December 10 · Published January 30, 2003
Statement·Presser·Minutes
AGAlan GreenspanDecember 10, 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 1-1/4 percent and its assessment that the risks to economic growth and inflation are balanced, as the minutes detail that all members endorsed retaining the current policy stance and the balanced-risks language, citing a sluggish but improving economic outlook with subdued inflation pressures.
Our reading compares the minutes of the December 10 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Ben S. Bernanke
- Susan S. Bies
- Roger W. Ferguson, Jr.
- Edward M. Gramlich
- Alan Greenspan
- Jerry L. Jordan
- Donald L. Kohn
- 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-Wednesday, January 28-29, 2003.
The meeting adjourned at 12:05 p.m.
Vincent R. Reinhart
Secretary
What changed from the previous meeting’s minutes
- The FOMC voted to hold the federal funds rate at 1-1/4 percent, after cutting it by 50 basis points in November.
- The dollar appreciated slightly against major foreign currencies, after depreciating slightly in the prior period.
- M2 growth slowed in November, after growing more moderately in September and October.
- The FOMC cited improved financial market conditions and reduced investor concerns about a downturn.
- Members noted expectations of further fiscal stimulus following Congressional elections, absent in the previous minutes.
- The next meeting was scheduled for January 28-29, 2003, instead of December 10, 2002.
Summary generated automatically from the two documents.