February 1–2 · Published March 23, 2000
Statement·Presser·Minutes·Policy
AGAlan GreenspanFebruary 1–2, 2000 FOMC Minutes
Our reading
The minutes are consistent with the statement because they detail the FOMC's unanimous decision to raise the federal funds rate by 25 basis points to 5-3/4 percent, the approval of a 25 basis point increase in the discount rate, and the shared view that risks remain weighted toward heightened inflation pressures, all of which align with the statement's content.
Our reading compares the minutes of the February 1–2 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- J. Alfred Broaddus, Jr.
- Roger W. Ferguson, Jr.
- Edward M. Gramlich
- Alan Greenspan
- Jack Guynn
- Jerry L. Jordan
- Edward W. Kelley, Jr.
- William J. McDonough
- Laurence H. Meyer
- Robert T. Parry
From the minutes
FOMC minutes
Footnotes
1 Attended Tuesday's session only.
2 Attended portion of meeting relating to the staff presentation of policy alternatives.
3 Attended portion of meeting relating to the Committee's review of the economic outlook and consideration of its money and debt ranges for 2000.
What changed from the previous meeting’s minutes
- Federal funds rate target raised from 5.5% to 5.75%.
- Discount rate increased by 25 basis points.
- Policy directive changed from symmetrical to tightening bias.
- Committee voted to adopt 2000 money growth ranges unchanged; Meyer dissented.
- Press statement now included risk assessment favoring inflation pressures.
- Next meeting moved from February 1-2 to March 21.
Summary generated automatically from the two documents.