February 4–5 · Published March 27, 1997
Statement·Presser·Minutes·Policy
AGAlan GreenspanFebruary 4–5, 1997 FOMC Minutes
Vote
- J. Alfred Broaddus, Jr.
- Alan Greenspan
- Jack Guynn
- Edward W. Kelley, Jr.
- Lawrence B. Lindsey
- William J. McDonough
- Laurence H. Meyer
- Michael H. Moskow
- Robert T. Parry
- Susan M. Phillips
- Alice M. Rivlin
- Janet L. Yellen
From the minutes
FOMC minutes
Secretary
Footnotes
1Attended Tuesday session only.
2Attended portions of meeting relating to the Committee's review of the economic outlook and establishment of its monetary and debt ranges for 1997.
What changed from the previous meeting’s minutes
- The dollar's trade-weighted value rose substantially over the intermeeting period, versus slightly previously.
- M2 and M3 growth strengthened considerably in the fourth quarter, with M3 estimated well above its range top.
- The FOMC formally established 1997 monetary ranges, previously only tentative.
- Members noted fourth-quarter economic expansion strengthened markedly, not just moderate growth.
- Net exports were expected to weaken this year, reversing prior expectations of some restraint.
- Two members were absent and not voting: Lindsey and Yellen.
Summary generated automatically from the two documents.