August 7 · Published August 28, 2007
Statement·Presser·Minutes
BBBen S. BernankeAugust 7, 2007 FOMC Minutes
Our reading
The minutes are consistent with the statement because they reflect the FOMC's decision to hold the federal funds rate at 5-1/4 percent, acknowledge moderate economic growth with increased downside risks, and emphasize that inflation remains the predominant policy concern, as detailed in the discussion of economic conditions and the policy directive.
Our reading compares the minutes of the August 7 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
- Frederic S. Mishkin
- Michael H. Moskow
- William Poole
- Eric S. Rosengren
- Kevin Warsh
From the minutes
FOMC minutes
Notation Vote
By notation vote completed on July 18, 2007, the Committee unanimously approved the minutes of the FOMC meeting held on June 27-28, 2007.
Brian F. Madigan
Secretary
What changed from the previous meeting’s minutes
- The FOMC noted downside risks to growth had increased, citing financial market strains.
- The FOMC statement added that credit conditions had tightened for some households and businesses.
- The FOMC mentioned volatile financial markets in its post-meeting statement for the first time.
- The FOMC's policy directive retained the federal funds rate target at 5-1/4 percent.
- The FOMC's vote included Rosengren, replacing Minehan from the previous meeting.
- The FOMC's statement removed the phrase "somewhat elevated" for core inflation, noting improvement.
Summary generated automatically from the two documents.