December 14 · Published January 4, 2005
Statement·Presser·Minutes
AGAlan GreenspanDecember 14, 2004 FOMC Minutes
Our reading
The minutes read somewhat more hawkish relative to the statement because they include additional details and discussions that highlight upside inflation risks and concerns about potential cost pressures, which are not fully reflected in the more concise and balanced language of the statement. Specifically, the minutes note concerns about the pass-through of the dollar's depreciation and energy prices, uncertainty about resource slack, and a possible slowdown in productivity growth, all of which could warrant a more cautious or less accommodative policy stance. The statement, by contrast, emphasizes balanced risks and the expectation of low underlying inflation, which tempers the hawkish tone found in the minutes.
Our reading compares the minutes of the December 14 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
It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, February 1-2, 2005.
The meeting adjourned at 1:25 p.m.
Vincent R. Reinhart
Secretary