September 16 · Published October 30, 2003
Statement·Presser·Minutes
AGAlan GreenspanSeptember 16, 2003 FOMC Minutes
Our reading
The minutes read consistent with the statement because both documents convey the same key policy decisions and risk assessments: the decision to maintain the federal funds rate at 1 percent, the view that risks to sustainable growth are roughly balanced, the concern that the probability of an unwelcome fall in inflation exceeds that of a rise, and the judgment that policy accommodation can be maintained for a considerable period.
Our reading compares the minutes of the September 16 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
- J. Alfred Broaddus, Jr.
- Roger W. Ferguson, Jr.
- Edward M. Gramlich
- Alan Greenspan
- Jack Guynn
- Donald L. Kohn
- Michael H. Moskow
- Mark W. Olson
- Robert T. Parry
- Jamie B. Stewart, Jr.
From the minutes
FOMC minutes
It was agreed that the next meeting of the Committee would be held on Tuesday, October 28, 2003.
The meeting adjourned at 1:05 p.m.
Vincent R. Reinhart
Secretary
What changed from the previous meeting’s minutes
- Core consumer prices rose slightly less in August than in July, whereas June core prices were unchanged.
- Producer prices edged up in July and August after significant second-quarter declines, while June core producer prices ticked down.
- The August 12 meeting maintained the 1 percent federal funds rate, following the June 25-25 basis point cut.
- The September minutes noted increased evidence of economic pickup, unlike August's focus on uncertain improvement.
- The FOMC decided to keep the "considerable period" language, despite discussing its removal.
- The next meeting was set for October 28, 2003, instead of September 16.
Summary generated automatically from the two documents.