May 10 · Published May 31, 2006
Statement·Presser·Minutes
BBBen S. BernankeMay 10, 2006 FOMC Minutes
Our reading
The minutes read somewhat more hawkish relative to the statement because they reveal that participants saw inflation pressures as greater than anticipated, noted rising inflation expectations, and discussed a wider range of policy options—including a 50 basis point hike—before settling on the 25 basis point increase, whereas the statement downplayed these concerns by emphasizing contained expectations and a balanced outlook.
Our reading compares the minutes of the May 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
- Timothy F. Geithner
- Jack Guynn
- Donald L. Kohn
- Randall S. Kroszner
- Jeffrey M. Lacker
- Mark W. Olson
- Sandra Pianalto
- Kevin Warsh
- Janet L. Yellen
From the minutes
FOMC minutes
Notation Vote
By notation vote completed on April 17, 2006, the Committee unanimously approved the minutes of the Federal Open Market Committee meeting held on March 27-28, 2006.
Vincent R. Reinhart
Secretary