February 3–4 · Published April 2, 1998
Statement·Presser·Minutes·Policy
AGAlan GreenspanFebruary 3–4, 1998 FOMC Minutes
Vote
- Roger W. Ferguson, Jr.
- Edward M. Gramlich
- Alan Greenspan
- Thomas M. Hoenig
- Jerry L. Jordan
- Edward W. Kelley, Jr.
- William J. McDonough
- Robert D. McTeer, Jr.
- Laurence H. Meyer
- Cathy E. Minehan
- Susan M. Phillips
- Alice M. Rivlin
From the minutes
FOMC minutes
Donald L. Kohn
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.
What changed from the previous meeting’s minutes
- The December 1997 directive was asymmetric (tilted toward tightening); the February 1998 directive was symmetric.
- The February 1998 meeting had no dissenting votes; the December 1997 meeting had one dissent (Mr. Broaddus).
- The February 1998 minutes report the dollar rose only slightly against major industrial currencies; December 1997 reported broad appreciation.
- The February 1998 minutes note the trade deficit narrowed in October and November; December 1997 reported it widened in the third quarter.
- The February 1998 minutes report business fixed investment weakened in the fourth quarter; December 1997 expected slowing from rapid growth.
- The February 1998 minutes confirm 1998 monetary ranges as final; December 1997 had them tentative.
Summary generated automatically from the two documents.