November 15 · Published December 21, 2000
Statement·Presser·Minutes
AGAlan GreenspanNovember 15, 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 while acknowledging that, despite some moderation in economic growth and demand, the risks to inflation remain tilted toward the upside, justifying a continued bias toward tightening.
Our reading compares the minutes of the November 15 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
- Edward W. Kelley, Jr.
- William J. McDonough
- Laurence H. Meyer
- Michael H. Moskow
- Robert T. Parry
From the minutes
FOMC minutes
It was agreed that the next meeting of the Committee would be held on Tuesday, December 19, 2000.
The meeting adjourned at 1:00 p.m.
Donald L. Kohn
Secretary
What changed from the previous meeting’s minutes
- The October 3 meeting minutes noted aggregate demand growth had moderated appreciably, while November 15 minutes noted it was growing a little below potential output.
- November 15 minutes reported tighter bank lending standards and higher rates on lower-rated bonds, absent from October 3 minutes.
- November 15 minutes cited a sharp drop in stock prices over the intermeeting period, whereas October 3 minutes reported only a slight decline.
- November 15 minutes mentioned concerns about Argentina's fiscal situation and spillover to Latin American currencies, not in October 3 minutes.
- November 15 minutes noted core consumer price measures showed a gradual uptrend, while October 3 minutes described core inflation as moderate.
- November 15 minutes discussed a possible shift to a balanced risk statement, but October 3 minutes did not mention such a consideration.
Summary generated automatically from the two documents.