June 29–30 · Published July 21, 2005
Statement·Presser·Minutes·Policy
AGAlan GreenspanJune 29–30, 2005 FOMC Minutes
Our reading
The minutes are consistent with the statement because both documents reflect the FOMC's decision to raise the federal funds rate by 25 basis points to 3-1/4 percent, and both convey the Committee's view that policy remains accommodative, inflation pressures are elevated but long-term expectations are contained, and that policy accommodation can be removed at a measured pace.
Our reading compares the minutes of the June 29–30 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.
- Richard W. Fisher
- Timothy F. Geithner
- Edward M. Gramlich
- Alan Greenspan
- Donald L. Kohn
- Michael H. Moskow
- Mark W. Olson
- Anthony M. Santomero
- Stern
From the minutes
FOMC minutes
Secretary
Footnote
1. Attended Wednesday's portion of the meeting. Return to text
2. Attended Thursday's portion of the meeting. Return to text
What changed from the previous meeting’s minutes
- The FOMC raised the federal funds rate target by 25 basis points to 3-1/4 percent, from 3 percent.
- The FOMC dropped the March statement reference that energy prices had not notably fed through to core consumer prices.
- The FOMC noted that consumer prices were about unchanged in May after large increases in prior months.
- The FOMC reported that M2 edged lower over April and May, whereas it had expanded sluggishly in March and April.
- The FOMC's staff revised up its forecast for consumer price inflation for 2005 and 2006.
- The FOMC's statement retained the "measured pace" language and balanced risk assessment, unchanged from May.
Summary generated automatically from the two documents.