May 21 · Published July 5, 1996
Statement·Presser·Minutes
AGAlan GreenspanMay 21, 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
FOMC minutes
The meeting adjourned at 1:15 p.m.
Donald L. Kohn
Secretary
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What changed from the previous meeting’s minutes
- M2 and M3 growth slowed substantially in April after sizable increases earlier in the year.
- Dollar trade-weighted value appreciated considerably over the intermeeting period, versus slight decline previously.
- Unemployment rate fell to 5.4 percent from 5.5 percent in February.
- Inflation outlook shifted to above recent years' levels, citing energy and food price pressures.
- Balance of risks on inflation shifted substantially toward higher inflation since early in the year.
- Staff forecast changed to expect inflation above recent years, from modest increase previously.
Summary generated automatically from the two documents.