November 10 · Published December 16, 2004
Statement·Presser·Minutes
AGAlan GreenspanNovember 10, 2004 FOMC Minutes
Our reading
The minutes read consistent with the statement because both documents reflect the FOMC's decision to raise the federal funds rate by 25 basis points to 2 percent, and they align on the key economic assessments—such as moderate output growth despite energy price increases, improved labor market conditions, contained inflation and inflation expectations, balanced risks to growth and price stability, and the expectation that policy accommodation would be removed at a measured pace.
Our reading compares the minutes of the November 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.
- Timothy F. Geithner
- Edward M. Gramlich
- Alan Greenspan
- Thomas M. Hoenig
- Donald L. Kohn
- Cathy E. Minehan
- Mark W. Olson
- Sandra Pianalto
- William Poole
From the minutes
FOMC minutes
Votes for this action: Messrs. Greenspan, Geithner, Bernanke, Ms. Bies, Messrs. Ferguson, Gramlich, Hoenig, Kohn, Ms. Minehan, Mr. Olson, Ms. Pianalto, and Mr. Poole.
Vote against this action: None.
Vincent R. Reinhart
Secretary
What changed from the previous meeting’s minutes
- The FOMC raised the target federal funds rate by 25 basis points to 2 percent.
- The FOMC noted output growth appeared to be moderate despite energy price rises.
- The FOMC observed labor market conditions had improved, citing October payroll gains.
- The FOMC saw the dollar's decline as boosting net exports, a shift from prior concerns.
- The FOMC flagged high-tech investment slowdown as a possible downside risk.
- The FOMC authorized an alternate member to accept an Italian honor via notation vote.
Summary generated automatically from the two documents.