June 27–28 · Published August 24, 2000
Statement·Presser·Minutes·Policy
AGAlan GreenspanJune 27–28, 2000 FOMC Minutes
Our reading
The minutes are consistent with the statement because both reflect the FOMC's decision to maintain the federal funds rate at 6-1/2 percent, acknowledge tentative signs of moderating demand, and agree that risks remain weighted toward heightened inflation pressures.
Our reading compares the minutes of the June 27–28 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 portion of meeting relating to the Committee's discussion of the economic outlook.
2 Attended portion of meeting relating to the Committee's long-run policy.
3 Attended Wednesday session only.
What changed from the previous meeting’s minutes
- The FOMC raised the federal funds rate by 50 basis points to 6.5 percent in May, then held it unchanged in June.
- The May minutes reported a trade deficit new high; June minutes omitted trade deficit figures.
- The FOMC stopped setting money and debt growth ranges in June, citing expired legal requirement.
- June minutes included individual economic projections for 2000-2001; May minutes did not.
- The May meeting voted to tighten policy; the June meeting voted to maintain the current stance.
- The next meeting was scheduled for June 27-28 in May, but August 22 in June.
Summary generated automatically from the two documents.