September 30 · Published November 13, 1997
Statement·Presser·Minutes
AGAlan GreenspanSeptember 30, 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 Wednesday, November 12, 1997.
The meeting adjourned at 12:45 p.m.
Donald L. Kohn
Secretary
What changed from the previous meeting’s minutes
- The dollar's trade-weighted value declined somewhat over the intermeeting period, after rising significantly previously.
- M2 growth accelerated to a rapid pace in August, exceeding the upper bound of its range for the year.
- The staff forecast projected faster economic growth for the second half of 1997 and early 1998 than previously anticipated.
- The unemployment rate rose to 4.9 percent in August from 4.8 percent in July.
- The nominal U.S. trade deficit widened substantially in July after narrowing in the second quarter.
- The next FOMC meeting was scheduled for November 12, 1997, instead of September 30.
Summary generated automatically from the two documents.