August 19 · Published October 2, 1997
Statement·Presser·Minutes
AGAlan GreenspanAugust 19, 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
It was agreed that the next meeting of the Committee would be held on Tuesday, September 30, 1997.
The meeting adjourned at 12:40 p.m.
Donald L. Kohn
Secretary
What changed from the previous meeting’s minutes
- The dollar rose significantly against G-10 currencies, up from slightly over the prior intermeeting period.
- M3 growth for the year through July was appreciably above its range upper bound, versus somewhat above in June.
- The directive added a specific federal funds rate target of about 5-1/2 percent, replacing reserve pressure language.
- The intermeeting bias sentence was reworded to reference the federal funds rate instead of reserve conditions.
- The FOMC approved a revision to its information availability rules to conform with the Electronic Freedom of Information Act.
Summary generated automatically from the two documents.