May 9 · Published May 30, 2007
Statement·Presser·Minutes
BBBen S. BernankeMay 9, 2007 FOMC Minutes
Our reading
The minutes are consistent with the statement because they confirm the FOMC's decision to maintain the federal funds rate at 5-1/4 percent, acknowledge the slowdown in economic growth and ongoing housing adjustment, express concern about elevated core inflation and the risk it may not moderate as expected, and agree that future policy adjustments will depend on incoming data regarding inflation and economic growth.
Our reading compares the minutes of the May 9 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Ben S. Bernanke
- Timothy F. Geithner
- Thomas M. Hoenig
- Donald L. Kohn
- Randall S. Kroszner
- Cathy E. Minehan
- Frederic S. Mishkin
- Michael H. Moskow
- William Poole
- Kevin Warsh
From the minutes
FOMC minutes
Notation Vote
By notation vote completed on April 10, 2007, the Committee unanimously approved the minutes of the FOMC meeting held on March 20-21, 2007.
Vincent R. Reinhart
Secretary
What changed from the previous meeting’s minutes
- The FOMC statement now acknowledges economic growth slowed in the first part of the year.
- The minutes note housing market adjustment expected to persist longer than previously anticipated.
- Downside risks to economic growth judged to have diminished slightly since the March meeting.
- Core PCE prices were unchanged in March after an upswing in February.
- Household surveys in April showed median year-ahead inflation expectations moved up.
- The next FOMC meeting was confirmed for June 27-28, 2007.
Summary generated automatically from the two documents.