February 3–4 · Published March 25, 1994
Statement·Presser·Minutes
AGAlan GreenspanFebruary 3–4, 1994 FOMC Minutes
Our reading
The minutes are consistent with the statement because both documents describe the Federal Open Market Committee's decision to implement a slight increase in pressure on reserve positions, which is expected to lead to a small rise in short-term interest rates, as a deliberate move toward a less accommodative monetary policy aimed at sustaining economic expansion and preventing inflationary pressures.
Our reading compares the minutes of the February 3–4 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Wayne D. Angell
- J. Alfred Broaddus, Jr.
- Robert P. Forrestal
- Alan Greenspan
- Jerry L. Jordan
- Edward W. Kelley, Jr.
- John P. LaWare
- Lawrence B. Lindsey
- William J. McDonough
- David W. Mullins, Jr.
- Robert T. Parry
- Susan M. Phillips
From the minutes
FOMC minutes
Votes against this action: None.
Absent and not voting: Messrs. Angell and Mullins.
It was agreed that the next meeting of the Committee would be held on Tuesday, March 22, 1994. The meeting adjourned at 11:45 a.m.
Secretary
What changed from the previous meeting’s minutes
- The FOMC shifted from maintaining unchanged reserve pressure to slightly increasing it.
- The directive changed from unbiased to explicitly seeking a slight increase in reserve pressure.
- The vote went from 10-2 against to unanimous, with Angell and Mullins absent.
- The FOMC decided the Chairman would announce policy decisions promptly, a departure from past practice.
- The 1994 monetary ranges were finalized, having been tentative in the previous meeting.
- The next meeting was moved from February 3-4 to March 22, 1994.
Summary generated automatically from the two documents.