July 1–2 · Published August 21, 1997
Statement·Presser·Minutes·Policy
AGAlan GreenspanJuly 1–2, 1997 FOMC Minutes
Vote
- J. Alfred Broaddus, Jr.
- Alan Greenspan
- Jack Guynn
- Edward W. Kelley, Jr.
- William J. McDonough
- Laurence H. Meyer
- Michael H. Moskow
- Robert T. Parry
- Susan M. Phillips
- Alice M. Rivlin
From the minutes
FOMC minutes
Secretary
Footnotes
1 Attended portions of meeting relating to the Committee's review of the economic outlook and establishment of its monetary and debt ranges for 1998.
2 Attended portion of meeting relating to price measurement issues for monetary policy.
What changed from the previous meeting’s minutes
- Broaddus dissented in May but voted with the majority in July.
- July meeting set provisional 1998 monetary and debt ranges, unchanged from 1997.
- Unemployment rate fell from 4.9 percent in April to 4.8 percent in May.
- Dollar rose slightly over intermeeting period in July, after declining in May.
- M2 and M3 growth moderated in July, near or above range upper bounds.
- July minutes noted CPI inflation expected to decline appreciably in 1997.
Summary generated automatically from the two documents.