March 16–17 · Published April 7, 2021
Jerome H. Powell
March 16–17, 2021 FOMC Minutes
Our reading
The minutes are 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, mirroring the statement's opening line, while also detailing the same policy actions (maintaining the federal funds rate at 0-1/4 percent, continuing asset purchases at $80 billion and $40 billion per month) and acknowledging the pandemic's ongoing risks, all of which align with the statement's content.
Our reading compares the minutes of the March 16–17 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- Thomas I. Barkin
- Raphael W. Bostic
- Michelle W. Bowman
- Lael Brainard
- Richard H. Clarida
- Mary C. Daly
- Charles L. Evans
- Jerome H. Powell
- Randal K. Quarles
- Christopher J. Waller
- John C. Williams
From the minutes
FOMC minutes
Voting for this action: Jerome H. Powell, John C. Williams, Thomas I. Barkin, Raphael W. Bostic, Michelle W. Bowman, Lael Brainard, Richard H. Clarida, Mary C. Daly, Charles L. Evans, Randal K. Quarles, and Christopher J. Waller.
Voting against this action: None.
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 March 18, 2021.
It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, April 27–28, 2021. The meeting adjourned at 10:20 a.m. on March 17, 2021.
What changed from the previous meeting’s minutes
- Removed reference to oil prices holding down consumer price inflation.
- Added language that indicators of economic activity and employment have turned up recently.
- Increased overnight reverse repurchase agreement per-counterparty limit from $30 billion to $80 billion.
- Noted payroll employment rose strongly in February and unemployment fell to 6.2 percent.
- Viewed inflation risks as broadly balanced instead of weighted to downside.
Summary generated automatically from the two documents.