January 31–February 1 · Published March 31, 1995
Statement·Presser·Minutes
AGAlan GreenspanJanuary 31–February 1, 1995 FOMC Minutes
Our reading
The minutes read somewhat more dovish relative to the statement because they reveal that a few members preferred to delay the tightening until more data on the slowing economy could be assessed, and the FOMC adopted a symmetric directive with no presumption of further tightening, whereas the statement presents the action as a decisive, necessary step to contain inflation.
Our reading compares the minutes of the January 31–February 1 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Alan S. Blinder
- Alan Greenspan
- Thomas M. Hoenig
- Edward W. Kelley, Jr.
- John P. LaWare
- Lawrence B. Lindsey
- William J. McDonough
- Thomas C. Melzer
- Cathy E. Minehan
- Michael H. Moskow
- Susan M. Phillips
- Janet L. Yellen
From the minutes
FOMC minutes
It was agreed that the next meeting of the Committee would be held on Tuesday, March 28, 1995.
The meeting adjourned at 3:20 p.m.
Donald L. Kohn
Secretary
What changed from the previous meeting’s minutes
- Policy changed from maintaining pressure to increasing reserve restraint.
- Directive changed from asymmetric (restraint bias) to symmetric.
- Discount rate increase of 1/2 percentage point was approved by Board.
- Swap line with Bank of Mexico raised from $4.5 billion to $6 billion.
- Warehousing facility for foreign currencies increased from $5 billion to $20 billion.
- Unemployment rate declined from 5.6 percent to 5.4 percent.
Summary generated automatically from the two documents.