March 19 · Published May 9, 2002
Statement·Presser·Minutes
AGAlan GreenspanMarch 19, 2002 FOMC Minutes
Our reading
The minutes read consistent with the statement because both documents confirm that the Federal Open Market Committee decided to keep the federal funds rate target unchanged at 1-3/4 percent, and both reflect a shift to a balanced assessment of risks regarding the economy's prospects for price stability and sustainable growth.
Our reading compares the minutes of the March 19 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Susan S. Bies
- Roger W. Ferguson, Jr.
- Edward M. Gramlich
- Alan Greenspan
- Jerry L. Jordan
- William J. McDonough
- Robert D. McTeer, Jr.
- Mark W. Olson
- Anthony M. Santomero
- Stern
From the minutes
FOMC minutes
It was agreed that the next meeting of the Committee would be held on Tuesday, May 7, 2002.
The meeting adjourned at 1:30 p.m.
Donald L. Kohn
Secretary
What changed from the previous meeting’s minutes
- The FOMC shifted its balance of risks statement from tilted toward economic weakness to neutral.
- The FOMC voted to include the monetary policy vote in the press statement after every meeting.
- The dollar's trade-weighted value eased slightly against major currencies, after having increased previously.
- M2 growth rebounded in February after slowing in January, but remained below late-2001 pace.
- The staff forecast upgraded to brisk early-year expansion, from a gradual pickup starting early 2002.
- Members noted oil prices had risen appreciably since the start of the year, a new concern.
Summary generated automatically from the two documents.