October 3 · Published November 16, 2000
Statement·Presser·Minutes
AGAlan GreenspanOctober 3, 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 and agree that the risks to inflation remain tilted to the upside, despite acknowledging a moderation in aggregate demand growth and subdued core inflation pressures.
Our reading compares the minutes of the October 3 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 Wednesday, November 15, 2000.
The meeting adjourned at 12:05 p.m.
Donald L. Kohn
Secretary
What changed from the previous meeting’s minutes
- The FOMC noted growth of aggregate demand now appeared closer to, and perhaps slightly below, potential output.
- Members cited recent "spikes" in oil prices due to Middle East political uncertainties and limited inventories.
- Some members expressed risks were less decidedly tilted to the upside, but deemed changing the statement premature.
- Business fixed investment was seen as possibly moderating, with tightening credit availability for non-investment-grade firms.
- The dollar appreciated further, and the U.S. joined joint foreign exchange intervention on September 22 to stem the euro's slide.
- M2 growth picked up considerably in August and September after slow growth in June and July.
Summary generated automatically from the two documents.