June 27–28 · Published July 19, 2007
Statement·Presser·Minutes·Policy
BBBen S. BernankeJune 27–28, 2007 FOMC Minutes
Our reading
The minutes read consistent with the statement because both documents reflect the same policy decision and rationale: the FOMC decided to maintain the federal funds rate at 5-1/4 percent, acknowledged moderate economic growth, noted that core inflation had improved but that a sustained moderation had not been convincingly demonstrated, and emphasized that the predominant policy concern remained the risk that inflation would fail to moderate as expected, with future adjustments depending on the evolving outlook for inflation and growth.
Our reading compares the minutes of the June 27–28 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 May 29, 2007, the Committee unanimously approved the minutes of the FOMC meeting held on May 9, 2007.
Vincent R. Reinhart
Secretary
What changed from the previous meeting’s minutes
- Core PCE inflation rose 0.1 percent in April and May, after being unchanged in March.
- Staff revised down its core PCE inflation forecast for coming quarters.
- Participants viewed risks to growth as more balanced than at the May meeting.
- FOMC members submitted individual economic projections for 2007 and 2008.
- Committee discussed monetary policy communications but made no decisions.
- Next FOMC meeting set for August 7, 2007, instead of June 27-28.
Summary generated automatically from the two documents.