January 27–28 · Published February 18, 2015
Statement·Presser·Minutes·Policy
JYJanet L. YellenJanuary 27–28, 2015 FOMC Minutes
Our reading
The minutes are consistent with the statement because they document that the FOMC voted unanimously to approve the exact statement text, with the minutes' "Committee Policy Action" section summarizing the same economic assessments, policy decisions, and forward guidance that appear in the statement.
Our reading compares the minutes of the January 27–28 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Lael Brainard
- William C. Dudley
- Charles L. Evans
- Stanley Fischer
- Jeffrey M. Lacker
- Dennis P. Lockhart
- Jerome H. Powell
- Daniel K. Tarullo
- John C. Williams
- Janet L. Yellen
From the minutes
FOMC minutes
When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run."
Voting for this action: Janet L. Yellen, William C. Dudley, Lael Brainard, Charles L. Evans, Stanley Fischer, Jeffrey M. Lacker, Dennis P. Lockhart, Jerome H. Powell, Daniel K. Tarullo, and John C. Williams.
Voting against this action: None.
It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, March 17-18, 2015. The meeting adjourned at 12:55 p.m. on January 28, 2015.
What changed from the previous meeting’s minutes
- The statement upgraded economic activity from "moderate pace" to "solid pace."
- The statement added that lower energy prices had boosted household purchasing power.
- The statement added "financial and international developments" to the list of factors in policy assessment.
- The statement removed the sentence tying "patient" guidance to the end of asset purchases and considerable time.
- The statement added that inflation was anticipated to decline further in the near term.
- The vote was unanimous, with no dissents, compared to three dissents in December.
Summary generated automatically from the two documents.