August 22 · Published September 29, 1995
Statement·Presser·Minutes
AGAlan GreenspanAugust 22, 1995 FOMC Minutes
Vote
- Alan S. Blinder
- Alan Greenspan
- Thomas M. Hoenig
- Edward W. Kelley, Jr.
- 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, September 26, 1995.
The meeting adjourned at 12:25 p.m.
Donald L. Kohn
Secretary
What changed from the previous meeting’s minutes
- The FOMC voted to ease slightly the degree of pressure on reserve positions in July, but voted to maintain the existing degree in August.
- The July directive included a bias toward possible further easing; the August directive had no bias in either direction.
- Mr. Hoenig dissented in July favoring unchanged policy; no dissents were recorded in August.
- The M3 growth range for 1995 was raised to 2 to 6 percent in July and reaffirmed in August.
- The dollar appreciated substantially against G-10 currencies in August, after declining considerably in July.
- The August minutes noted M3 growth above its upwardly revised range, whereas July noted growth well above its range.
Summary generated automatically from the two documents.