August 22 · Published October 5, 2000
Statement·Presser·Minutes
AGAlan GreenspanAugust 22, 2000 FOMC Minutes
Our reading
The minutes are consistent with the statement because both documents reflect the FOMC's decision to maintain the federal funds rate at 6-1/2 percent, acknowledge moderating demand and rising productivity, and emphasize that risks remain weighted toward higher inflation.
Dovish
Hawkish
Minutes
Statement
Our reading compares the minutes of the August 22 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
It was agreed that the next meeting of the Committee would be held on Tuesday, October 3, 2000.
The meeting adjourned at 12:50 p.m.
Donald L. Kohn
Secretary
What changed from the previous meeting’s minutes
- The FOMC now cites increased evidence that demand and supply growth are coming into closer balance.
- The minutes report a continued acceleration in underlying productivity boosting potential output growth.
- The FOMC notes core consumer price inflation rising only a little over the last year, especially by PCE index.
- The minutes express concern about the rising current account deficit and risks to the dollar.
- The FOMC highlights that financial conditions might not be tight enough to balance demand and potential supply.
- The next meeting was scheduled for October 3, 2000, instead of August 22.
Summary generated automatically from the two documents.