June 25–26 · Published August 15, 2002
Statement·Presser·Minutes·Policy
AGAlan GreenspanJune 25–26, 2002 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 1 3/4 percent, acknowledge the moderation in economic activity and uncertainty about the strength of the recovery, and agree that the risks to their long-term goals of price stability and sustainable growth are balanced, as explicitly stated in the directive and press release.
Our reading compares the minutes of the June 25–26 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, August 13, 2002.
The meeting adjourned on June 26, 2002, at 11:40 a.m.
Vincent R. Reinhart
Secretary
What changed from the previous meeting’s minutes
- The FOMC noted monetary aggregates picked up in May, reversing earlier contractions.
- The staff forecast projected a pickup in activity in the second half of the year.
- Members submitted individual projections for GDP, unemployment, and inflation for 2002-2003.
- The FOMC discussed the decline in inflation in the 1990s and structural models.
- The next meeting was scheduled for August 13, 2002, instead of June 25-26.
- The meeting adjourned at 11:40 a.m. on June 26, 2002.
Summary generated automatically from the two documents.