March 26 · Published May 24, 1996

Statement·Presser·Minutes

March 26, 1996 FOMC Minutes

Vote

• Boehne
• Alan Greenspan
• Jerry L. Jordan
• Edward W. Kelley, Jr.
• Lawrence B. Lindsey
• William J. McDonough
• Robert D. McTeer, Jr.
• Susan M. Phillips
• Stern
• Janet L. Yellen

From the minutes

Read the full minutes

What changed from the previous meeting’s minutes

• The directive changed from a slight reduction in reserve pressure to maintaining the existing degree of pressure.
• The discount rate was reduced by 1/4 percentage point to 5 percent on January 31, 1996.
• The federal funds rate averaged around 5-1/4 percent during the intermeeting period.
• The trade-weighted dollar declined slightly over the intermeeting period, after having risen previously.
• Growth of M2 and M3 strengthened considerably, rather than moderately as previously expected.
• The unemployment rate fell to 5.5 percent from 5.6 percent.

Summary generated automatically from the two documents.

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