June 16–17 · Published July 8, 2015
Statement·Presser·Minutes·Policy
JYJanet L. YellenJune 16–17, 2015 FOMC Minutes
Our reading
The minutes read consistent with the statement because they reflect the same key economic assessments and policy decisions, while providing additional detail and discussion. For example, the statement notes that "the pace of job gains picked up while the unemployment rate remained steady" and that "underutilization of labor resources diminished somewhat," which the minutes elaborate on by mentioning "some acceleration in wages" and that "many firms looking for new workers said they had been raising wages selectively." Similarly, the statement says "inflation continued to run below the Committee's longer-run objective" and that "energy prices appear to have stabilized," which the minutes support by noting "the apparent stabilization of crude oil prices" and that "core PCE price inflation... had slowed slightly from an already low rate." The statement’s policy stance—maintaining the 0 to 1/4 percent target range and reinvesting principal—is directly echoed in the minutes' "Committee Policy Action" section, which records the unanimous vote and the directive to the Desk. Thus, the minutes are consistent with the statement because they align on the overall economic outlook, the assessment of progress toward the dual mandate, and the policy decision, while offering a more detailed account of the discussions behind those conclusions.
Our reading compares the minutes of the June 16–17 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, July 28-29, 2015. The meeting adjourned at 10:40 a.m. on June 17, 2015.
What changed from the previous meeting’s minutes
- Participants noted wage increases had begun to firm, with recent data showing some acceleration.
- One member indicated readiness to raise the target range at the June meeting, unlike April's unanimous patience.
- Committee stated labor market underutilization diminished somewhat, replacing "little changed" from April.
- Statement added that energy prices appeared to have stabilized, a new observation absent in April.
- Participants agreed to issue a separate implementation note for policy operational details at liftoff.
- Most members required more evidence on growth and labor markets before firming; one was already confident.
Summary generated automatically from the two documents.