December 15–16 · Published January 6, 2010
Statement·Presser·Minutes
BBBen S. BernankeDecember 15–16, 2009 FOMC Minutes
Our reading
The minutes are consistent with the statement because they detail the FOMC's unanimous agreement to maintain the federal funds rate target range at 0 to 1/4 percent, continue the large-scale asset purchase programs ($1.25 trillion in agency MBS and $175 billion in agency debt) with a gradual slowdown, and confirm the planned expiration of most special liquidity facilities on February 1, 2010—all of which are explicitly outlined in the statement.
Our reading compares the minutes of the December 15–16 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Ben S. Bernanke
- William C. Dudley
- Elizabeth A. Duke
- Rudolph M. Evans
- Donald L. Kohn
- Jeffrey M. Lacker
- Dennis P. Lockhart
- Daniel K. Tarullo
- Kevin Warsh
- Janet L. Yellen
From the minutes
FOMC minutes
Secretary
1. Attended Tuesday's session only. Return to text
2. Attended the portion of the meeting related to inflation dynamics. Return to text
3. Attended Wednesday's session only. Return to text
What changed from the previous meeting’s minutes
- The FOMC announced most special liquidity facilities would expire on February 1, 2010, a new action not in previous minutes.
- The statement noted the deterioration in the labor market was abating, replacing the prior "ongoing job losses" language.
- A few members suggested expanding large-scale asset purchases beyond the first quarter if growth weakened, a new consideration.
- One member proposed scaling back planned asset purchases if recovery gains strength, a dissenting view not previously raised.
- The FOMC announced temporary liquidity swap arrangements with central banks would close by February 1, 2010.
- The Term Auction Facility amounts were expected to be scaled back in early 2010, a new forward guidance detail.
Summary generated automatically from the two documents.