November 4–5 · Published November 25, 2020
Jerome H. Powell
November 4–5, 2020 FOMC Minutes
Our reading
The minutes read consistent with the statement because they explicitly reaffirm the Federal Reserve's commitment to using its full range of tools to support the economy and promote maximum employment and price stability, while also detailing discussions on maintaining accommodative monetary policy, asset purchases, and the economic outlook that align with the statement's key points.
Our reading compares the minutes of the November 4–5 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Michelle W. Bowman
- Lael Brainard
- Richard H. Clarida
- Mary C. Daly
- Patrick Harker
- Robert S. Kaplan
- Loretta J. Mester
- Jerome H. Powell
- Randal K. Quarles
- John C. Williams
From the minutes
FOMC minutes
Voting against this action: None.
Ms. Daly voted as alternate member at this meeting.
Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors voted unanimously to leave the interest rates on required and excess reserve balances at 0.10 percent. The Board of Governors also voted unanimously to approve establishment of the primary credit rate at the existing level of 0.25 percent, effective November 6, 2020.
It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, December 15–16, 2020. The meeting adjourned at 10:05 a.m. on November 5, 2020.
What changed from the previous meeting’s minutes
- Participants noted permanent job losers continued rising and labor force participation fell among women and less-educated workers.
- Most participants judged labor market improvement pace would likely moderate going forward.
- Many participants favored moving to qualitative outcome-based guidance for asset purchases fairly soon.
- Participants unanimously supported releasing full SEP exhibits on decision day and adding uncertainty diffusion index charts.
- Two September dissents (Kaplan, Kashkari) were absent; November vote was unanimous with Mary Daly as alternate.
- Participants discussed financial stability risks including nonbank maturity transformation and climate change challenges.
Summary generated automatically from the two documents.