April 26–27 · Published May 18, 2011
BBBen S. BernankeApril 26–27, 2011 FOMC Minutes
Our reading
The minutes read somewhat more hawkish relative to the statement because they reveal a broader and more detailed discussion of upside inflation risks—including concerns about commodity price pass-through, rising inflation expectations, and the potential need to begin tightening policy sooner—whereas the statement downplays these risks by emphasizing that the inflation increase is expected to be transitory and that longer-term expectations remain stable.
Our reading compares the minutes of the April 26–27 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
- Charles L. Evans
- Richard W. Fisher
- Narayana Kocherlakota
- Charles I. Plosser
- Sarah Bloom Raskin
- Daniel K. Tarullo
- Janet L. Yellen
From the minutes
FOMC minutes
_____________________________
William B. English
Secretary
1. Attended Tuesday's session only. Return to text
What changed from the previous meeting’s minutes
- The FOMC changed its growth risk assessment from roughly balanced to tilted to the downside.
- The FOMC noted core inflation had increased modestly in recent months, versus remaining subdued in March.
- The FOMC affirmed completing $600 billion in Treasury purchases by end of current quarter, not just by end of second quarter.
- The FOMC added federal debt limit failure as a downside risk to growth.
- The FOMC noted some longer-term inflation expectation measures had risen, while others were little changed or down.
- The FOMC decided the Chairman would begin postmeeting press conferences effective with this meeting.
Summary generated automatically from the two documents.