FOMC raised the federal funds rate target range to 2-1/4 to 2-1/2 percent from 2 to 2-1/4 percent.
• November 7–8, 2018
  Target range 2.00–2.25% unchanged · Tone: Balanced +0.19
  The FOMC voted to maintain the federal funds rate target range at 2 to 2-1/4 percent, rather than raising it 25 basis points.
• September 25–26, 2018
  Target range 2.00–2.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.52
  The FOMC raised the target range for the federal funds rate to 2 to 2-1/4 percent from 1-3/4 to 2 percent.
• July 31–August 1, 2018
  Target range 1.75–2.00% unchanged · Tone: Balanced +0.17
  Participants noted payrolls grew strongly in June, whereas June minutes cited strong gains averaging over 200,000 per month.
• June 12–13, 2018
  Target range 1.75–2.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.44
  The FOMC raised the target range for the federal funds rate to 1-3/4 to 2 percent from 1-1/2 to 1-3/4 percent.
• May 1–2, 2018
  Target range 1.50–1.75% unchanged · Tone: Leaning hawkish +0.25
  The FOMC voted to maintain the federal funds rate target range at 1-1/2 to 1-3/4 percent, instead of raising it 25 basis points.
• March 20–21, 2018
  Target range 1.50–1.75% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.35
  The FOMC voted to raise the federal funds rate target range to 1-1/2 to 1-3/4 percent from 1-1/4 to 1-1/2 percent.
• January 30–31, 2018
  Target range 1.25–1.50% unchanged · Tone: Balanced +0.05
  The FOMC voted to maintain the target range at 1-1/4 to 1-1/2 percent, after raising it 25 basis points in December.

2017

• December 12–13, 2017
  Target range 1.25–1.50% ▲ raised 0.25 pp · Dissents: Evans ↓, Kashkari ↓ · Tone: Balanced +0.20
  Participants now noted core PCE inflation at 1.4 percent, down from prior readings above 2 percent.
• October 31–November 1, 2017
  Target range 1.00–1.25% unchanged · Tone: Leaning dovish -0.30
  PCE price inflation for September was reported at 1.6 percent, up from the August estimate of about 1-1/2 percent.
• September 19–20, 2017
  Target range 1.00–1.25% unchanged · Tone: Balanced -0.16
  Participants noted hurricane-related disruptions and rebuilding would affect near-term activity, absent in previous minutes.
• July 25–26, 2017
  Target range 1.00–1.25% unchanged · Tone: Balanced -0.19
  The FOMC voted unanimously to maintain the federal funds rate at 1 to 1-1/4 percent, after raising it 25 basis points in June.
• June 13–14, 2017
  Target range 1.00–1.25% ▲ raised 0.25 pp · Dissents: Kashkari ↓ · Tone: Balanced +0.13
  Raised federal funds rate target range from 3/4-1% to 1-1/4%.
• May 2–3, 2017
  Target range 0.75–1.00% unchanged · Tone: Leaning dovish -0.30
  The FOMC voted to maintain the federal funds rate target range at 3/4 to 1 percent, after raising it in March.
• March 14–15, 2017
  Target range 0.75–1.00% ▲ raised 0.25 pp · Dissents: Kashkari ↓ · Tone: Leaning hawkish +0.25
  The FOMC raised the target range for the federal funds rate by 25 basis points to 3/4 to 1 percent.
• January 31–February 1, 2017
  Target range 0.50–0.75% unchanged · Tone: Leaning dovish -0.54
  The FOMC voted to maintain the federal funds rate target range at 1/2 to 3/4 percent, after raising it 25 basis points in December.

2016

• December 13–14, 2016
  Target range 0.50–0.75% ▲ raised 0.25 pp · Tone: Balanced -0.11
  The FOMC raised the target range for the federal funds rate by 25 basis points to 1/2 to 3/4 percent.
• November 1–2, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑, Mester ↑ · Tone: Leaning dovish -0.38
  Dissenters dropped from three to two as Rosengren voted with the majority.
• September 20–21, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑, Mester ↑, Rosengren ↑ · Tone: Leaning dovish -0.43
  Participants now saw near-term risks as roughly balanced, versus diminished but still uncertain previously.
• July 26–27, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑ · Tone: Leaning dovish -0.71
  The July minutes report the U.K. referendum's "leave" vote outcome, whereas June minutes anticipated it as an upcoming risk.
• June 14–15, 2016
  Target range 0.25–0.50% unchanged · Tone: Clearly dovish -0.78
  The April minutes noted one dissenting vote (Esther L. George); the June minutes recorded no dissents.
• April 26–27, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.76
  Participants noted global financial conditions improved significantly, with equity indexes rising and volatility declining.
• March 15–16, 2016
  Target range 0.25–0.50% unchanged · Dissents: George ↑ · Tone: Leaning dovish -0.72
  One member, Esther L. George, dissented in March, preferring a 25 basis point rate increase; January had no dissents.
• January 26–27, 2016
  Target range 0.25–0.50% unchanged · Tone: Clearly dovish -0.80
  The FOMC voted to leave the federal funds rate unchanged at 1/4 to 1/2 percent, after raising it in December.

2015

• December 15–16, 2015
  Target range 0.25–0.50% ▲ raised 0.25 pp · Tone: Balanced -0.16
  The FOMC raised the federal funds rate target range to 1/4 to 1/2 percent from 0 to 1/4 percent.
• October 27–28, 2015
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning dovish -0.50
  The FOMC changed its postmeeting statement to assess progress toward raising the target range at its next meeting, rather than how long to maintain the current range.
• September 16–17, 2015
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning dovish -0.58
  One member voted against maintaining the target range, preferring an immediate increase; the July vote was unanimous.
• July 28–29, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.55
  The minutes now describe labor market underutilization as diminished since early this year, not just over the intermeeting period.
• June 16–17, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.57
  Participants noted wage increases had begun to firm, with recent data showing some acceleration.
• April 28–29, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.59
  Participants shifted from seeing broad-based labor market improvement to judging the pace of improvement had slowed.
• March 17–18, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.60
  The FOMC removed "patient" language from forward guidance, replacing it with meeting-by-meeting flexibility.
• January 27–28, 2015
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.64
  The statement upgraded economic activity from "moderate pace" to "solid pace."

2014

• December 16–17, 2014
  Target range 0.00–0.25% unchanged · Dissents: Fisher ↑, Kocherlakota ↓, Plosser · Tone: Leaning dovish -0.68
  The FOMC replaced "considerable time" guidance with "patient" language for beginning policy normalization.
• October 28–29, 2014
  Target range 0.00–0.25% unchanged · Dissents: Kocherlakota ↓ · Tone: Leaning dovish -0.38
  Asset purchase program concluded at end of October instead of reduced further.
• September 16–17, 2014
  Target range 0.00–0.25% unchanged · Dissents: Fisher ↑, Plosser ↑ · Tone: Leaning dovish -0.67
  The FOMC reduced monthly Treasury purchases from $15 billion to $10 billion and agency MBS from $10 billion to $5 billion.
• July 29–30, 2014
  Target range 0.00–0.25% unchanged · Dissents: Plosser ↑ · Tone: Leaning dovish -0.60
  Asset purchases reduced to $15 billion Treasury and $10 billion MBS per month from $20 billion and $15 billion.
• June 17–18, 2014
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.64
  Asset purchases reduced to $15 billion MBS and $20 billion Treasuries per month from $20 billion and $25 billion.
• April 29–30, 2014
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.62
  Asset purchase pace reduced to $25 billion Treasury and $20 billion mortgage-backed securities per month beginning in May.
• March 18–19, 2014
  Target range 0.00–0.25% unchanged · Dissents: Kocherlakota · Tone: Leaning dovish -0.58
  Asset purchase pace reduced from $35B to $30B monthly for Treasuries and $30B to $25B for MBS.
• January 28–29, 2014
  Target range 0.00–0.25% unchanged · Tone: Leaning dovish -0.50
  Asset purchases reduced from $40B to $35B in Treasuries and $35B to $30B in MBS starting February.

2013

• December 17–18, 2013
  Target range 0.00–0.25% unchanged · Dissents: Rosengren ↓ · Tone: Leaning dovish -0.55
  The FOMC reduced monthly asset purchases from $45 billion to $40 billion in Treasury securities and from $40 billion to $35 billion in MBS, effective January.
• October 29–30, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.92
  The FOMC decided to maintain asset purchases at $85 billion per month, same as September.
• September 17–18, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.89
  The FOMC decided to await more evidence before adjusting asset purchases, rather than reducing them as previously planned.
• July 30–31, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.96
  The FOMC added language recognizing that inflation persistently below its 2 percent objective could pose risks to economic performance.
• June 18–19, 2013
  Target range 0.00–0.25% unchanged · Dissents: Bullard, George ↑ · Tone: Clearly dovish -0.97
  The FOMC's statement changed from "continues to see downside risks" to "sees the downside risks...as having diminished since the fall."
• April 30–May 1, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.99
  Statement added that the FOMC is prepared to increase or reduce the pace of asset purchases as the outlook changes.
• March 19–20, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.99
  Participants now saw downside risks to inflation if growth did not pick up, whereas before they saw inflation at or below target.
• January 29–30, 2013
  Target range 0.00–0.25% unchanged · Dissents: George ↑ · Tone: Clearly dovish -0.99
  The FOMC replaced date-based forward guidance with unemployment and inflation thresholds in December; January minutes reported markets adapted without difficulty.

2012

• December 11–12, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  The FOMC replaced calendar-date forward guidance with quantitative thresholds of 6.5% unemployment and 2.5% inflation.
• October 23–24, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  September minutes discussed replacing calendar-date forward guidance with numerical thresholds; October minutes judged existing guidance effective and retained it.
• September 12–13, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -1.00
  The FOMC began purchasing agency mortgage-backed securities at $40 billion per month.
• July 31–August 1, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -0.99
  Participants discussed extending forward guidance beyond late 2014, deferring decision to September meeting.
• June 19–20, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -0.99
  Unemployment rate decline now attributed to structural factors, replacing earlier cyclical emphasis.
• April 24–25, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  Lacker's dissent changed from opposing guidance through late 2014 to expecting a rate increase by mid-2013.
• March 13, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker ↑ · Tone: Clearly dovish -0.99
  Participants noted euro-area policy actions reduced short-term financial stresses, whereas January cited ongoing strains.
• January 24–25, 2012
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -1.00
  Forward guidance horizon extended from mid-2013 to late 2014.

2011

• December 13, 2011
  Target range 0.00–0.25% unchanged · Dissents: Evans ↓ · Tone: Clearly dovish -0.97
  November minutes noted global supply chain disruptions from Japan had diminished; December minutes noted slowing global economic growth.
• November 1–2, 2011
  Target range 0.00–0.25% unchanged · Dissents: Evans ↓ · Tone: Clearly dovish -0.97
  The FOMC voted unanimously to continue the maturity extension program, with only Charles L. Evans dissenting.
• September 20–21, 2011
  Target range 0.00–0.25% unchanged · Dissents: Fisher ↑, Kocherlakota ↑, Plosser ↑ · Tone: Clearly dovish -0.98
  The FOMC announced a maturity extension program to purchase $400 billion of Treasury securities with 6- to 30-year maturities and sell an equal amount with 3 years or less.
• August 9, 2011
  Target range 0.00–0.25% unchanged · Dissents: Fisher, Kocherlakota, Plosser · Tone: Clearly dovish -0.96
  The FOMC changed its forward guidance from "extended period" to "at least through mid-2013" for exceptionally low federal funds rate.
• June 21–22, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.76
  The FOMC completed its $600 billion Treasury purchase program by end of June, rather than continuing it.
• April 26–27, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.90
  The FOMC changed its growth risk assessment from roughly balanced to tilted to the downside.
• March 15, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.90
  Participants upgraded their assessment of the recovery from "sustained" to "gaining traction."
• January 25–26, 2011
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Participants expressed greater confidence that the recovery would be sustained and strengthen.

2010

• December 14, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.99
  Participants saw the near-term outlook as improved, expecting growth to pick up, versus slow growth previously.
• November 2–3, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -1.00
  FOMC announced $600 billion in additional longer-term Treasury purchases, targeting total SOMA holdings of $2.6 trillion by June 2011.
• September 21, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.99
  The FOMC explicitly discussed providing additional monetary policy accommodation if growth or inflation warranted it.
• August 10, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.99
  The FOMC decided to reinvest principal payments from agency debt and MBS in longer-term Treasury securities.
• June 22–23, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.97
  Participants revised down slightly their outlook for economic growth, with about half seeing downside risks.
• April 27–28, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.96
  Participants added projections for 2010-2012 and longer-run for growth, unemployment, and inflation, absent in prior minutes.
• March 16, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.97
  Participants upgraded labor market assessment from "deterioration abating" to "stabilizing."
• January 26–27, 2010
  Target range 0.00–0.25% unchanged · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.94
  Participants provided economic projections for 2010-2012 and longer run for first time.

2009

• December 15–16, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.96
  The FOMC announced most special liquidity facilities would expire on February 1, 2010, a new action not in previous minutes.
• November 3–4, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Agency debt purchase cap reduced from $200 billion to about $175 billion.
• September 22–23, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Participants revised up their projections for the second half of 2009 and subsequent years.
• August 11–12, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Participants upgraded the economic outlook from "contraction slowing" to "activity leveling out" with growth resuming in H2 2009.
• June 23–24, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -0.99
  Participants shifted from seeing tentative signs of stabilization to agreeing the contraction was slowing and could cease before long.
• April 28–29, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  Participants reported tentative evidence that the pace of contraction was starting to diminish, versus deterioration in March.
• March 17–18, 2009
  Target range 0.00–0.25% unchanged · Tone: Clearly dovish -1.00
  The FOMC expanded agency MBS purchases from up to $500 billion to up to $1.25 trillion by year-end.
• January 27–28, 2009
  Target range 0.00–0.25% unchanged · Dissents: Lacker · Tone: Clearly dovish -1.00
  The FOMC voted to keep the federal funds rate target range at 0 to 1/4 percent, rather than establishing it.

2008

• December 15–16, 2008
  Target range 0.00–0.25% ▼ cut 0.88 pp · Tone: Clearly dovish -1.00
  The federal funds rate target changed from 1 percent to a range of 0 to 1/4 percent.
• October 28–29, 2008
  Target rate 1.00% ▼ cut 0.50 pp · Tone: Clearly dovish -1.00
  The federal funds rate target was lowered from 2 percent to 1 percent.
• September 16, 2008
  Target rate 2.00% unchanged · Tone: Leaning dovish -0.48
  Fannie Mae and Freddie Mac were placed into conservatorship on September 7, replacing the earlier Treasury support plan.
• August 5, 2008
  Target rate 2.00% unchanged · Dissents: Fisher ↑ · Tone: Balanced -0.22
  The staff marked down its real GDP growth forecast for the second half of 2008 and 2009.
• June 24–25, 2008
  Target rate 2.00% unchanged · Dissents: Fisher ↑ · Tone: Leaning dovish -0.35
  The FOMC voted to hold the federal funds rate at 2 percent, after cutting it 25 basis points in April.
• April 29–30, 2008
  Target rate 2.00% ▼ cut 0.25 pp · Dissents: Fisher ↑, Plosser ↑ · Tone: Clearly dovish -0.91
  The federal funds rate target was lowered by 75 basis points to 2-1/4 percent in March, then by 25 basis points to 2 percent in April.
• March 18, 2008
  Target rate 2.25% ▼ cut 0.75 pp · Dissents: Fisher ↑, Plosser ↑ · Tone: Clearly dovish -0.78
  The federal funds rate target was lowered from 3-1/2 percent to 2-1/4 percent.
• January 29–30, 2008
  Target rate 3.00% ▼ cut 0.50 pp · Dissents: Fisher ↑ · Tone: Clearly dovish -0.91
  The federal funds rate target was lowered from 4-1/4 percent to 3-1/2 percent.

2007

• December 11, 2007
  Target rate 4.25% ▼ cut 0.25 pp · Dissents: Rosengren ↓ · Tone: Leaning dovish -0.73
  The FOMC lowered the target federal funds rate by 25 basis points to 4-1/2 percent at the October meeting.
• October 30–31, 2007
  Target rate 4.50% ▼ cut 0.25 pp · Dissents: Hoenig ↑ · Tone: Leaning dovish -0.54
  The FOMC cut the federal funds rate by 25 basis points to 4-1/2 percent, down from a 50 basis point cut in August.
• August 10, 2007
  Target rate 5.25% unchanged · Tone: Leaning dovish -0.38
  The FOMC cut the federal funds rate target by 50 basis points to 4-3/4 percent.
• August 7, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.50
  The FOMC noted downside risks to growth had increased, citing financial market strains.
• June 27–28, 2007
  Core PCE inflation rose 0.1 percent in April and May, after being unchanged in March.
• May 9, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.51
  The FOMC statement now acknowledges economic growth slowed in the first part of the year.
• March 20–21, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.51
  The statement no longer cites only the possibility of further firming, now mentions future policy adjustments depend on outlook.
• January 30–31, 2007
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.26
  The December statement described housing cooling as "substantial"; the October statement did not.

2006

• December 12, 2006
  Target rate 5.25% unchanged · Dissents: Lacker ↑ · Tone: Balanced +0.21
  The October minutes reported core PCE inflation unchanged in September; December minutes reported it fell in September and October.
• October 24–25, 2006
  Target rate 5.25% unchanged · Dissents: Lacker ↑ · Tone: Balanced +0.21
  The September minutes noted core PCE inflation expected to rise at same pace in September as July and August.
• September 20, 2006
  Target rate 5.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning hawkish +0.26
  The FOMC voted to hold the federal funds rate at 5-1/4 percent in both meetings, with Mr. Lacker dissenting both times.
• August 8, 2006
  Target rate 5.25% unchanged · Dissents: Lacker ↑ · Tone: Leaning hawkish +0.30
  The FOMC voted to hold the federal funds rate at 5-1/4 percent, after raising it 25 basis points in June.
• June 28–29, 2006
  Target rate 5.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.61
  Federal funds rate target raised from 5 percent to 5-1/4 percent.
• May 10, 2006
  Target rate 5.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.55
• March 27–28, 2006
  Target rate 4.75% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.54
  The federal funds rate target was raised to 4.5 percent in January and to 4.75 percent in March.
• January 31, 2006
  Target rate 4.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.55
  The federal funds rate target was raised from 4 percent to 4.5 percent.

2005

• December 13, 2005
  Target rate 4.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.57
  The FOMC raised the federal funds rate target from 4 percent to 4-1/4 percent.
• November 1, 2005
  Target rate 4.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.42
  Federal funds rate target raised from 3.75% to 4%.
• September 20, 2005
  Target rate 3.75% ▲ raised 0.25 pp · Dissents: Olson ↓ · Tone: Leaning hawkish +0.38
  The federal funds rate target was raised from 3.5 percent to 3.75 percent.
• August 9, 2005
  Target rate 3.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.29
  The FOMC raised the federal funds rate target by 25 basis points to 3.25 percent at both meetings.
• June 29–30, 2005
  Target rate 3.25% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.35
  The FOMC raised the federal funds rate target by 25 basis points to 3-1/4 percent, from 3 percent.
• May 3, 2005
  Target rate 3.00% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.37
  The FOMC raised the target federal funds rate 25 basis points to 3 percent.
• March 22, 2005
  Target rate 2.75% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.36
  Federal funds rate target raised from 2-1/2 percent to 2-3/4 percent.
• February 1–2, 2005
  Target rate 2.50% ▲ raised 0.25 pp · Tone: Balanced +0.17
  The FOMC raised the federal funds rate target from 2-1/4 percent to 2-1/2 percent.

2004

• December 14, 2004
  Target rate 2.25% ▲ raised 0.25 pp · Tone: Balanced +0.19
• November 10, 2004
  Target rate 2.00% ▲ raised 0.25 pp · Tone: Balanced +0.22
  The FOMC raised the target federal funds rate by 25 basis points to 2 percent.
• September 21, 2004
  Target rate 1.75% ▲ raised 0.25 pp · Tone: Balanced +0.19
  The FOMC noted output growth had moderated, whereas the previous minutes described solid expansion continuing through 2005.
• August 10, 2004
  Target rate 1.50% ▲ raised 0.25 pp · Tone: Balanced +0.20
  The federal funds rate target was raised from 1 percent to 1-1/4 percent in June, then to 1-1/2 percent in August.
• June 29–30, 2004
  Target rate 1.25% ▲ raised 0.25 pp · Tone: Balanced +0.16
  The federal funds rate target was raised from 1 percent to 1-1/4 percent.
• May 4, 2004
  Target rate 1.00% unchanged · Tone: Leaning dovish -0.29
  The FOMC replaced "patient in removing its policy accommodation" with "policy accommodation can be removed at a pace that is likely to be measured."
• March 16, 2004
  Target rate 1.00% unchanged · Tone: Leaning dovish -0.74
  The FOMC removed the "considerable period" phrase from its post-meeting statement, replacing it with "patient in removing its policy accommodation."
• January 27–28, 2004
  Target rate 1.00% unchanged · Tone: Leaning dovish -0.67
  The FOMC replaced the "considerable period" language with "patient" in its policy statement.

2003

• December 9, 2003
  Target rate 1.00% unchanged · Tone: Leaning dovish -0.74
  The FOMC deleted the statement that risks to growth and inflation taken together were weighted toward the downside.
• October 28, 2003
  Target rate 1.00% unchanged · Tone: Clearly dovish -0.94
  Core consumer prices rose slightly in August and September, versus slightly less in August only.
• September 16, 2003
  Target rate 1.00% unchanged · Tone: Clearly dovish -0.91
  Core consumer prices rose slightly less in August than in July, whereas June core prices were unchanged.
• August 12, 2003
  Target rate 1.00% unchanged · Tone: Clearly dovish -0.91
  The FOMC voted unanimously to maintain the federal funds rate at 1 percent, with no dissents.
• June 24–25, 2003
  Target rate 1.00% ▼ cut 0.25 pp · Dissents: Parry ↓ · Tone: Clearly dovish -0.95
  The federal funds rate target was reduced from 1.25 percent to 1 percent.
• May 6, 2003
  Target rate 1.25% unchanged · Tone: Clearly dovish -0.82
  The FOMC replaced its single balanced risks assessment with separate statements on growth and inflation risks.
• March 18, 2003
  Target rate 1.25% unchanged · Tone: Leaning dovish -0.62
  The FOMC omitted its usual balance-of-risks statement from the March 2003 press release.
• January 28–29, 2003
  Target rate 1.25% unchanged · Tone: Leaning dovish -0.38
  The December 10, 2002 meeting retained the federal funds rate at 1-1/4 percent, while the November 6, 2002 meeting had cut it by 50 basis points.

2002

• December 10, 2002
  Target rate 1.25% unchanged · Tone: Leaning dovish -0.54
  The FOMC voted to hold the federal funds rate at 1-1/4 percent, after cutting it by 50 basis points in November.
• November 6, 2002
  Target rate 1.25% ▼ cut 0.50 pp · Tone: Clearly dovish -0.98
  The FOMC cut the federal funds rate target by 50 basis points to 1-1/4 percent, from 1-3/4 percent.
• September 24, 2002
  Target rate 1.75% unchanged · Dissents: Gramlich ↓, McTeer ↓ · Tone: Clearly dovish -0.87
  The FOMC shifted its risk assessment from neutral to tilted toward weakness in the August minutes, while September minutes retained the tilted-toward-weakness stance.
• August 13, 2002
  Target rate 1.75% unchanged · Tone: Clearly dovish -0.90
  Risk assessment shifted from balanced to weighted toward economic weakness.
• June 25–26, 2002
  Target rate 1.75% unchanged · Tone: Balanced -0.08
  The FOMC noted monetary aggregates picked up in May, reversing earlier contractions.
• May 7, 2002
  Target rate 1.75% unchanged · Tone: Balanced -0.10
  The FOMC's press statement tone shifted from suggesting optimism to raising doubts about recovery strength.
• March 19, 2002
  Target rate 1.75% unchanged · Tone: Balanced -0.08
  The FOMC shifted its balance of risks statement from tilted toward economic weakness to neutral.
• January 29–30, 2002
  Target rate 1.75% unchanged · Tone: Leaning dovish -0.71
  The FOMC voted to maintain the federal funds rate at 1-3/4 percent, after reducing it by 25 basis points at the previous meeting.

2001

• December 11, 2001
  Target rate 1.75% ▼ cut 0.25 pp · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.98
  The federal funds rate target was reduced by 25 basis points to 1-3/4 percent, versus 50 basis points to 2 percent previously.
• November 6, 2001
  Target rate 2.00% ▼ cut 0.50 pp · Tone: Clearly dovish -0.99
  The federal funds rate target was reduced from 2.5 percent to 2 percent.
• October 2, 2001
  Target rate 2.50% ▼ cut 0.50 pp · Tone: Clearly dovish -0.99
  Federal funds rate target reduced from 3 percent to 2.5 percent.
• August 21, 2001
  Target rate 3.50% ▼ cut 0.25 pp · Tone: Clearly dovish -0.98
  The federal funds rate target was reduced from 3.75 percent to 3 percent.
• June 26–27, 2001
  Target rate 3.75% ▼ cut 0.25 pp · Dissents: Poole ↑ · Tone: Clearly dovish -0.97
  The federal funds rate target was reduced by 25 basis points to 3.75 percent, down from a 50 basis point cut to 4 percent.
• May 15, 2001
  Target rate 4.00% ▼ cut 0.50 pp · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.96
  Federal funds rate target reduced from 5 percent to 4 percent, a 50 basis point cut.
• March 20, 2001
  Target rate 5.00% ▼ cut 0.50 pp · Tone: Clearly dovish -0.98
  The dollar's trade-weighted value changed little, with losses against the euro offset by gains against the yen and other trading partners.
• January 30–31, 2001
  Target rate 5.50% ▼ cut 0.50 pp · Tone: Clearly dovish -0.99
  The federal funds rate target was cut from 6 percent to 5.5 percent.
• January 3, 2001
  Target rate 6.00% ▼ cut 0.50 pp · Tone: Clearly dovish -0.98
  The risk statement shifted from weighted toward inflation to weighted toward economic weakness.

2000

• November 15, 2000
  Target rate 6.50% unchanged · Tone: Leaning hawkish +0.50
  The October 3 meeting minutes noted aggregate demand growth had moderated appreciably, while November 15 minutes noted it was growing a little below potential output.
• October 3, 2000
  Target rate 6.50% unchanged · Tone: Leaning hawkish +0.51
  The FOMC noted growth of aggregate demand now appeared closer to, and perhaps slightly below, potential output.
• August 22, 2000
  Target rate 6.50% unchanged · Tone: Leaning hawkish +0.54
  The FOMC now cites increased evidence that demand and supply growth are coming into closer balance.
• June 27–28, 2000
  Target rate 6.50% unchanged · Tone: Leaning hawkish +0.53
  The FOMC raised the federal funds rate by 50 basis points to 6.5 percent in May, then held it unchanged in June.
• May 16, 2000
  Target rate 6.50% ▲ raised 0.50 pp · Tone: Clearly hawkish +1.00
  The federal funds rate target increased from 6 percent to 6-1/2 percent.
• March 21, 2000
  Target rate 6.00% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.98
  The 2000 projections were replaced by a discussion of January and February data, with no new full-year forecasts provided.
• February 1–2, 2000
  Target rate 5.75% ▲ raised 0.25 pp · Tone: Clearly hawkish +0.98
  Federal funds rate target raised from 5.5% to 5.75%.

1999

• December 21, 1999
  Target rate 5.50% unchanged · Tone: Balanced +0.14
  The FOMC voted to raise the federal funds rate by 25 basis points to 5.5 percent in November, then voted to maintain it at 5.5 percent in December.
• November 16, 1999
  Target rate 5.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.63
  The FOMC raised the federal funds rate target by 25 basis points to 5.5 percent.
• October 5, 1999
  Target rate 5.25% unchanged · Tone: Leaning hawkish +0.51
  The federal funds rate target was held at 5-1/4 percent, unchanged from the August increase.
• August 24, 1999
  Target rate 5.25% ▲ raised 0.25 pp · Dissents: McTeer ↓ · Tone: Clearly hawkish +0.96
  Federal funds rate target raised from around 5 percent to around 5-1/4 percent.
• June 29–30, 1999
  Target rate 5.00% ▲ raised 0.25 pp · Dissents: McTeer ↓ · Tone: Leaning hawkish +0.42
  The federal funds rate target was raised from 4-3/4 percent to 5 percent.
• May 18, 1999
  Target rate 4.75% unchanged · Tone: Leaning hawkish +0.52
  Directive shifted from symmetric to asymmetric with tightening bias.
• March 30, 1999
  The dollar appreciated against the yen and euro, whereas it had depreciated slightly against major currencies previously.
• February 2–3, 1999
  The FOMC formally adopted the 1999 monetary and debt growth ranges previously set on a tentative basis in July 1998.

1998

• December 22, 1998
  The FOMC voted unanimously to hold the federal funds rate at 4-3/4 percent, with no dissents.
• November 17, 1998
  Target rate 4.75% ▼ cut 0.25 pp · Dissents: Jordan ↑ · Tone: Clearly dovish -0.90
  Federal funds rate target lowered from 5-1/4 percent to 4-3/4 percent.
• September 29, 1998
  Target rate 5.25% ▼ cut 0.25 pp · Tone: Clearly dovish -0.91
  The federal funds rate target was lowered from 5.5% to 5.25%.
• August 18, 1998
  Directive shifted from asymmetric tightening bias to symmetric policy stance.
• June 30–July 1, 1998
  Committee voted unanimously to reaffirm 1998 monetary ranges and extend them tentatively to 1999.
• May 19, 1998
  Unemployment rate fell from 4.6 percent in February to 4.3 percent in April.
• March 31, 1998
  The directive shifted from symmetric to asymmetric, tilted toward restraint.
• February 3–4, 1998
  The December 1997 directive was asymmetric (tilted toward tightening); the February 1998 directive was symmetric.

1997

• December 16, 1997
  The directive shifted from an asymmetric bias toward firming to a symmetric directive with no presumption on policy direction.
• November 12, 1997
  One member dissented from the unchanged policy stance, favoring a modest tightening.
• September 30, 1997
  The dollar's trade-weighted value declined somewhat over the intermeeting period, after rising significantly previously.
• August 19, 1997
  The dollar rose significantly against G-10 currencies, up from slightly over the prior intermeeting period.
• July 1–2, 1997
  Broaddus dissented in May but voted with the majority in July.
• May 20, 1997
  Policy stance changed from slight tightening to unchanged reserve pressure.
• March 25, 1997
  Target rate 5.50% ▲ raised 0.25 pp · Tone: Leaning hawkish +0.74
  The FOMC shifted from maintaining unchanged policy to slightly increasing reserve restraint.
• February 4–5, 1997
  The dollar's trade-weighted value rose substantially over the intermeeting period, versus slightly previously.

1996

• December 17, 1996
  Dollar trade-weighted value rose slightly instead of depreciating slightly.
• November 13, 1996
  Mr. Stern voted with the majority in November, reversing his September dissent for tightening.
• September 24, 1996
  The unemployment rate fell from 5.4 percent in July to 5.1 percent in August.
• August 20, 1996
  The FOMC noted the unemployment rate rose to 5.4 percent in July from 5.6 percent in May.
• July 2–3, 1996
  The FOMC shifted from a symmetric directive to an asymmetric directive biased toward restraint.
• May 21, 1996
  M2 and M3 growth slowed substantially in April after sizable increases earlier in the year.
• March 26, 1996
  The directive changed from a slight reduction in reserve pressure to maintaining the existing degree of pressure.
• January 30–31, 1996
  Target rate 5.25% ▼ cut 0.25 pp · Tone: Clearly dovish -0.88
  The FOMC decided to decrease slightly the degree of pressure on reserve positions, taking account of a possible reduction in the discount rate.

1995

• December 19, 1995
  Target rate 5.50% ▼ cut 0.25 pp · Tone: Clearly dovish -0.93
  The FOMC shifted from maintaining to slightly easing reserve pressure.
• November 15, 1995
  Staff forecast shifted from expecting higher growth to expecting an appreciable slowing in economic expansion.
• September 26, 1995
  The dollar's trade-weighted value declined over the intermeeting period, after appreciating substantially previously.
• August 22, 1995
  The FOMC voted to ease slightly the degree of pressure on reserve positions in July, but voted to maintain the existing degree in August.
• July 5–6, 1995
  Target rate 5.75% ▼ cut 0.25 pp · Dissents: Hoenig ↑ · Tone: Clearly dovish -0.81
  The FOMC voted to raise the 1995 M3 growth range from 0-4 percent to 2-6 percent.
• May 23, 1995
  The directive shifted from an asymmetric bias toward restraint to a symmetric, unbiased instruction.
• March 28, 1995
  The FOMC voted to increase reserve pressure in February, then voted to maintain it in March.
• January 31–February 1, 1995
  Target rate 6.00% ▲ raised 0.50 pp · Tone: Clearly hawkish +1.00
  Policy changed from maintaining pressure to increasing reserve restraint.

1994

• December 20, 1994
  The FOMC approved a temporary increase in the swap agreement with the Bank of Mexico from $3 billion to $4.5 billion.
• November 15, 1994
  Target rate 5.50% ▲ raised 0.75 pp · Tone: Clearly hawkish +1.00
  The FOMC shifted from maintaining steady policy to considering immediate tightening due to rising inflation risks.
• September 27, 1994
  The August meeting raised the discount rate by 50 basis points to 4 percent; September confirmed it.
• August 16, 1994
  Target rate 4.75% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.97
  The FOMC voted to increase pressure on reserve positions in August, versus maintaining unchanged pressure in July.
• July 5–6, 1994
  The FOMC voted to increase the discount rate by 1/2 percentage point on May 17, 1994.
• May 17, 1994
  Target rate 4.25% ▲ raised 0.50 pp · Tone: Clearly hawkish +0.96
  The FOMC voted unanimously to increase reserve pressure, with no dissents, versus two dissents in March.
• March 22, 1994
  Target rate 3.50% ▲ raised 0.25 pp · Dissents: Broaddus ↑, Jordan ↑ · Tone: Leaning hawkish +0.63
  The March 22 meeting saw two dissenting votes (Broaddus and Jordan) against the policy action, whereas the February 4 meeting had none.
• February 3–4, 1994
  Target rate 3.25% · Tone: Leaning hawkish +0.72
  The FOMC shifted from maintaining unchanged reserve pressure to slightly increasing it.

1993

• December 21, 1993
  Two members dissented from the unchanged policy directive, favoring immediate tightening.
• November 16, 1993
  One member dissented, favoring a less accommodative policy stance, whereas all members previously agreed on unchanged policy.
• September 21, 1993
  The dollar depreciated substantially against other G-10 currencies, versus about unchanged previously.
• August 17, 1993
  The directive changed from retaining a bias toward tightening to a symmetric instruction with no directional presumption.
• July 6–7, 1993
  M2 and M3 growth ranges lowered from 2-6% and 0.5-4.5% to 1-5% and 0-4%.
• May 18, 1993
  The directive changed from symmetric to asymmetric, with a bias toward tightening reserve conditions.
• March 23, 1993
  Two members voted against maintaining reserve pressure, favoring immediate tightening.
• February 2–3, 1993
  The FOMC lowered the 1993 tentative M2 growth range from 2.5-6.5 percent to 2-6 percent.

1992

• December 22, 1992
  The FOMC shifted from a directive biased toward easing to a symmetrical directive with no bias.
• November 17, 1992
  The FOMC's directive bias shifted from a strong presumption toward easing to a weaker bias toward possible easing.
• October 6, 1992
  The FOMC changed its directive bias from "toward possible easing" to "a marked bias toward possible easing."
• August 18, 1992
  The FOMC noted M2 and M3 growth through July was appreciably below the lower ends of the 1992 ranges, versus somewhat below in June.
• June 30–July 1, 1992
  The FOMC adopted a symmetric directive in May, but in July it shifted to an asymmetric directive with a bias toward easing.
• May 19, 1992
  The FOMC shifted from an easing bias to a symmetric directive.
• March 31, 1992
  The FOMC raised its expected M2 growth rate from about 3 percent to about 3-1/2 percent for the upcoming three-month period.
• February 4–5, 1992
  The FOMC affirmed the 1992 monetary growth ranges tentatively set in July 1991, with no changes.

1991

• December 17, 1991
  The FOMC shifted from easing reserve conditions immediately to maintaining existing pressure with a strong easing bias.
• November 5, 1991
  The FOMC voted to ease reserve conditions slightly, with Angell and Kelley dissenting, versus unanimous support for unchanged policy in October.
• October 1, 1991
  The FOMC changed its directive bias from "somewhat greater" to "slightly greater" reserve restraint acceptable.
• August 20, 1991
  The FOMC shifted its directive from symmetric to asymmetric, biased toward possible easing during the intermeeting period.
• July 2–3, 1991
  The FOMC set provisional 1992 monetary ranges unchanged from 1991, with Angell and Black dissenting.
• May 14, 1991
  The FOMC lowered its projected M2 growth for March-June from about 5-1/2 percent to about 4 percent.
• March 26, 1991
  The FOMC shifted from a directive tilted toward easing to a symmetric directive with no bias.
• February 5–6, 1991
  The FOMC shifted from slight easing to maintaining unchanged reserve conditions.

1990

• December 18, 1990
  The FOMC reported the civilian unemployment rate rose from 5.7 percent in October to 5.9 percent in November.
• November 13, 1990
  The FOMC voted unanimously to slightly ease reserve conditions, a shift from the prior majority favoring only a bias toward easing.
• October 2, 1990
  The FOMC shifted from a unanimous vote to a 7-4 split, with four dissents recorded.
• August 21, 1990
  The FOMC revised its expected M2 and M3 growth rates for June to September from 3 and 1 percent to 4 and 2.5 percent.
• July 2–3, 1990
  The FOMC lowered the 1990 M3 growth range from 2.5-6.5 percent to 1-5 percent.
• May 15, 1990
  The FOMC revised its M2 and M3 growth expectations for March through June from about 6 and 4 percent to about 4 and 3 percent.
• March 27, 1990
  The FOMC kept M2 and M3 growth ranges unchanged at 3-7% and 2.5-6.5%, and the debt monitoring range at 5-9%.
• February 6–7, 1990
  The FOMC lowered the intermeeting federal funds rate range by 1 percentage point to 6 to 10 percent.

1989

• December 18–19, 1989
  The FOMC shifted from maintaining reserve pressure to a slight easing of reserve conditions.
• November 14, 1989
  The FOMC eased reserve conditions slightly after October 13 stock drop and again in early November, versus no change in October.
• October 3, 1989
  The FOMC noted the dollar fell sharply after the September 23 G-7 statement, whereas the prior minutes cited a rising dollar.
• August 22, 1989
  The FOMC shifted from easing reserve pressure to maintaining the current degree of pressure.
• July 5–6, 1989
  The FOMC changed its directive from maintaining unchanged reserve pressure to decreasing slightly the degree of pressure on reserve positions.
• May 16, 1989
  The FOMC changed its directive from asymmetric toward firming to symmetric, making easing or tightening equally acceptable.
• March 28, 1989
  The FOMC raised the discount rate from 6-1/2 percent to 7 percent on February 24, 1989.
• February 7–8, 1989
  The FOMC shifted from immediate reserve tightening to maintaining current reserve pressure.

1988

• December 13–14, 1988
  The FOMC shifted from maintaining reserve pressure to increasing it immediately, with further tightening planned for early 1989.
• November 1, 1988
  The FOMC's directive was approved with one dissenting vote, Ms. Seger, versus unanimous approval previously.
• September 20, 1988
  The FOMC revised its M2 and M3 growth expectations for the intermeeting period from 3-1/2 and 5-1/2 percent to 3 and 5 percent, over August to December.
• August 16, 1988
  The FOMC shifted from seeking a slight increase in reserve pressure to maintaining unchanged reserve conditions.
• June 29–30, 1988
  The FOMC set tentative 1989 ranges for M2 at 3 to 7 percent and M3 at 3-1/2 to 7-1/2 percent, down from 1988's 4 to 8 percent.
• May 17, 1988
  The FOMC shifted from favoring a slight immediate increase in reserve pressure to initially maintaining pressure with slight firming after a short delay.
• March 29, 1988
  The FOMC shifted from maintaining slightly reduced reserve pressure to seeking a slight increase in reserve pressure.
• February 9–10, 1988
  The FOMC established 1988 M2 and M3 growth ranges of 4 to 8 percent, down from tentative 5 to 8 percent.

1987

• December 15–16, 1987
  The FOMC shifted from maintaining easier money market conditions to maintaining existing reserve pressure with a gradual return to normal procedures.
• November 3, 1987
  The FOMC lowered the intermeeting federal funds rate range from 5 to 9 percent to 4 to 8 percent.
• September 22, 1987
  The FOMC shifted from favoring unchanged reserve conditions to maintaining the slightly firmer degree sought since early September.
• August 18, 1987
  The FOMC approved a temporary increase of $6 billion, to $12 billion, in the limit on System Account holdings changes.
• July 7, 1987
  The FOMC voted unanimously to maintain reserve pressure, reversing the May decision to increase it with one dissent.
• May 19, 1987
  The FOMC shifted from maintaining reserve pressure to seeking some increase in reserve pressure.
• March 31, 1987
  The FOMC changed its expected M2 and M3 growth from 6 to 7 percent (January-March) to around 6 percent or less (March-June).
• February 10–11, 1987
  The FOMC established final 1987 ranges of 5-1/2 to 8-1/2 percent for M2 and M3, replacing tentative July ranges.

1986

• December 15–16, 1986
  The FOMC expected M2 and M3 growth at 7 to 9 percent annual rates from September to December, versus about 7 percent from November to March.
• November 5, 1986
  The FOMC's directive shifted its M2 and M3 growth expectation base from August to September for the fourth quarter.
• September 23, 1986
  The FOMC changed its directive from slight easing to maintaining unchanged reserve pressure.
• August 19, 1986
  The FOMC changed its directive from "decrease somewhat" to "decrease slightly" in reserve pressure.
• July 8–9, 1986
  The FOMC voted to ease reserve pressure, whereas the previous meeting maintained the existing degree of pressure.
• May 20, 1986
  The FOMC lowered the intermeeting federal funds rate range from 6 to 10 percent to 5 to 9 percent.
• April 1, 1986
  The FOMC noted a shift from anticipating deterioration to mixed current activity with a pickup expected in the first half of 1986.
• February 11–12, 1986
  The FOMC lowered the 1986 Ml target range from 4 to 7 percent to 3 to 8 percent.

1985

• December 16–17, 1985
  The FOMC shifted from maintaining reserve restraint to seeking a slight decrease in reserve pressure.
• November 4–5, 1985
  The FOMC noted M1 growth slowed markedly in October, versus a surge in August and substantial expansion in September.
• October 1, 1985
  The FOMC raised the foreign currency open position limit from $8.0 billion to $10.0 billion.
• August 20, 1985
  The FOMC shifted from maintaining existing reserve pressure to maintaining the slightly firmer restraint sought in recent weeks.
• July 9–10, 1985
  The FOMC rebased the M1 target range to 3-8 percent from the second quarter of 1985, replacing the 4-7 percent range from the fourth quarter of 1984.
• May 21, 1985
  The FOMC reduced the discount rate from 8 to 7-1/2 percent on May 17, 1985.
• March 26, 1985
  The FOMC kept the M1 range at 4 to 7 percent, unchanged from February.
• February 12–13, 1985
  The FOMC raised the M2 tentative range upper limit from 8.5 to 9 percent and M3 from 9 to 9.5 percent.

1984

• December 17–18, 1984
  The FOMC reduced the federal funds rate intermeeting range from 7 to 11 percent to 6 to 10 percent.
• November 7, 1984
  The FOMC reduced the federal funds rate intermeeting range from 8 to 12 percent to 7 to 11 percent.
• October 2, 1984
  The FOMC changed its directive from maintaining existing reserve pressures to maintaining the lesser degree of restraint sought in recent weeks.
• August 21, 1984
  The FOMC revised its third-quarter M1 growth expectation from around 5-1/2 percent to around 5 percent or slightly less.
• July 16–17, 1984
  The FOMC raised the intermeeting federal funds rate range from 7-1/2 to 11-1/2 percent to 8 to 12 percent.
• May 21–22, 1984
  The FOMC raised the intermeeting federal funds rate range from 6 to 10 percent to 7-1/2 to 11-1/2 percent.
• March 26–27, 1984
  The FOMC raised the federal funds rate consultation range from 6 to 10 percent to 7-1/2 to 11-1/2 percent.
• January 30–31, 1984
  The FOMC reduced the 1984 M2 growth range by 0.5 percentage point to 6 to 9 percent.

1983

• December 19–20, 1983
  The FOMC lowered its anticipated September-to-December M1 growth from around 7 percent to around 5 to 6 percent.
• November 14–15, 1983
  The FOMC revised its anticipated M1 growth from around 7 percent to 5-6 percent for September to December.
• October 4, 1983
  The FOMC shifted from seeking a slight increase in reserve restraint to maintaining about the existing degree of restraint.
• August 23, 1983
  The FOMC voted unanimously to maintain the existing degree of reserve restraint, whereas the previous meeting voted 10-2 to increase it slightly.
• July 12–13, 1983
  The FOMC set tentative 1984 growth ranges of 6-1/2 to 9-1/2 percent for M2 and 6 to 9 percent for M3.
• May 24, 1983
  The FOMC shifted from maintaining current reserve restraint to increasing it only slightly.
• March 28–29, 1983
  The FOMC's March directive added explicit expectations for M2 and M3 growth of about 9 and 8 percent from March to June, absent in February.
• February 8–9, 1983
  The FOMC set 1983 target ranges of 7-10% for M2, 6.5-9.5% for M3, and 4-8% for M1, replacing the previous tentative continuation of 1982 ranges.

1982

• December 20–21, 1982
  The FOMC set the federal funds range at 6 to 10 percent, unchanged from the previous meeting.
• November 16, 1982
  The FOMC raised its M2 and M3 growth objective from a range of 8-1/2 to 9-1/2 percent to around 9-1/2 percent for September to December.
• October 5, 1982
  The FOMC dropped its specific M1 growth objective for September to December, citing fourth-quarter measurement distortions.
• August 24, 1982
  The FOMC lowered the intermeeting federal funds rate range from 10 to 15 percent to 7 to 11 percent.
• June 30–July 1, 1982
  The FOMC set the June-to-September M1 growth objective at about ​5 percent, up from about ​3 percent for March-to-June.
• May 18, 1982
  The FOMC lowered the intermeeting federal funds rate range from 12 to 16 percent to 10 to 15 percent.
• March 29–30, 1982
  The FOMC set the intermeeting federal funds rate range at 12 to 16 percent in both meetings.
• February 1–2, 1982
  The FOMC set the federal funds consultation range at 12 to 16 percent, up from 10 to 14 percent.

1981

• December 21–22, 1981
  The FOMC lowered its federal funds rate consultation range from 11-15 percent to 10-14 percent.
• November 17, 1981
  The FOMC changed its M1-B growth objective from September-to-December to October-to-December at a 7 percent annual rate.
• October 5–6, 1981
  The FOMC set the federal funds rate consultation range to 12 to 17 percent, down from 15 to 21 percent.
• August 18, 1981
  The FOMC noted real GNP declined slightly in the second quarter, versus little change previously reported.
• July 6–7, 1981
  The FOMC set M-1B growth from April to June at 3 percent or lower, down from 5.5 percent or less for March to June.
• May 18, 1981
  The FOMC changed its M-1B growth objective from 5-1/2 percent or less (March-June) to 3 percent or lower (April-June).
• March 31, 1981
  The FOMC dropped M-1A from its short-run monetary objectives, focusing solely on M-1B.
• February 2–3, 1981
  The FOMC adopted 1981 monetary growth ranges: M-1A 3 to 5-1/2 percent, M-1B 3-1/2 to 6 percent, M-2 6 to 9 percent, M-3 6-1/2 to 9-1/2 percent.

1980

• December 18–19, 1980
  The FOMC shifted its short-run target from September-to-December growth rates to first-quarter 1981 paths consistent with tentative annual ranges.
• November 18, 1980
  The FOMC raised the federal funds rate range from 8-14 percent to 9-15 percent at the October meeting, then to 13-17 percent in November.
• October 21, 1980
  The FOMC lowered M-1A, M-1B, and M-2 growth targets from 4%, 6.5%, and 8.5% to 2.5%, 5%, and 7.25% for the September-to-December period.
• September 16, 1980
  The FOMC changed its M-1A growth target from 6.5 percent to 4 percent for the June-September period.
• August 12, 1980
  The FOMC lowered the M-1A growth target for June-September from 7 percent to 6.5 percent.
• July 9, 1980
  The FOMC retained the 1980 monetary growth ranges for M-1A, M-1B, M-2, and M-3, whereas the May minutes had set no new ranges.
• May 20, 1980
  The FOMC lowered the federal funds rate intermeeting range lower limit from 13 percent to 10-1/2 percent on May 6, 1980.
• April 22, 1980
  The FOMC lowered the upper limit of the federal funds rate range from 20 percent to 19 percent.
• March 18, 1980
  The FOMC extended first-quarter M-1A and M-1B growth objectives through the second quarter, with rates of 4-1/2 and 5 percent or somewhat less.
• February 4–5, 1980
  The FOMC adopted new monetary aggregate definitions (M-1A, M-1B, M-2, M-3) replacing the old M-1, M-2, and M-3.
• January 8–9, 1980
  The FOMC lowered the target for M-1 growth in November and December to about 5 percent, from 4-1/2 percent in September to December.

1979

• November 20, 1979
  The FOMC revised its M-1 growth target for November-December from 4.5 percent to about 5 percent annual rate.
• October 6, 1979
  The FOMC shifted from targeting the federal funds rate to directly restraining bank reserve expansion.
• September 18, 1979
  The FOMC raised the initial federal funds rate objective from about 11 percent to about 11-1/2 percent.
• August 14, 1979
  The FOMC noted real GNP was continuing to decline, whereas previous minutes reported a second-quarter decline with further declines likely.
• July 11, 1979
  The FOMC revised its May-June M-1 tolerance range from 0 to 5 percent to 2-1/2 to 6-1/2 percent for July-August.
• May 22, 1979
  The FOMC set April-May M-1 tolerance range at 4-8 percent; May-June range changed to 0-5 percent.
• April 17, 1979
  The FOMC set April-May M-1 tolerance at 4 to 8 percent, unchanged from March-April.
• March 20, 1979
  The FOMC set March-April M-1 and M-2 tolerance ranges at 4 to 8 percent and 3-1/2 to 7-1/2 percent, replacing February's 3 to 7 and 5 to 9 percent.
• February 6, 1979
  The FOMC lowered the 1979 M-1 growth range from 2-6% to 1.5-4.5%, M-2 from 6.5-9% to 5-8%, and M-3 from 7.5-10% to 6-9%.

1978

• December 19, 1978
  The FOMC raised its target Federal funds rate from around 9-7/8 percent to 10 percent or slightly higher.
• November 21, 1978
  The FOMC raised its Federal funds rate objective from around 9 percent to around 9-7/8 percent.
• October 17, 1978
  The FOMC lowered the M-1 longer-run growth range from 4 to 6-1/2 percent to 2 to 6 percent.
• September 19, 1978
  The FOMC raised the M-1 tolerance range for September-October from 4-8% to 5-9%.
• August 15, 1978
  The FOMC raised the Federal funds rate target range from 7-3/4 to 8 per cent to 7-3/4 to 8-1/4 per cent.
• July 18, 1978
  The FOMC raised the inter-meeting Federal funds rate range from 7-1/2 to 8 per cent to 7-3/4 to 8 per cent.
• June 20, 1978
  FOMC raised the initial Federal funds rate target from 7-1/2 to 7-3/4 per cent.
• May 16, 1978
  The FOMC set May-June M-1 growth tolerance at 3 to 8 percent, down from April-May's 4 to 8-1/2 percent.
• April 18, 1978
  The FOMC retained the M-1 range at 4 to 6-1/2 percent but shifted the measurement period to first quarter 1978 to first quarter 1979.
• March 21, 1978
  The FOMC set March-April M-1 growth range at 4 to 8 percent, versus 1 to 6 percent for February-March.
• February 28, 1978
  The FOMC reduced the M-3 growth range from 8 to 10-1/2 per cent to 7-1/2 to 10 per cent.
• January 17, 1978
  The FOMC raised the Federal funds rate target range from 6-1/4 to 6-3/4 percent to 6-1/2 to 7 percent.

1977

• December 19–20, 1977
  The FOMC raised the M-1 growth range for December-January to 2.5-8.5 percent from 1-7 percent for November-December.
• November 15, 1977
  The FOMC lowered the October-November M-1 growth range from 3 to 8 percent to 1 to 7 percent for November-December.
• October 17–18, 1977
  The FOMC retained the M-1 range at 4 to 6-1/2 percent but reduced M-2 and M-3 ranges by 1/2 percentage point each.
• September 20, 1977
  The FOMC set the August-September M-1 growth range at 0 to 5 per cent; the September-October range was 2 to 7 per cent.
• August 16, 1977
  The FOMC lowered the M-1 growth range lower limit from 4-1/2 to 4 per cent, retaining M-2 and M-3 ranges.
• July 19, 1977
  The FOMC reduced the lower limit of the M-1 growth range from 4-1/2 to 4 per cent for the year ahead.
• June 21, 1977
  The FOMC set M-1 growth range for June-July at 2-1/2 to 6-1/2 per cent, up from 0 to 4 per cent for May-June.
• May 17, 1977
  The FOMC lowered its April-May M-1 growth range from 6 to 10 percent to 0 to 4 percent for May-June.
• April 19, 1977
  The FOMC reduced the upper limits of the M-2 and M-3 ranges by 0.5 percentage point, to 7-9.5% and 8.5-11%, respectively.
• March 15, 1977
  The FOMC raised the February-March M-1 growth range from 3 to 7 per cent to 4-1/2 to 8-1/2 per cent for March-April.
• February 15, 1977
  The FOMC lowered the M-2 range for February-March to 6-1/2 to 10-1/2 per cent from 7 to 11 per cent.
• January 17–18, 1977
  The FOMC revised its 12-month M-2 and M-3 growth ranges, lowering lower limits by 0.5 percentage point to 7-10% and 8.5-11.5%.

1976

• December 20–21, 1976
  The FOMC shifted from easing to maintaining prevailing money market conditions, targeting a Federal funds rate of about 4-5/8 percent.
• November 16, 1976
  The FOMC reduced the M1 growth range upper limit from 7 per cent to 6-1/2 per cent for the third quarter 1976 to third quarter 1977 period.
• October 19, 1976
  The FOMC set October-November M1 growth range at 5 to 9 per cent, up from 4 to 8 per cent in September-October.
• September 21, 1976
  The FOMC set the September-October M2 growth range at 8 to 12 per cent, up from 7-1/2 to 11-1/2 per cent in August-September.
• August 17, 1976
  The FOMC retained the M1 growth range of 4-1/2 to 7 percent for the year ending second quarter 1977.
• July 19–20, 1976
  The FOMC retained the M1 growth range at 4.5 to 7 percent for the year ending Q2 1977.
• June 22, 1976
  The FOMC set May-June M1 growth range at 4 to 7-1/2 per cent, versus 4-1/2 to 7 per cent previously.
• May 18, 1976
  The FOMC lowered the M1 growth range upper limit from 7.5 to 7 percent and M2 from 10.5 to 10 percent.
• April 20, 1976
  The FOMC reduced the upper end of the M1 growth range from 7.5% to 7% and M2 from 10.5% to 10%.
• March 15–16, 1976
  The FOMC revised fourth-quarter 1975 output growth from 5.4% to 4.9%.
• February 17–18, 1976
  The FOMC lowered the M1 longer-run range from 5-7.5 per cent to 4.5-7.5 per cent.
• January 20, 1976
  The FOMC lowered the M1 longer-run growth range lower limit from 5 to 4-1/2 per cent.

1975

• December 16, 1975
  The FOMC revised its third-quarter output growth estimate from 11 percent to 13 percent.
• November 18, 1975
  The FOMC lowered the M1 growth tolerance range for October-November from 3-7% to 6-10% for November-December.
• October 21, 1975
  The FOMC lowered the M1 tolerance range for October-November from 5-8% to 3-7%.
• September 16, 1975
  The FOMC raised the M1 tolerance range for September-October to 5 to 8 per cent from 4-1/2 to 7 per cent for August-September.
• August 19, 1975
  The FOMC raised the M1 tolerance range for July-August from 3 to 5-1/2 percent to 4-1/2 to 7 percent for August-September.
• July 15, 1975
  The FOMC raised the Federal funds rate tolerance ceiling from 6 per cent to 6-1/4 per cent at the July 15 meeting.
• June 16–17, 1975
  The FOMC noted real output had leveled off in the second quarter, versus declining less rapidly in the current quarter previously.
• May 20, 1975
  The FOMC lowered the discount rate from 6-1/4 to 6 per cent in mid-May, effective May 16.
• April 14–15, 1975
  The FOMC set April-May M1 growth tolerance at 6.5 to 9 percent, up from March-April's 5 to 7.5 percent.
• March 18, 1975
  The FOMC lowered the M1 growth tolerance range for March-April to 5 to 7.5 percent from 5.5 to 7.5 percent for February-March.
• February 19, 1975
  The FOMC reduced the record release delay from 90 days to approximately 45 days.
• January 20–21, 1975
  The FOMC lowered the M1 growth range of tolerance from 5-7% to 3.5-6.5% for the December-January to January-February period.

1974

• December 16–17, 1974
  The FOMC revised its policy directive to add "cushioning recessionary tendencies" alongside resisting inflation and encouraging growth.
• November 19, 1974
  The FOMC lowered the Federal funds rate tolerance range from 9 to 10-1/2 percent to 8-1/2 to 10 percent.
• October 14–15, 1974
  The FOMC lowered the M1 growth tolerance range for October-November to 4.75-7.25 percent, from 3-6 percent in September-October.
• September 10, 1974
  The FOMC lowered the M1 growth tolerance range for September-October to 3 to 6 per cent, from 4-3/4 to 6-3/4 per cent for August-September.
• August 20, 1974
  The FOMC lowered the M1 growth tolerance range for August-September to 4.75-6.75 percent from 2-6 percent for July-August.
• July 16, 1974
  The FOMC lowered the M1 growth tolerance range from 3.5-7.5% to 2-6% for July-August.
• June 18, 1974
  The FOMC narrowed its M1 tolerance range from 3 to 7 percent to 3.5 to 7.5 percent, and M2 from 4.5 to 7.5 percent to 5.5 to 8.5 percent.
• May 21, 1974
  The FOMC revised the M1 growth tolerance range for May-June to 3-7 percent, unchanged from April-May.
• April 15–16, 1974
  The FOMC lowered the March-April M1 growth range from 5.5-8.5 percent to 5.5-8.5 percent, but the April-May range was set at 3-7 percent.
• March 18–19, 1974
  The FOMC lowered the M1 growth tolerance range for February-March from 6.5-9.5% to 5.5-8.5% for March-April.
• February 20, 1974
  The FOMC revised its M1 growth tolerance range from 3-6% to 6.5-9.5% for the February-March period.
• January 21–22, 1974
  The FOMC shifted from seeking "some easing" to seeking conditions "consistent with moderate growth in monetary aggregates."

1973

• December 17–18, 1973
  The FOMC shifted from targeting RPD growth of -1 to -3 percent to seeking some easing in bank reserve and money market conditions.
• November 19–20, 1973
  The FOMC's RPD growth target shifted from a positive 2 to 5 percent range to a negative -1 to -3 percent range for the November-December period.
• October 16, 1973
  The RPD growth target for the September-October period was 15 to 18 percent, changed to 2 to 5 percent for October-November.
• September 18, 1973
  The FOMC changed its RPD growth target range from 11-13 percent to 15-18 percent for the September-October period.
• August 21, 1973
  The FOMC revised its RPD growth target range for August-September from 11.5-13.5% to 11-13%.
• July 17, 1973
  The FOMC lowered its RPD growth target range for June-July from 9.5-11.5 percent to 8-11.5 percent.
• June 18–19, 1973
  The FOMC lowered the RPD growth target range for June-July to 8 to 11.5 per cent from 9 to 11 per cent for May-June.
• May 15, 1973
  The FOMC lowered its RPD growth target range from 10-12 percent to 9-11 percent for the May-June period.
• April 17, 1973
  The FOMC revised guideline 4 for Federal agency operations by deleting the phrase "at least initially."
• March 19–20, 1973
  The FOMC changed its RPD growth target range from -2.5 to +2.5 percent to 12 to 16 percent for the March-April period.
• February 13, 1973
  The FOMC revised its RPD growth target range for January-February from 4.5 to 10.5 percent to -2.5 to +2.5 percent for February-March.
• January 16, 1973
  The FOMC lowered its RPD growth target range from 4 to 11 percent to 4.5 to 10.5 percent for the January-February period.

1972

• December 19, 1972
  The FOMC revised third-quarter real output growth from about 6 per cent to 6.3 per cent.
• November 20–21, 1972
  The FOMC lowered its RPD growth target range for October-November from 9.5-13.5 per cent to 6-11 per cent, later adjusted to 9-14 per cent.
• October 17, 1972
  The FOMC lowered its RPD growth target range from 9.5 to 13.5 percent to 6 to 11 percent for October-November.
• September 19, 1972
  The FOMC raised the RPD growth target range from 5-9 percent to 9.5-13.5 percent for September-October.
• August 15, 1972
  The FOMC changed its RPD growth target range from 3 to 7 percent for July-August to 5 to 9 percent for August-September.
• July 18, 1972
  The FOMC lowered its RPD growth target range from 4.5-8.5% to 3-7% for the July-August period.
• June 19–20, 1972
  The FOMC lowered its RPD growth target range from 7.5-11.5% to 4.5-8.5% for the June-July period.
• May 23, 1972
  The FOMC revised its RP rate-setting procedure from administrative determination to competitive bidding.
• April 18, 1972
  The FOMC lowered its reserve growth target range from 9-13 percent to 7-11 percent for the April-May period.
• March 21, 1972
  The FOMC raised its reserve growth target range from 6-10 percent to 9-13 percent for the February-March to March-April period.
• February 15, 1972
  The FOMC shifted its operating target from total reserves to reserves available to support private nonbank deposits.
• January 11, 1972
  The FOMC shifted its operating target to total reserves, with a projected 20 to 25 percent annual growth from December to January.

1971

• December 14, 1971
  The FOMC revised third-quarter real output growth estimate from about 3 per cent to about 4 per cent annual rate.
• November 16, 1971
  The FOMC revised real GNP growth in the third quarter from "modest" to an annual rate of about 3 percent.
• October 19, 1971
  The FOMC noted real output growth in the third quarter was modest, versus a slower pace previously expected.
• September 21, 1971
  The FOMC noted real output growth slowed in Q3, with second-quarter growth revised up to 4.8 per cent from 4 per cent.
• August 24, 1971
  The FOMC noted real GNP growth slowed in the third quarter, versus moderate growth expected in July.
• July 27, 1971
  The FOMC noted second-quarter real GNP growth at 3.6 percent, down from an estimated 8.0 percent in the first quarter.
• June 29, 1971
  The FOMC reduced the limit on direct Treasury certificate holdings from $2 billion to $1 billion.
• June 8, 1971
  The FOMC revised first-quarter real GNP growth upward from 6.5 to 7.1 percent.
• May 11, 1971
  The FOMC shifted from seeking minor firming to maintaining currently prevailing money market conditions.
• April 6, 1971
  The FOMC shifted from maintaining prevailing money market conditions to attaining temporarily some minor firming.
• March 9, 1971
  The FOMC shifted from easing to maintaining prevailing money market conditions.
• February 9, 1971
  The FOMC revised fourth-quarter real GNP decline from a qualitative description to an annual rate of 3.3 percent.
• January 12, 1971
  The FOMC noted unemployment rose to 6.0 percent in December from 5.8 percent in November.

1970

• December 15, 1970
  The FOMC revised its fourth-quarter real GNP outlook from little change to a decline.
• November 17, 1970
  The FOMC revised its fourth-quarter money growth target from about 5 per cent to 4 per cent.
• October 20, 1970
  The FOMC revised its third-quarter real GNP estimate from "expanding somewhat further" to a 1.4 percent annual rate, up from 0.6 percent in the second quarter.
• September 15, 1970
  The FOMC changed its money stock target from "about 5 per cent" to "about 5 per cent in the fourth quarter" with a few members preferring faster expansion.
• August 18, 1970
  The FOMC revised second-quarter real GNP growth up from 0.3% to 0.6%.
• July 21, 1970
  The FOMC noted real GNP edged up 0.3 percent in the second quarter, after declining 3.0 percent in the first quarter.
• June 23, 1970
  The FOMC revised second-quarter real GNP projection from unchanged to little change, with a further downward revision for the second half.
• May 26, 1970
  The FOMC revised first-quarter real GNP decline from 1.6% to 3.0%.
• May 5, 1970
  The FOMC revised its second-quarter money stock growth target upward from 3% to 4%.
• April 7, 1970
  The FOMC revised real GNP projections upward for the remainder of 1970, chiefly due to proposed Federal pay increases.
• March 10, 1970
  The FOMC shifted from moving gradually toward less firm money market conditions to maintaining conditions consistent with moderate growth.
• February 10, 1970
  The FOMC shifted from maintaining firm money market conditions to moving gradually toward less firm conditions.
• January 15, 1970
  The FOMC added "modest growth in money and bank credit" as an explicit objective, replacing the prior focus solely on firm money market conditions.

1969

• December 16, 1969
  The FOMC raised the 3-month Treasury bill rate reference from 7.42 per cent to 7.92 per cent.
• November 25, 1969
  The FOMC raised the limit on changes in System Account holdings from $2 billion to $3 billion on November 14, then restored it to $2 billion later that meeting.
• October 28, 1969
  The FOMC noted German mark revaluation by 9.3 percent on October 27, 1969.
• October 7, 1969
  The FOMC raised the limit on special short-term certificates held from the Treasury from $1 billion to $2 billion, then reverted it to $1 billion.
• September 9, 1969
  The FOMC revised second-quarter real GNP growth from 2.4 to 2.0 per cent.
• August 12, 1969
  The FOMC noted real GNP growth in Q2 1969 at 2.4%, down from 2.5% in Q1, versus prior minutes citing a rate close to Q1's.
• July 15, 1969
  The FOMC's directive added a proviso to modify operations to the extent permitted by the Treasury refunding.
• June 24, 1969
  The FOMC added a proviso to modify operations if unusual liquidity pressures develop.
• May 27, 1969
  The FOMC noted real GNP growth slowed to 2.8 percent in Q1 1969, down from the 2.9 percent preliminary estimate.
• April 29, 1969
  The FOMC raised the discount rate from 5-1/2 to 6 per cent effective April 4, 1969.
• April 1, 1969
  The FOMC revised first-quarter real GNP growth upward from earlier projections, noting final sales accelerated while inventory accumulation slowed.
• March 4, 1969
  The FOMC revised fourth-quarter 1968 real GNP growth down from 3.8% to 3.4%.
• February 4, 1969
  The FOMC noted retail sales rose in January to about the November level, after declining in December.
• January 14, 1969
  The FOMC shifted from maintaining prevailing money market conditions to attaining firmer conditions.

1968

• December 17, 1968
  The FOMC shifted its directive from maintaining prevailing money market conditions to attaining firmer conditions.
• November 26, 1968
  The FOMC shifted from maintaining prevailing money market conditions to seeking firmer conditions.
• October 29, 1968
  The FOMC revised third-quarter real GNP growth estimate up to about 5 percent annualized from a slower staff projection.
• October 8, 1968
  The FOMC revised third-quarter GNP estimates upward due to stronger consumer spending.
• September 10, 1968
  The FOMC changed its directive from facilitating orderly adjustments to discount rate reductions to maintaining prevailing money and short-term credit market conditions.
• August 19, 1968
  The FOMC held a telephone meeting on August 19, 1968, to consider revising the directive after the discount rate cut.
• August 13, 1968
  The FOMC shifted from accommodating easing tendencies to maintaining prevailing money market conditions on balance.
• July 16, 1968
  The FOMC changed its directive from maintaining firm conditions to accommodating somewhat less firm money market conditions.
• June 18, 1968
  The FOMC raised the limit on authorized System Account sterling holdings from $250 million to $300 million.
• May 28, 1968
  The FOMC raised the limit on authorized System Account sterling holdings from $250 million to $300 million.
• April 30, 1968
  The FOMC directive shifted from achieving firmer conditions to maintaining prevailing firmer conditions with a proviso for modification if bank credit deviates from projections.
• April 19, 1968
  The FOMC raised the discount rate from 5 to 5-1/2 per cent.
• April 2, 1968
  The FOMC changed its directive from maintaining firm money market conditions to seeking slightly firmer conditions.
• March 14, 1968
  The FOMC shifted from seeking "somewhat firmer" money market conditions to maintaining "firm but orderly" conditions.
• March 5, 1968
  The FOMC changed its directive from maintaining firm money market conditions to seeking somewhat firmer conditions.
• February 6, 1968
  The FOMC shifted from maintaining "somewhat firmer" to "firm" money market conditions, seeking firmer conditions if bank credit expands as projected.
• January 9, 1968
  The FOMC shifted from seeking slightly firmer money market conditions to maintaining the somewhat firmer conditions already developed.

1967

• December 12, 1967
  The FOMC noted industrial output rebounded in November and unemployment fell below 4 percent from 4.3 percent.
• November 27, 1967
  The FOMC raised the discount rate from 4 to 4-1/2 percent on November 19, 1967.
• November 14, 1967
  The FOMC voted unanimously for the directive, with no dissents, after Mr. Francis joined the majority.
• October 24, 1967
  The FOMC noted real GNP rose substantially in the third quarter, with the GNP deflator increasing more rapidly than earlier in the year.
• October 3, 1967
  The FOMC noted industrial production had advanced in August, whereas the prior minutes reported a strengthening economy without specifying August output.
• September 12, 1967
  The FOMC noted unemployment fell to 3.8 per cent in August from 3.9 per cent in July.
• August 15, 1967
  The FOMC noted real GNP growth accelerated in recent weeks, with industrial production turning up in July after first-half declines.
• July 18, 1967
  The FOMC removed the directive reference to coupon-issue purchases for supplying reserve needs; the preliminary vote was 3 for, 7 against.
• June 20, 1967
  The FOMC approved dividing its minutes into action minutes and records of discussion.
• May 23, 1967
  The FOMC deleted the proviso clause from the directive that had specified action if bank credit expansion deviated from the expected 1 to 4 per cent range.
• May 2, 1967
  The FOMC dropped the proviso clause for bank credit expansion from the directive.
• April 4, 1967
  The FOMC changed its directive from maintaining prevailing easier conditions to attaining somewhat easier conditions in the money market.
• March 7, 1967
  The FOMC directive changed from "maintaining the prevailing conditions of ease" to "maintaining the prevailing easier conditions" in the money market.
• February 7, 1967
  The FOMC adopted alternative B in January, then alternative A with "conditions of ease" added in February.
• January 10, 1967
  The FOMC shifted from preferring "somewhat easier conditions" to considering "maintaining about the currently prevailing conditions" as an alternative.

1966

• December 13, 1966
  The FOMC adopted alternative B with four dissents (Hayes, Daane, Irons, Shepardson), up from two dissents in November.
• November 22, 1966
  The FOMC changed its policy objective from restraining inflationary pressures to promoting noninflationary economic expansion.
• November 1, 1966
  The FOMC directive replaced "resist inflationary pressures" with "maintain money and credit conditions conducive to the restraint of inflationary pressures."
• October 4, 1966
  The FOMC directive added "uncertainties in equity markets" and "a sharp increase in business inventories" to the list of economic weaknesses.
• September 13, 1966
  The FOMC directive changed from seeking "still greater reliance on borrowed reserves" to maintaining "firm but orderly conditions" with a two-way proviso for bank credit deviations.
• August 23, 1966
  Directive replaced net reserve availability target with minimum reserves for orderly conditions.
• July 26, 1966
  The Committee approved the proposed technique for offsetting float by selling bills for deferred delivery, with use contingent on the Manager's judgment.
• July 11, 1966
  The Committee approved use of a technique to offset float increases from an airline strike, with reluctance and only if necessary.
• June 28, 1966
  The directive's first paragraph added that automobile sales and residential construction had declined, and mortgage market conditions remained tight.
• June 7, 1966
  The directive shifted from seeking "some further gradual reduction in net reserve availability" to "maintaining net reserve availability and related money market conditions in about their recent ranges."
• May 10, 1966
  Directive changed from "moderating" to "restricting" growth in reserve base, bank credit, and money supply.
• April 12, 1966
  The directive's first paragraph changed "moderating" to "restricting" the growth in reserve base, bank credit, and money supply.
• March 22, 1966
  The directive's first paragraph changed from "resist the emergence of inflationary pressures" to "resist inflationary pressures."
• March 1, 1966
  The directive's second paragraph changed from "gradual reduction in reserve availability" to "attaining some further gradual reduction in reserve availability."
• February 8, 1966
  The directive's second paragraph changed from maintaining current money market conditions to a gradual reduction in reserve availability.
• January 11, 1966
  Directive changed from "moderating any further adjustments" to "maintaining about the current conditions in the money market."

1965

• December 14, 1965
  Discount rate increased and Regulation Q ceiling raised between meetings.
• November 23, 1965
  The Committee authorized the Manager to purchase when-issued Treasury 4-1/4% notes of May 15, 1967, if warranted.
• November 4, 1965
  The Committee authorized the Manager to purchase when-issued Treasury 4-1/4 per cent notes of May 15, 1967, if warranted.
• November 2, 1965
  The directive changed from "maintaining a firm tone" to "maintaining about the same conditions" in the money market.
• October 12, 1965
  The directive's target changed from "maintaining about the current conditions" to "maintaining a firm tone in the money market."
• September 28, 1965
  The Committee authorized an increase in covered sterling purchase authority from $50 million to $200 million.
• September 8, 1965
  The Committee authorized an increase in the swap line with the Bank of England from $50 million to $200 million for covered sterling purchases.
• August 31, 1965
  The FOMC's directive added "uncertainties as to possible developments in steel, sterling, and Vietnam" to its description of market conditions.
• August 10, 1965
  Bryan shifted from favoring a "tight rein" policy to advocating no change, dropping his earlier call for a slight rise in net borrowed reserves.
• July 13, 1965
• June 15, 1965
  The directive's implementation period was extended from three weeks to four weeks.
• May 25, 1965
  The directive's first paragraph added "although at a somewhat slower pace" to describe domestic economic expansion.
• May 11, 1965
  Directive changed from "maintaining the firmer conditions" to "maintaining about the same conditions" in the money market.
• April 13, 1965
  The directive's implementation period was extended from three weeks to four weeks.
• March 23, 1965
  The directive's policy language shifted from "accommodate growth" to "reinforce the voluntary restraint program" and "accommodating moderate growth."
• March 2, 1965
  The directive's second paragraph changed from "moving toward slightly firmer conditions" to "maintaining the slightly firmer conditions" over a three-week period.
• February 2, 1965
  The directive changed from "accommodating moderate growth" to "accommodating growth at a more moderate pace than in recent months."
• January 12, 1965
  Directive changed from four-week to three-week operational horizon.

1964

• December 15, 1964
  Directive shifted from specifying a 3.75-3.90% bill rate range to maintaining "about the same conditions in the money market as currently prevail."
• December 1, 1964
  The FOMC increased the swap line with the Bank of England by $250 million to $750 million, subject to conditions.
• November 24, 1964
  The Committee approved increasing the swap line with the Bank of England by $250 million to $750 million, subject to conditions.
• November 10, 1964
  The directive added a reference to the forthcoming Treasury financing in the second paragraph.
• October 20, 1964
  The Committee voted unanimously to adopt a directive omitting the bracketed auto wage settlement reference and adding a phrase on the forthcoming Treasury financing.
• September 29, 1964
  The Committee voted unanimously to adopt a directive with alternative B for the second paragraph, replacing the staff draft's alternative A.
• September 8, 1964
  The reserve pressure in the District increased, with the average deficit rising to $60 million from $49 million.
• August 18, 1964
  The directive's second paragraph changed from "maintaining about the same conditions" to "maintaining slightly firmer conditions in the money market."
• July 28, 1964
  The Committee discussed a proposed new directive format, with most members opposing quantified targets and longer elements.
• July 7, 1964
  The June 16 directive referenced "some quickening in the pace of domestic expansion"; the July 7 directive referenced "continued orderly expansion in economic activity."
• June 17, 1964
  The directive's reference to "recent" data was replaced with "recent data on production, actual and planned business capital outlays, retail sales, and unemployment."
• May 26, 1964
  Swiss franc debt projected to rise to $225 million from $200 million.
• May 5, 1964
  The Committee voted to continue the existing directive with deletion of the last sentence of the first paragraph, which referenced imminent Treasury cash borrowing.
• April 14, 1964
  The directive's first paragraph deleted the reference to imminent Treasury cash borrowing.
• March 24, 1964
  The directive was revised to add "money supply and the reserve base" to the policy statement on bank credit growth.
• March 3, 1964
  The directive added reference to the recently enacted reduction in Federal income tax rates.
• February 11, 1964
  The directive removed the phrase "and taking into account an imminent Treasury refunding."
• January 28, 1964
  Directive wording changed from "prospective Treasury financing" to "an imminent Treasury refunding."
• January 7, 1964
  Directive amended to add phrase "and taking into account prospective Treasury financing" after "To implement this policy."

1963

• December 17, 1963
  The Committee agreed to hold over the minutes publication decision for further study instead of voting.
• December 3, 1963
  The directive's second paragraph was revised to add language about cushioning money market unsettlement from President Kennedy's death.
• November 26, 1963
  Directive revised to add cushioning for market unsettlement from President Kennedy's death.
• November 12, 1963
  Directive changed only by deleting reference to imminent Treasury financing.
• October 22, 1963
  The directive's first paragraph was rewritten to emphasize maintaining money market conditions for balance of payments improvement.
• October 1, 1963
  Directive unchanged except deletion of reference to current Treasury refunding operation.
• September 10, 1963
  The directive added "and taking account of the current Treasury refunding operation" to the second paragraph.
• August 20, 1963
  The policy directive changed from seeking a slightly greater degree of firmness to maintaining the prevailing degree of firmness.
• July 30, 1963
  Directive changed from continuing present firmness to attaining slightly greater firmness in money market.
• July 9, 1963
  Directive changed from "improved domestic business outlook" to "high level of domestic business activity".
• June 18, 1963
  Vote split changed from 9-1 to 7-3, with Hayes and Balderston dissenting for less ease and Mitchell for more ease.
• May 28, 1963
  The May 28 directive removed the reference to Treasury financing and prevented cumulative credit tightening.
• May 7, 1963
  Policy directive changed to emphasize improving the U.S. balance of payments capital account.
• April 16, 1963
  Mr. Hayes dissented alone in March; Mills and Treiber dissented in April.
• March 26, 1963
  The March 26 directive replaced "in a period following a major Treasury financing" with "in a period of a Treasury bond financing."
• March 5, 1963
  Directive changed from "substantial increases" to "increases" in bank credit, money supply, and reserve base.
• February 12, 1963
  Directive changed from "providing for" to "accommodating" moderate reserve expansion.
• January 29, 1963
  Directive changed from "further, though more moderate" growth to "growth... more moderate than in recent months" in bank credit and money supply.
• January 8, 1963
  The directive changed from accommodating "moderate further increases" to "further, though more moderate, growth" in bank credit and money supply.

1962

• December 18, 1962
  The December 18 meeting focused on directive format and public communications, not on policy changes.
• December 4, 1962
  The Committee voted 6-5 against a change in the degree of ease, with five favoring no change and six preferring some change.
• November 13, 1962
  Removed reference to imminent Treasury financing from the directive.
• October 23, 1962
  The Committee authorized a $50 million dollar-schilling swap with Austria, an exception to the Guidelines.
• October 2, 1962
  FOMC approved sending a letter opposing publication of the Joint Committee Print, with Robertson voting no and Mills abstaining.
• September 11, 1962
  The Committee approved a draft reply opposing publication of the Joint Committee Print, with Robertson voting no and Mills abstaining.
• August 21, 1962
  The Committee voted 10-2 to maintain the status quo policy for the next three weeks, with Mitchell and Robertson dissenting.
• July 31, 1962
  The Committee approved a $200 million Swiss franc swap split between the Swiss National Bank and BIS, plus a $50 million Bundesbank swap in principle.
• July 10, 1962
  The FOMC approved a $250 million swap arrangement with the Bank of Canada on June 21, 1962.
• June 21, 1962
  The Committee voted to shift policy toward slightly less ease, with dissent from King and Robertson and Bryan voting present.
• June 19, 1962
  The Committee voted to shift policy toward slightly less ease, with free reserves targeted around $400 million.
• May 29, 1962
  Approved in principle a $50 million dollar-guilder swap arrangement with the Netherlands Bank.
• May 8, 1962
  The Committee decided not to vote on publishing minutes due to a lack of consensus.
• April 17, 1962
  Committee voted unanimously to accept German Federal Bank's mark balance interest proposal.
• March 27, 1962
  Committee authorized purchase of German marks from Stabilization Fund up to $25 million.
• March 6, 1962
  The Committee ratified the February 28, 1962, $50 million swap arrangement with the Bank of France.
• February 13, 1962
  The January 23 directive used "avoiding downward pressures"; the February 13 guidelines replaced this with "minimizing downward pressures."
• January 23, 1962
  Committee authorized Chairman Martin to consult Banking and Currency Committee chairmen on foreign currency operations legislation.
• January 9, 1962
  The Committee authorized Chairman Martin to consult with House and Senate Banking and Currency Committee chairmen, a step not taken in December.

1961

• December 19, 1961
  The Committee authorized its legal staff to confer with Treasury legal staff, moving from discussion to formal authorization.
• December 5, 1961
  The Committee agreed to place foreign currency operations on the December 5 agenda, with a special meeting not scheduled.
• November 14, 1961
  Committee shifted focus from domestic ease to foreign currency operations proposal.
• October 24, 1961
  Money market banks shifted from net purchases to large net sales of Federal funds in the last two weeks.
• October 3, 1961
  The Committee voted unanimously to renew the directive without change, with Mr. Mills dissenting on policy.
• September 12, 1961
  The Committee discussed Federal Reserve foreign exchange operations, a topic absent from the previous minutes.
• August 22, 1961
  The FOMC shifted from resolving doubts on the liberal side to resolving them on the side of restraint.
• August 1, 1961
  The special authorization for longer-term securities was renewed with a new $500 million limit, with Allen now the sole dissenter instead of Allen and Robertson.
• July 11, 1961
  Free reserves target shifted from $500-$550 million range to no explicit range stated.
• June 20, 1961
  Free reserves target shifted from around $500 million to a $500-$550 million range.
• June 6, 1961
  The Committee voted unanimously to maintain the current directive without change.
• May 9, 1961
  The directive was adopted unanimously on May 9, with no change from the April 18 language.
• April 18, 1961
  The directive language changed from "encouraging monetary expansion" to "encouraging expansion of bank credit and the money supply."
• March 28, 1961
  The special authorization was amended to remove the 10-year maturity restriction on longer-term securities operations.
• March 7, 1961
  February 7 meeting authorized up to $500 million in intermediate/longer-term securities; March 7 renewed same $500 million authorization for until next meeting.
• February 7, 1961
  The Committee voted to authorize operations in securities maturing beyond fifteen months up to ten years, with a $500 million limit.
• January 24, 1961
  Mr. Johns proposed a $50 million reserve increment; current minutes show no such proposal, with consensus against changing ease.
• January 10, 1961
  The Committee voted unanimously to maintain the existing directive, with no change in the discount rate or policy stance.

1960

• December 13, 1960
  The ceiling on time and savings deposit rates was proposed to be lifted to 5 per cent in November; no such proposal appears in December minutes.
• November 22, 1960
  The directive's aggregate securities change limit was reduced from $1.5 billion to $1 billion.
• October 25, 1960
  Directive added "while taking into consideration current international developments" to policy goals.
• October 4, 1960
  Balderston shifted from expecting gradual economic decline to noting money supply had risen about $1 billion since June.
• September 13, 1960
  The directive's clause (b) wording was unchanged, retaining "encouraging monetary expansion" and "sustainable growth."
• August 16, 1960
  The directive's clause (b) changed from "fostering sustainable growth...for moderate bank credit" to "encouraging monetary expansion for the purpose of fostering sustainable growth in economic activity and employment."
• July 26, 1960
  Balderston proposed removing "moderate" from clause (b) of the directive; the directive was renewed unchanged.
• July 6, 1960
  The directive was reaffirmed unchanged, with agreement to maintain the same general state of operations until the next meeting.
• June 14, 1960
  The directive was amended to add "bank" before "credit expansion" in clause (b).
• May 24, 1960
  The policy directive clause (b) was amended to add "by providing reserves needed for moderate bank credit expansion."
• May 3, 1960
  The FOMC renewed the April 12 authorization to acquire up to $150 million of one-year bills maturing July 15, 1960, for another three weeks, with Mr. Robertson dissenting.
• April 12, 1960
  The FOMC voted to reaffirm all three operating policy statements in their present form, with Hayes, Bopp, and Robertson dissenting.
• March 22, 1960
  The FOMC voted to reaffirm all three operating policy statements in their present form; the prior minutes contained no such vote.
• March 1, 1960
  The FOMC voted unanimously to modify clause (b) of the directive, replacing "inflationary credit expansion" with "excessive credit expansion."
• February 9, 1960
  The FOMC voted to retain the existing directive, with Mr. Mills voting "no" again.
• January 26, 1960
  Mr. Bryan proposed targeting total reserves growth at 2 percent, around $18.7 billion, a new quantitative directive basis.
• January 12, 1960
  Consensus shifted from no change in directive to maintaining status quo with slight easing sentiment.

1959

• December 15, 1959
  Mr. Mills again dissented from the directive, with his dissent recorded.
• November 24, 1959
  Mr. Mills voted "no" on the policy directive in both meetings, but in November he proposed a directive amendment that was not adopted.
• November 4, 1959
  Committee voted on policy consensus separately from directive, with Mills dissenting on both.
• October 13, 1959
  The FOMC agreed to send a joint letter to the New York Stock Exchange transmitting the Government securities market study findings.
• September 22, 1959
  Balderston reversed from favoring more restraint to supporting current policy with caution, citing new evidence like declining orders and the steel strike.
• September 1, 1959
  Chairman Martin noted the discount window underwriting issue was left as it stood with no new discussion.
• August 18, 1959
  FOMC minutes now focus on Treasury underwriting and discount window access, replacing prior discussion of steel strike impacts and Corvair production.
• July 28, 1959
  The July 28 directive removed the phrase "during the period of Treasury financing" from the ease-side discussion context.
• July 7, 1959
  The FOMC agreed errors should be on the side of ease during Treasury financing, reversing the prior preference for restraint-side errors.
• June 16, 1959
  Chairman Martin proposed moving the discount rate to 3-1/2 per cent promptly; current minutes report no desire to change the discount rate.
• May 26, 1959
  The policy directive changed from fostering "sustainable economic growth" to "restraining inflationary credit expansion in order to foster sustainable economic growth and expanding employment opportunities."
• May 5, 1959
  Mr. Balderston proposed tightening during the week ending May 27, departing from the consensus to wait until the next meeting.
• April 14, 1959
  Steel industry capacity rose from 87% to 93.5% nationally, with Fourth District at 95%.
• March 24, 1959
  Mr. Deming now reports Ninth District employment rising from seasonal low, versus prior discussion of economist attendance policy.
• March 3, 1959
  The discussion of a discount rate change shifted from February 12 to after March 3, with a proposed half-percent increase.
• February 10, 1959
  Discount rate increase timing shifted from immediate post-refunding to around March 5, with February 19 or 26 considered.
• January 27, 1959
  Mr. Irons dropped his prior call for firm restraint; now supports even keel until Treasury refunding completes.
• January 6, 1959
  The directive's clause (b) changed from "balanced economic recovery" to "sustainable economic growth and stability" in December, and remained unchanged in January.

1958

• December 16, 1958
  The FOMC voted to raise the bankers' acceptance limit from $50 million to $75 million, with Robertson dissenting.
• December 2, 1958
  Johns reiterated support for gradual reserve restriction and opposed fixed free reserve targets.
• November 10, 1958
  Mr. Leach's proposal for a 1/2 per cent discount rate increase between October 23 and 30 was dropped; no rate change was discussed at the November meeting.
• October 21, 1958
  Discount rate increase to 2-1/2 per cent now favored by most members, versus no change in September.
• September 30, 1958
  Balderston no longer proposed reducing free reserves to $100-$150 million; he endorsed maintaining an even keel like the past three weeks.
• September 9, 1958
  Balderston shifted from favoring zero free reserves to a compromise level of $100-$150 million.
• August 19, 1958
  The FOMC voted unanimously to change the directive, adding "fostering conditions in the money market conducive to balanced economic recovery" and deleting clause (b).
• August 4, 1958
  Chairman Martin presided instead of Balderston; Martin, Shepardson, Vardaman, and Allen joined, Hayes and Fulton absent.
• August 1, 1958
  The Treasury announced a 59 percent allotment on new tax anticipation certificates, down from the previous just-under-60 percent expectation.
• July 31, 1958
  Mr. Hayes was absent; Mr. Balderston presided instead of Mr. Martin.
• July 30, 1958
  The FOMC tabled the New York Reserve Bank's proposal to increase the limitation on bankers' acceptance holdings.
• July 29, 1958
  The FOMC agreed to table the New York Reserve Bank's proposal to increase the bankers' acceptance holdings limitation.
• July 25, 1958
  No further FOMC meetings scheduled until July 29, 1958, unless the Account Manager requests one.
• July 24, 1958
  The FOMC terminated the authority granted to the Federal Reserve Bank of New York on July 18, 1958, to purchase government securities without limitation.
• July 23, 1958
  System Account purchases of when-issued securities rose from $78 million to approximately $130 million on July 23.
• July 22, 1958
  System Account bought $78 million of when-issued certificates today, up from $32 million in notes and bonds on Friday.
• July 21, 1958
  The FOMC authorized unlimited purchases of Government securities beyond short-term issues on July 18, replacing a $50 million limit.
• July 18, 1958
  July 15 meeting authorized Treasury account purchases up to $85 million; July 18 authorized System account purchases without dollar limit.
• July 15, 1958
  The FOMC held a telephone conference on July 15, 1958, instead of an in-person meeting, to address the Lebanon troop landing.
• July 8, 1958
  The FOMC voted unanimously to keep the policy directive unchanged, with no vote to delete "further" from clause (b).
• June 17, 1958
  Szymczak shifted from favoring a reduction in reserve requirements to proposing a change now, citing seasonal needs and departing from a fixed free-reserve pattern.
• May 27, 1958
  Mr. Szymczak now favored reducing reserve requirements, whereas previously he had supported continuing current policy.
• May 6, 1958
  The discount rate reduction was implemented, with directors noting it without enthusiasm.
• April 15, 1958
  The minutes note a shift from considering a discount rate reduction to discussing the timing and size of such a change, with a preference for a 1/2 percent cut.
• March 25, 1958
  Free reserves target shifted from $400-$500 million to $500 million or slightly higher, with $600 million not alarming.
• March 4, 1958
  Committee shifted from float study discussion to recession policy, targeting $400-$500 million free reserves.
• February 11, 1958
  The FOMC discussed changing the deferred availability schedule from a 2-day to a 3-day maximum, absorbing about $400 million in reserves.
• January 28, 1958
  St. Louis Bank directors reduced its discount rate between meetings, citing a changed economic situation.
• January 7, 1958
  Chairman Martin shifted from favoring zero free reserves to slight positive free reserves.

1957

• December 17, 1957
  Directive clause (b) changed from "moderating the pressures on bank reserves" to "cushioning adjustments and mitigating recessionary tendencies in the economy."
• December 3, 1957
  Discount rate was reduced from 3.5% to 3% between meetings.
• November 12, 1957
  Directive clause (b) changed from "restraining inflationary developments" to "fostering sustainable growth in the economy without inflation, by moderating the pressures on bank reserves."
• October 22, 1957
  Net borrowed reserves target shifted from $400-$500 million to around $350 million.
• October 1, 1957
  Chairman Martin shifted his net borrowed reserves target from $400 million to a $500-$600 million range.
• September 10, 1957
  Chairman Martin shifted his net borrowed reserves target from $500-$600 million to around $400 million.
• August 20, 1957
  Discount rate increased from 3% to 3.5% between meetings.
• July 30, 1957
  Balderston now favors raising the discount rate to 3-1/2 percent in August, not just discussing it.
• July 9, 1957
  Mr. Shepardson disagreed with the consensus, favoring increased pressure, unlike the June 18 unanimous agreement.
• June 18, 1957
  Consensus shifted from considering a discount rate increase to unanimously rejecting any change.
• May 28, 1957
  Members debated raising the discount rate from 3 percent, with some favoring a prompt increase.
• May 7, 1957
  Net borrowed reserve target set at $400-500 million, down from prior consensus of around $700 million.
• April 24, 1957
  Treasury reduced its Reserve Bank balances by $150-200 million, altering reserve projections.
• April 16, 1957
  Mr. Mills recommended the System open market account buy Treasury bills to reduce member bank discounts, a shift from the prior policy of firm restraint.
• March 26, 1957
  Szymczak shifted preferred negative free reserves target from $0-200 million to $200-300 million.
• March 5, 1957
  Directive clause (b) changed from "unsettled conditions in the money, credit, and capital markets" to "uncertainties in the business outlook, the financial markets, and the international situation."
• February 18, 1957
  Committee agreed to maintain status quo policy, with negative free reserves targeted around $200-400 million.
• January 28, 1957
  Directive clause (b) retained "unsettled conditions" wording; no change made at this meeting.
• January 8, 1957
  Directive clause (b) changed from recognizing "additional pressures...resulting from seasonal factors and international conditions" to "unsettled conditions in the money, credit, and capital markets and in the international situation."

1956

• December 10, 1956
  The directive's clause (b) was modified to add "while recognizing additional pressures in the money, credit, and capital markets resulting from seasonal factors and international conditions."
• November 27, 1956
  Directive clause (b) modified to add "while recognizing additional pressures in the money, credit, and capital markets resulting from seasonal factors and international conditions."
• November 13, 1956
  Committee consensus shifted from discussing possible bill rate rise above discount rate to no change in directive or discount rate.
• October 16, 1956
  The FOMC agreed to allow the account to let bills run off to offset float, rather than selling bills.
• September 25, 1956
  Chairman Martin shifted guidance from resolving doubts on tightness to making errors on the side of ease.
• September 11, 1956
  The FOMC voted unanimously to keep the directive unchanged, with no alteration to wording or amounts.
• August 21, 1956
  Philadelphia Reserve Bank raised its discount rate to 3 per cent on August 21, 1956.
• August 7, 1956
  The FOMC deleted the directive clause requiring consideration of deflationary tendencies in the economy.
• July 17, 1956
  Chairman Martin now favors a net borrowed reserves target around $250 million, down from his prior $200 million preference.
• June 26, 1956
  The FOMC voted unanimously to maintain the existing directive, with no change in policy stance.
• June 5, 1956
  The directive was modified to include a downward trend in net borrowed reserves, replacing the prior target of around $250 million.
• May 23, 1956
  The directive's clause (b) added "while taking into account any deflationary tendencies in the economy."
• May 9, 1956
  The FOMC approved a staff committee to study debt management and credit policy coordination with the Treasury.
• April 17, 1956
  The FOMC deleted the phrase "while taking into account any deflationary tendencies in the economy" from clause (b) of its directive, leaving only restraint on inflationary developments.
• March 27, 1956
  The FOMC deleted the phrase "while taking into account any deflationary tendencies in the economy" from clause (b) of the directive.
• March 6, 1956
  Chairman Martin's stance shifted from neutral to favoring slight tightness over ease.
• February 15, 1956
  The FOMC voted unanimously to renew the directive without change, emphasizing no significant policy shift.
• January 24, 1956
  The directive's clause (b) was amended to add "while taking into account any deflationary tendencies in the economy" after "sustainable economic growth."
• January 10, 1956
  No discussion of issuing a public statement about when-issued security purchases; prior meeting debated and rejected such a statement.

1955

• December 13, 1955
  December 8 meeting was informational only; December 13 meeting discussed issuing a public statement on policy.
• December 8, 1955
  The FOMC authorized up to $400 million in when-issued 2-5/8% certificate purchases on November 30; by December 8, $167 million had been used.
• November 30, 1955
  The FOMC authorized purchasing up to $400 million of 2-5/8 per cent when-issued Treasury certificates, dated December 1, 1955.
• November 16, 1955
  Chairman Martin said the President's illness deflated the "confidence bulge," a shift from prior emphasis on the bulge's unjustified size.
• October 25, 1955
  Net borrowed reserve target shifted from $300 million to $300-400 million range, with tolerance up to $500 million.
• October 4, 1955
  The FOMC removed the September 14 instruction to err on the side of greater restraint.
• September 26, 1955
  Removed instruction to err on the side of greater restraint from the general program.
• September 14, 1955
  The FOMC agreed to allow Senator Douglas to observe operations at the New York Bank, with a System economist assisting him.
• August 23, 1955
  The directive's maximum change in System account securities was raised from $750 million to $1 billion.
• August 2, 1955
  Directive language changed from "avoid the development of unsustainable expansion" to "restraining inflationary developments in the interest of sustainable economic growth."
• July 12, 1955
  Directive limit reduced from $1 billion to $750 million.
• June 22, 1955
  Directive limit for System account transactions raised from $750 million to $1 billion.
• May 10, 1955
  The FOMC approved in principle authorizing acquisition of bankers' acceptances, discontinuing minimum buying rates, and using repurchase agreements for acceptances.
• March 2, 1955
  The FOMC approved a directive replacing "promoting" with "fostering" growth and stability, and adding "avoid the development of unsustainable expansion."
• January 11, 1955
  Directive clause (b) changed from "promoting...ease" to "fostering...encourage recovery and avoid unsustainable expansion".

1954

• December 7, 1954
  The directive's clause (b) changed from "actively maintaining a condition of ease" to "maintaining a condition of ease."
• September 22, 1954
  Chairman Martin shifted from favoring ease only if needed to explicitly leaning on the side of ease for psychological impact.
• June 23, 1954
  The executive committee was authorized to reduce the minimum buying rate on acceptances if desirable before the next meeting.
• March 3, 1954
  The FOMC approved unanimously a directive authorizing the executive committee to reduce the minimum buying rate on acceptances if judged desirable before the next meeting.

1953

• December 15, 1953
  The FOMC approved a directive confining System account operations to short-term securities, with an added clause clarifying "in the open market" following "System account."
• September 24, 1953
  Mills' motion to confine operations to short-term securities was approved 9-2, reversing June's rescission.
• June 11, 1953
  The FOMC voted to rescind restrictions confining System account purchases to short-term securities and barring purchases during Treasury financings.
• March 4–5, 1953
  The FOMC abandoned the "reluctant buying" technique and adopted aggressive buying for market support operations.

1952

• December 8, 1952
  The FOMC unanimously reaffirmed the policy of neutrality, with no change in the discount rate.
• September 25, 1952
  The direction on special short-term certificates shifted from System account purchases to Federal Reserve Bank of New York purchases for its own account.
• June 19, 1952
  The FOMC approved minutes from February 29 and March 1, 1952, and ratified executive committee actions from five meetings.
• March 1, 1952
  The FOMC approved minutes from November 14, 1951, and executive committee actions from November 13-14, 1951, and February 11, 1952.
• February 29, 1952
  The FOMC approved minutes from November 14, 1951, and executive committee actions from November 13-14, 1951, and February 11, 1952.

1951

• November 14, 1951
  The FOMC approved converting $500 million of 2-3/4 percent bonds into 1-1/2 percent notes, with another $500 million planned for April 1952.
• October 4, 1951
  The FOMC approved converting $500 million of 2-3/4% bonds into 1-1/2% notes, down from the $1 billion conversion agreed in May.
• May 17, 1951
  Chairman changed from McCabe to Martin, who was elected to serve until February 29, 1952.
• March 8, 1951
  The executive committee authorization limit was reduced from $3 billion to $2 billion.
• March 1–2, 1951
  The executive committee's transaction limit was increased from $2 billion to $3 billion.
• February 6–8, 1951
  The FOMC approved a new direction to the executive committee with a $2 billion limitation, replacing the prior $3 billion cap.
• January 31, 1951
  The FOMC met with President Truman on January 31, 1951, to discuss maintaining confidence in Government securities.

1950

• November 27, 1950
  The FOMC approved sending a letter to Treasury Secretary Snyder on October 30, 1950, reaffirming the 2-1/2% long-term bond rate and a 1-1/2% cap on one-year securities.
• October 30, 1950
  The FOMC approved a letter to Secretary Snyder stating it would maintain the 2-1/2 percent rate on longest-term bonds and cap one-year yields at 1-1/2 percent.
• October 11, 1950
  The executive committee delayed implementing the September 28 short-term rate increase until October 5.
• September 28, 1950
  The FOMC authorized a further increase in short-term rates up to the 1-3/4 percent discount rate, from the previous 1-3/8 percent target.
• August 18, 1950
  The FOMC changed its policy stance from neutrality to restraint on inflationary credit expansion.
• June 13–14, 1950
  The executive committee was authorized to sell long-term bonds until the longest restricted issue price reached 100-1/2, then sales would be restricted.
• March 1, 1950
  The FOMC authorized repurchase agreements with nonbank dealers at rates at least 1/8 percent above the latest Treasury bill issuing rate, for up to 15 days.
• February 28, 1950
  The FOMC approved operations from December 13, 1949, to February 27, 1950, replacing the prior period ending December 12, 1949.

1949

• December 13, 1949
  The consensus was that discount rates should not be reduced at this time, but action might be taken in September.
• August 5, 1949
  The letter to Secretary Snyder was approved unanimously, reaffirming no commitment to support long-term bonds at par.
• June 28, 1949
  The FOMC approved a new policy statement prioritizing general business and credit conditions over maintaining a fixed pattern of rates.
• May 3, 1949
  Committee agreed to recommend refunding June 1 certificates and June 15 bonds into a 4-5 year note priced at par.
• March 1, 1949
  Treasury Secretary Snyder rejected the proposed 1-3/8% refunding of March 1 certificates, preferring the System exchange its holdings.
• February 28, 1949
  The FOMC approved executive committee actions from November 30, 1948, and January 4 and 26, 1949, instead of only October 4, 1948.

1948

• November 30, 1948
  The November 15 meeting approved minutes and operations; the November 30 meeting approved minutes and executive committee actions from October 4.
• November 15, 1948
  The October 4 meeting approved a $4 billion executive committee authority; November 15 approved a $2 billion authority.
• October 4, 1948
  The executive committee's transaction authority was increased from $1.5 billion to $2 billion.
• May 20, 1948
  The FOMC elected McCabe as Chairman, replacing Eccles, who became Vice Chairman.
• March 1, 1948
  The FOMC elected Mr. McCabe as Chairman effective when he takes office, with Mr. Eccles serving until then.
• February 27, 1948
  The FOMC agreed to defer action on market price declines until after the Treasury's January refunding was completed.

1947

• December 9, 1947
  The minutes now include a proposal to increase discount rates to 1-1/4 percent, whereas the previous meeting discussed 1-1/8 percent.
• October 6–7, 1947
  The FOMC approved a 6-point anti-inflationary program, including raising short-term rates to 1-1/8 percent by end of 1947.
• June 5–6, 1947
  The FOMC recommended retiring $1 billion of April 1 certificates, down from a suggested $1.5 billion.
• March 1, 1947
  Recommended retiring $1 billion of April 1 certificates, down from earlier $1.5 billion suggestion.
• February 27–28, 1947
  Treasury balance outlook improved: another $1 billion of certificates could be retired April 1, 1947, versus prior $4 billion first-quarter estimate.

1946

• October 3, 1946
  The committee agreed to recommend retiring $2 billion of November 1 certificates and paying off the entire $3.261 billion of December 15 notes, conditional on Treasury balance reductions.
• June 10, 1946
  The FOMC elected officers for the term beginning March 1, 1946, with unanimous votes.
• March 1, 1946
  The FOMC approved the minutes of the October 17, 1945, meeting and executive committee actions from October 17, 1945, to January 23, 1946.
• February 28, 1946
  The executive committee's actions from October 17 and December 5, 1945, and January 23, 1946, were approved, ratified, and confirmed.

1945

• October 17, 1945
  Approved minutes of June 20, 1945, meeting and executive committee actions from that date.
• June 20, 1945
  The executive committee's authority to increase non-bill System account securities was raised from $1 billion to $2 billion.
• March 1, 1945
  The FOMC approved a new direction to purchase all Treasury bills at 3/8 percent, adding prompt reporting to the Manager.
• February 28, 1945
  The FOMC approved the minutes of the December 11, 1944, meeting and ratified executive committee actions.

1944

• December 11, 1944
  Treasury bill allocation floor for reserve ratios lowered from 45% to 43% pending executive committee action.
• September 21–22, 1944
  The FOMC approved a new allocation procedure for Treasury bills to maintain reserve ratios, with a 45 percent minimum floor.
• May 4, 1944
  The direction to purchase Treasury bills at 3/8 percent per annum was reaffirmed unanimously.
• March 1, 1944
  The FOMC approved a direction for all 12 Reserve Banks to purchase Treasury bills at 3/8 percent with repurchase options.
• February 29, 1944
  The executive committee was directed to work out a tender arrangement with the Treasury, replacing the prior informal relationship.

1943

• October 18, 1943
  The executive committee was directed to arrange weekly tenders for new bills up to the amount of maturing bills in the System and option accounts.
• June 28, 1943
  The executive committee's authority to change System account holdings was increased from $1,000,000,000 to $1,500,000,000.
• May 15, 1943
  The executive committee's authority to change System account securities was reduced from $1,500,000,000 to $1,000,000,000.
• March 2, 1943
  The executive committee's authority to increase or decrease System account securities was raised from $1,000,000,000 to $1,500,000,000.
• January 25–26, 1943
  The FOMC abandoned the assumption that $30,000,000,000 of securities would be sold to banks in the current year.

1942

• December 14, 1942
  The FOMC added authority to purchase special short-term Treasury certificates for temporary accommodation, up to $1,000,000,000.
• September 28–29, 1942
  The executive committee's authority limit was increased to $1,000,000,000, including special short-term certificates.
• August 3, 1942
  The minutes of May 8, 1942, were approved, replacing the previous meeting's approval of May 8, 1942.
• June 22, 1942
  The executive committee gained explicit authority for transactions necessary in practical administration of the account.
• May 8, 1942
  The March 2 meeting reelected officers; May 8 selected Mr. Evans as third alternate for the executive committee.
• March 2, 1942
  Committee members and alternates were newly elected for one year from March 1, 1942, with oaths of office executed.
• February 28, 1942
  The December 12, 1941, meeting approved a $500,000,000 limit for executive committee transactions; the February 28, 1942, meeting approved a $500,000,000 limit.

1941

• December 12, 1941
  The executive committee transaction limit was increased from $200,000,000 to $500,000,000.
• September 27, 1941
  The Board increased member bank reserve requirements to the maximum of its authority on September 23, 1941.
• June 10, 1941
  The FOMC approved minutes and executive committee actions from March 17, 1941, rather than December 18, 1940.
• March 17, 1941
  The December 18, 1940 resolution was adopted with Mr. Draper voting "no"; the March 17, 1941 resolution was adopted unanimously.

1940

• December 18, 1940
  The September 27 resolution's $500,000,000 portfolio change limit was reduced to $200,000,000 on December 18.
• September 27, 1940
  The FOMC approved the minutes of the May 27-28, 1940, meeting, covering the period to September 26, 1940.
• May 27–28, 1940
  The special committee on market responsibilities and dealer relations was discharged.
• March 20, 1940
  The FOMC approved Robert G. Rouse as Manager of the System Open Market Account, succeeding Mr. Sproul.

1939

• December 13, 1939
  The Federal Open Market Committee approved Robert G. Rouse as Manager of the System Open Market Account, succeeding Mr. Sproul.
• September 18, 1939
  The FOMC approved the executive committee's September 8 decision to increase the System account by $500,000,000, with concurrence from Fleming, Martin, and Hamilton on September 9.
• June 20–21, 1939
  The executive committee was authorized to allow part or all of maturing Treasury bills to run off without replacement, replacing the prior requirement to replace them.
• April 19, 1939
  The executive committee was authorized to increase the System portfolio by up to $500,000,000 in an emergency, exceeding the $900,000,000 bond limit.
• March 20, 1939
  The special committee recommended sending FOMC and executive committee minutes to all Federal Reserve bank presidents, approved unanimously.
• March 6–7, 1939
  Williams favored allowing maturing bills to run off without replacement if they could not be replaced without paying a premium.

1938

• December 30, 1938
  The FOMC approved Allan Sproul as Manager of the System Open Market Account, succeeding W. Randolph Burgess.
• September 21, 1938
  The committee approved Allan Sproul as new Manager of the System Open Market Account, succeeding W. Randolph Burgess.
• August 2, 1938
  The two-year maturity limit on replacement Treasury bills and notes was waived on July 1, 1938, then ratified at this meeting.
• April 29, 1938
  The April 29 meeting approved a new resolution capping account fluctuations at $125,000,000, replacing the prior $200,000,000 limit.
• April 21–22, 1938
  Committee authorized executive committee to vary total open market account by up to $200,000,000 from present level.

1937

• September 11–12, 1937
  The FOMC authorized purchases of Treasury bills or short-term obligations to offset seasonal currency withdrawals, with a $300 million limit.
• June 9, 1937
  The June 9 meeting approved minutes from April 3-4 and May 4-5, 1937, and executive committee actions through June 2.
• May 4–5, 1937
  The meeting reconvened on May 5, 1937, with Chairman Eccles present, unlike the previous session.
• April 3–4, 1937
  Committee voted to form a subcommittee to review minutes format and reporting procedures.
• March 15, 1937
  The motion to invite Presidents Sinclair, Martin, and Day to the January 26 meeting was defeated 7-3.
• January 26, 1937
  The committee authorized increasing long-term bond holdings limit from $500,000,000 to $600,000,000.

1936

• November 20, 1936
  The committee authorized increasing the limit on bonds with maturities over five years from $500,000,000 to $600,000,000.
• November 19, 1936
  The FOMC approved the May 25, 1936 minutes and ratified June 1936 postponements and "Plan No. 2" for transfers.
• May 25, 1936
  The FOMC increased the maximum allowable bonds in the System account from $350,000,000 to $500,000,000.
• March 19, 1936
  The FOMC rejected a motion to grant emergency authority for individual banks to buy or sell government securities without prior Committee approval.
• March 18, 1936