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FOMC Minutes | Interest Rates |
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The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. The price here is the interest rate, (cost of money or cost of borrowing), and refers to the Federal Funds Rate.→ Read More
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 2. FOMC Minutes (2 of 3) 3. Beige Book (3 of 3) 1. Fed Funds Rate (1 of 3)
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| FOMC EXPLANATION |
The Federal Open Market Committee (FOMC) issues minutes of its meetings with a lag. The minutes of the previous meeting are reported three weeks after the meeting. FOMC Reports 8-Times a Year:
- Beige Book: Come first. Two weeks before the meeting
- FOMC Meeting: Some can last 2 days
- FOMC Minutes: After 3 weeks of the meeting
- FOMC Forecast: After 3 weeks of the meeting
Any change is reflected in 10-Year Bond.
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Big Chart | Large Data |
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FOMC Minutes | Interest Rates |
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Today's Week |
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Release Schedule | 2026 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| RELEASE 2026 |
No 1 |
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| FED FUND RATE |
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Release Schedule | 2025 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| RELEASE 2025 |
No 1 |
No 2 |
No 3 |
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No 6 |
No 7 |
No 8 |
No 9 |
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| FED FUND RATE |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
4.25% to 4.50% |
4.00% to 4.25% |
3.75% to 4.00% |
3.50% to 3.75% |
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Release Schedule | 2024 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| RELEASE 2024 |
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No 2 |
No 3 |
No 4 |
No 5 |
No 6 |
No 7 |
No 8 |
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Release Schedule | 2023 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| RELEASE 2023 |
No 1 |
No 2 |
No 3 |
No 4 |
No 5 |
No 6 |
No 7 |
No 8 |
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Release Schedule | 2022 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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Release Schedule | 2021 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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Brief News | 2026 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| DATE/WEEK |
HIGHLIGHTS |
FOR |
BEIGE |
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Minutes |
No 8 |
N/A |
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Dec-2026 |
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Minutes |
No 7 |
N/A |
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Oct-2026 |
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Minutes |
No 6 |
N/A |
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Sep-2026 |
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Minutes |
No 5 |
N/A |
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Jul-2026 |
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Minutes |
No 4 |
N/A |
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May 2026 |
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Minutes |
No 3 |
N/A |
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Apr 2026 |
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Minutes |
No 2 |
N/A |
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Mar-2026 |
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Minutes |
No 1 |
N/A |
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Jan-2026 |
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Brief News | 2025 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| DATE/WEEK |
HIGHLIGHTS |
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The Federal Reserve on Tuesday released the minutes of the Federal Open Market Committee meeting that was held on December 9–10, 2025. Fed minutes show officials were in tight split over December rate cut. The Federal Reserve on Tuesday released minutes from its highly divisive meeting earlier this month, which concluded with a vote to lower interest rates again that appeared to be an even closer call than the final vote indicated.Officials expressed a variety of opinions during the Dec. 9-10 meeting,according to the summary provided a day ahead of its customary release due to the New Year’s holiday. Ultimately, the Federal Open Market Committee approved a quarter-percentage point cut by a 9-3 vote, the most dissents since 2019 minutes |
No 9 |
Minutes |
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Dec-2025 |
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Fed minutes show divide over October rate cut and cast doubt about December. While the Federal Open Market Committee approved a cut at the meeting, the path forward looks less certain.Disagreements stretched into the outlook for December, with officials expressing skepticism about the need for an additional cut that markets had been widely anticipating, with “many” saying that no more cuts are needed at least in 2025. |
No 8 |
Minutes |
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Nov-2025 |
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Most participants say it would be appropriate to ease further to end the year. 10-year Treasury yield is flat as Fed minutes show indecision over future rate cuts. Treasury 10-year Treasury yield is flat as Fed minutes show indecision over future rate cuts. Federal Open Market Committee (FOMC) meeting in mid-September. In its policy statement, the Fed agreed to lower the Fed funds rate 25 basis points (bps), something it hadn’t done since December of last year, taking the benchmark interest rate range to between 4.00-4.25% — where we hadn’t been in three years. |
No 7 |
Minutes |
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Sep-2025 |
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Divided Fed worried about tariffs, inflation and the labor market, minutes show. The meeting summary depicted a divergence of opinion among the central bankers, whose vote to hold their key rate steady came despite objections from two Fed governors who argued in favor of cutting.“Participants generally pointed to risks to both sides of the Committee’s dual mandate, emphasizing upside risk to inflation and downside risk to employment,” the minutes noted. |
No 6 |
Minutes |
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Jul-2025 |
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Fed minutes show little support for interest rate cut later this month. Only "a couple" of officials at the Federal Reserve's June 17-18 meeting said they felt interest rates could be reduced as soon as this month, with most policymakers remaining worried about the inflationary pressure they expect to come from President Donald Trump's use of tariffs to reshape global trade. Trump has demanded immediate, steep cuts, and called for Fed Chair Jerome Powell to resign. The minutes released on Wednesday, however, showed only narrow support for a near-term reduction in borrowing costs among the Fed's 19 policymakers, with "some" of them feeling no rate cut would be needed at all. |
No 5 |
Minutes |
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Jun-2025 |
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Minutes of Fed's May meeting likely to show officials grappling with uncertainty. The U.S. Federal Reserve at its May 6-7 meeting undercut expectations that it would change its policy interest rate anytime soon, and minutes from that session released on Wednesday may show just how firmly policymakers are holding onto their current wait-and-see approach. Fed saw inflation, jobless, stability risks at May meeting, minutes show. U.S. Federal Reserve officials at their last meeting acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment, an outlook buttressed by concerns about financial market volatility and Fed staff warnings of increasing recession risk, according to minutes of the May 6-7 session. |
No 4 |
Minutes |
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May-2025 |
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Fed minutes show some officials favored steady balance sheet drawdown. The Federal Reserve’s decision to dramatically decelerate the pace of its balance sheet drawdown last month garnered broad support from policymakers, although there was more internal opposition to the shift than first understood, minutes from the central bank's latest meeting released on Wednesday showed. The decision to very nearly stop the drawdown of bonds owned by the Fed followed a presentation by a New York Fed official responsible for implementing monetary policy, the Federal Open Market Committee meeting minutes noted. |
No 3 |
Minutes |
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Apr-2025 |
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Uncertainty over how the U.S. Treasury will manage debt issuance over the next few months drove some Federal Reserve officials to contemplate at their last policy meeting slowing or pausing the ongoing drawdown of their balance sheet until greater clarity arrives. Fed officials, in minutes of the central bank’s January 28-29 Federal Open Market Committee meeting released on Wednesday, flagged the challenge of getting a clean read on market liquidity as the government wrangles over spending plans amid a legally mandated borrowing cap that will affect how the Treasury Department manages its cash. |
No 2 |
Minutes |
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Jan-2025 |
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On paper, minutes for the Fed’s December meeting spelled bad news for investors. Officials were worried about inflation and the impact of Trump’s stated policies (though Trump was not explicitly named). Federal Reserve officials at their December meeting expressed concern about inflation and the impact that President-elect Donald Trump’s policies could have, indicating that they would be moving more slowly on interest rate cuts because of the uncertainty, minutes released Wednesday showed. Fed officials are worried about the inflation impacts from Trump’s policies, minutes show. Federal Reserve officials at their December meeting expressed concern about inflation and the impact that President-elect Donald Trump’s policies could have on efforts to reduce it. The policymakers said they will move more slowly on interest rate cuts due to the uncertainty, minutes of the meeting showed Wednesday. The minutes included at least four mentions about the impact that changes in immigration and trade policy could have on the U.S. economy. |
No 1 |
Minutes |
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Dec-2024 |
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Brief News | 2024 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| DATE/WEEK |
HIGHLIGHTS |
FOR |
ACTUAL |
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FOMC minutes highlight gradual approach to policy easing amid uncertainty. The minutes from the FOMC November meeting revealed that if economic data aligns with expectations, it would likely be appropriate to “move gradually” toward a neutral policy stance over time. However, they stressed that decisions were “not on a preset course” and would depend on the state of the economy and risks to the outlook. Fed officials see interest rate cuts ahead, but only ‘gradually,’ meeting minutes show. Federal Reserve officials expressed confidence that inflation is easing and the labor market is strong, allowing for further interest rate cuts albeit at a gradual pace, according to minutes from the November meeting released Tuesday. |
No 8 |
Minutes |
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Nov-2024 |
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Fed officials were divided on whether to cut rates by half a point in September, minutes show. Federal Reserve officials at their September meeting agreed to cut interest rates but were unsure how aggressive to get. Minutes released Wednesday indicated that “a substantial majority of participants” favored cutting by half a percentage point, through some expressed misgivings about going that large. Since the meeting, economic indicators have showed that the labor market is perhaps stronger than officials favoring the 50 basis point move had expected. Markets moved little following the release, with major averages continuing on pace for big gains. The release of the survey on Thursday follows by a day the U.S. central bank's publication of its minutes of the Sept. 17-18 FOMC meeting. In that document, officials offered little fresh guidance about the balance sheet outlook beyond noting the importance of communicating that the ongoing drawdown can continue even when officials are cutting the Fed's interest rate target. |
No 7 |
Minutes |
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Sep-2024 |
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Federal Reserve officials at their July meeting moved closer to a long-awaited interest rate reduction, but stopped short while indicating that a September cut had grown increasingly probable, minutes released Wednesday showed.. Fed minutes point to ‘likely’ rate cut coming in September. “The vast majority” of participants at the July 30-31 meeting “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting,” the summary stated. Markets are fully pricing in a September cut, which would be the first since the emergency easing in the early days of the Covid crisis. |
No 6 |
Minutes |
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Jul-2024 |
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Fed officials at last meeting saw price pressures in decline, minutes show. Federal Reserve officials at their last meeting acknowledged the U.S. economy appeared to be slowing and that "price pressures were diminishing," but still counseled a wait-and-see approach before committing to interest rate cuts, according to minutes of the June 11-12 session. The minutes, which were released on Wednesday, noted in particular a weak May reading in the consumer price index as one among "a number of developments in the product and labor markets" that supported a view that inflation was falling. |
No 5 |
Minutes |
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Jun-2024 |
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Federal Reserve minutes indicate worries over lack of progress on inflation. “Participants observed that while inflation had eased over the past year, in recent months there had been a lack of further progress toward the Committee’s 2 percent objective,” the summary stated. The minutes also showed “various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate.” The meeting followed a slew of readings that showed inflation was more stubborn than officials had expected to start 2024. |
No 4 |
Minutes |
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May-2024 |
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Fed wants more confidence that inflation is moving toward 2% target, meeting minutes indicate. Federal Reserve officials at their March meeting expressed concern that inflation wasn’t moving lower quickly enough, though they still expected to cut interest rates at some point this year. At a meeting in which the Federal Open Market Committee again voted to hold short-term borrowing rates steady, policymakers also showed misgivings that inflation, while easing, wasn’t doing so in a convincing enough fashion. The Fed currently targets its benchmark rate between 5.25%-5.5%. |
No 3 |
Minutes |
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Apr-2024 |
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Fed officials expressed caution about lowering rates too quickly at last meeting, minutes show. The discussion came as policymakers not only decided to leave their key overnight borrowing rate unchanged but also altered the post-meeting statement to indicate that no cuts would be coming until the rate-setting Federal Open Market Committee held “greater confidence” that inflation was receding. The meeting summary indicated a general sense of optimism that the Fed’s policy moves had succeeded in lowering the rate of inflation, which in mid-2022 hit its highest level in more than 40 years. However, officials noted that they wanted to see more before starting to ease policy while saying that rate hikes are likely over. Members cited the “risks of moving too quickly” on cuts.. |
No 2 |
Minutes |
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Jan-2024 |
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Federal Reserve officials in December 2023 concluded that interest rate cuts are likely in 2024, though they appeared to provide little in the way of when that might occur, according to minutes from the meeting released Wednesday. At the meeting, the rate-setting Federal Open Market Committee agreed to hold its benchmark rate steady in a range between 5.25% and 5.5%. Members indicated they expect three quarter-percentage point cuts by the end of 2024. The minutes indicated that “clear progress” had been made against inflation, with a six-month measure of personal consumption expenditures even indicating that the inflation rate has edged below the Fed’s 2% target. |
No 1 |
Minutes |
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Dec-2023 |
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Brief News | 2023 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| DATE/WEEK |
HIGHLIGHTS |
FOR |
ACTUAL |
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Fed gave no indication of possible rate cuts at last meeting, minutes show. Federal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released Tuesday. The summary of the meeting, held Oct. 31-Nov. 1, showed that Federal Open Market Committee members still worry that inflation could be stubborn or move higher, and that more may need to be done. At the least, they said policy will need to stay “restrictive” until data shows inflation on a convincing trek back to the central bank’s 2% goal. |
No 8 |
Minutes |
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Nov-2023 |
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Fed officials see ‘restrictive’ policy staying in place until inflation eases, minutes show. Federal Reserve officials at their September meeting differed on whether any additional interest rate increases would be needed, though the balance indicated that one more hike would be likely, minutes released Wednesday showed. While there were conflicting opinions on the need for more policy tightening, there was unanimity on one point – that rates would need to stay elevated until policymakers are convinced inflation is heading back to 2%. |
No 7 |
Minutes |
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Sep-2023 |
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Fed officials see ‘upside risks’ to inflation possibly leading to more rate hikes, minutes show. Federal Reserve officials expressed concern at their most recent meeting about the pace of inflation and said more rate hikes could be necessary in the future unless conditions change, minutes released Wednesday from the session indicated. That discussion during a two-day July meeting resulted in a quarter percentage point rate hike that markets generally expect to be the last one of this cycle. However, discussions showed that most members worry that the inflation fight is far from over and could require additional tightening action from the rate-setting Federal Open Market Committee. |
No 6 |
Minutes |
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Jul-2023 |
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Fed sees more rate hikes ahead, but at a slower pace, meeting minutes show. Fed officials at their June meeting decided to hold off on raising interest rates, opting for a pause to assess the impact of 10 previous hikes. Minutes released Wednesday indicated disagreement among members, with some saying that rates should go higher as inflation remains elevated. Almost all Federal Reserve officials at their June meeting indicated further tightening is likely, if at a slower pace than the rapid-fire rate increases that had characterized monetary policy since early 2022, according to minutes released Wednesday. |
No 5 |
Minutes |
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Jun-2023 |
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Fed officials less confident on the need for more rate hikes, minutes show. Federal Reserve officials were divided at their last meeting over where to go with interest rates, with some members seeing the need for more increases while others expected a slowdown in growth to remove the need to tighten further, minutes released Wednesday showed. Though the decision to increase the Fed’s benchmark rate by a quarter percentage point was unanimous, the meeting summary reflected disagreement over what the next move should be, with a tilt toward less aggressive policy. |
No 4 |
Minutes |
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May-2023 |
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While the release of the Fed’s minutes show a central bank that was uncertain in light of the recent banking turmoil, in light of the incoming data markets now expect above 50% chance for a 25bp rate hike in May and around three 25bp rate cuts after the summer, |
No 3 |
Minutes |
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Apr-2023 |
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Fed minutes show members resolved to keep fighting inflation with rate hikes. While the Jan. 31-Feb. 1 meeting concluded with a smaller rate hike than most of those implemented since early 2022, officials stressed that their concern over inflation is high. Inflation “remained well above” the Fed’s 2% target, the minutes said. That came with labor markets that “remained very tight, contributing to continuing upward pressures on wages and prices.. |
No 2 |
Minutes |
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Jan-2023 |
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Federal Reserve officials are committed to fighting inflation and expect higher interest rates to remain in place until more progress is made, according to minutes released Wednesday from the central bank’s December meeting. At a meeting where policymakers raised their key interest rate another half a percentage point, they expressed the importance of keeping restrictive policy in place while inflation holds unacceptably high. |
No 1 |
Minutes |
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Dec-2022 |
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Brief News | 2022 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
| DATE/WEEK |
HIGHLIGHTS |
FOR |
ACTUAL |
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Fed officials see smaller rate hikes coming ‘soon,’ minutes show. Federal Reserve officials expect to switch to smaller interest rate increases “soon,” according to minutes from the November meeting released Wednesday. Some officials expressed concern over the impact rate increases could have on financial stability and the economy. Markets have largely expected the Fed to dial down the intensity of its policy tightening, and the minutes helped confirm that. |
No 8 |
Minutes |
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Nov-2022 |
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Federal Reserve officials have been surprised at the pace of inflation and indicated at their last meeting that they expect higher interest rates to remain in place until prices come down, according to minutes released Wednesday from the central bank’s September meeting. In discussions leading up to a 0.75 percentage point rate hike, policymakers noted that inflation is especially taking its toll on lower-income Americans. They reiterated rate hikes are likely to continue and higher rates will prevail until the problem is showing signs of resolving. |
No 7 |
Minutes |
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Sep-2022 |
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Federal Reserve officials saw "little evidence" late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting. While not explicitly hinting at a particular pace of coming rate increases, beginning with the Sept. 20-21 meeting, the minutes released on Wednesday showed U.S. central bank policymakers committed to raising rates as high as necessary to tame inflation - even as they began to acknowledge more explicitly the risk they might go too far and curb economic activity too much. |
No 6 |
Minutes |
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Jul-2022 |
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Fed sees ‘more restrictive’ policy as likely if inflation fails to come down, minutes say. Federal Reserve officials at their June meeting said another interest rate increase of 50 or 75 basis points is likely at the July meeting, according to minutes released Wednesday. Policymakers “recognized the possibility that an even more restrictive stance could be appropriate if elevated inflation pressures were to persist,” the document said. Federal Reserve officials in June emphasized the need to fight inflation even if it meant slowing an economy that already appears on the brink of a recession, according to meeting minutes released Wednesday. Members said the July meeting likely also would see another 50 or 75 basis point move on top of a 75 basis point increase approved in June. A basis point is one one-hundredth of 1 percentage point. Officials at the June14-15 meeting remarked that they needed to make the move to assure markets and the public that they are serious about fighting inflation. |
No 5 |
Minutes |
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Jun-2022 |
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Fed minutes point to more rate hikes that go further than the market anticipates. Fed minutes released Wednesday indicated that officials are prepared to move ahead with multiple 50 basis points interest rate increases. In addition, the Federal Open Market Committee said policy may have to move past “neutral” and into “restrictive” territory. The minutes indicate that members are hopeful they can bring down inflation, but also concerned about financial stability risks. On the balance sheet issue, the plan will be to allow a capped level of proceeds to roll off each month, a number that will reach $95 billion by August, including $60 billion Treasurys and $35 billion for mortgages. The minutes further indicate that an outright sale of mortgage-backed securities is possible, with notice of that happening well in advance. Market pricing currently sees the Fed moving to a policy rate around 2.5%-2.75% by the end of the year, which would be consistent with where many central bankers view a neutral rate. Statements in the minutes, though, indicate that the committee is prepared to go beyond there. |
No 4 |
Minutes |
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May-2022 |
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Stocks fall as the Fed gives plan to shrink balance sheet, considers bigger rate hikes. Fed officials plan to shrink the balance sheet by $95 billion a month, meeting minutes indicate. Fed officials plan to shrink the balance sheet by $95 billion a month, meeting minutes indicate. At the meeting, the Fed approved its first interest rate increase in more than three years. The 25 basis point increase — a quarter percentage point — lifted the benchmark short-term borrowing rate from the near-zero level where it had been since March 2020. In addition to the balance sheet talk, officials also discussed the pace of interest rate hikes ahead, with members leaning toward more aggressive moves. That means potential rate hikes of 50 basis points at upcoming meetings, a level consistent with market pricing for the May vote. In fact, there was considerable sentiment to go higher last month. The Fed expanded its holdings to about $9 trillion, or more than double, during monthly bond purchases in the wake of the pandemic crisis. Those purchases ended only a month ago, despite evidence of roaring inflation higher than anything the U.S. had seen since the early 1980s, a surge that then-Chairman Paul Volcker quelled by dragging the economy into a recession. |
No 3 |
Minutes |
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Apr-2022 |
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FOMC Minutes for Meeting 25-26/Jan/22 Week 04.The Federal Reserve on Wednesday released the minutes from its Jan. 25-26, 2022 meeting. Following the meeting, the policymaking Federal Open Market Committee said it would not raise interest rates yet but strongly indicated a hike is on the way as soon as March. In addition, the committee set out procedures for how it will start unwinding its nearly $9 trillion balance sheet, which consists largely of bonds it has purchased in an effort to drive down rates and stimulate growth. Since the meeting, fresh inflation readings have shown prices rising at the fastest pace in 40 years. The Fed targets inflation to average around 2%, and officials have conceded that policy needs to get tighter to bring prices down.The minutes showed the Fed is prepared to hike interest rates and reduce its balance sheet soon, as investors had already expected. |
No 2 |
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Jan-2022 |
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FOMC Minutes for Meeting 15/Dec/21 Week 50. The benchmark 10-year Treasury yield ticked higher Wednesday after the Federal Reserve released a summary of its key December 15, 2021 meeting. The 10-year traded at 1.7%, its high of the day, up about 3 basis points. The 2-year rate jumped by 5 basis points to 0.82%. Yields move inversely to prices, and 1 basis point equals 0.01%. The minutes released Wednesday showed that Fed officials began plans to start reducing the amount of bonds it is holding on its balance sheet. Some officials even said that the balance-sheet reduction could start sometime after the Fed starts raising interest rates. |
No 1 |
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Dec-2021 |
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Brief News | 2021 |
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FOMC Minutes | Interest Rates |
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Today's Week |
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FOMC Minutes (At 14:00 ET)
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FOMC Minutes for Meeting 03/Nov/21 Week 44. Fed members ready to raise interest rates if inflation continues to run high, meeting minutes show. Minutes from the November Fed meeting show members concerned about inflation and willing to tighten policy should it continue to run hot The meeting summary noted that the officials would be willing to raise interest rates “sooner than participants currently anticipated. They also indicated at the meeting that they feel conditions warrant a reduction in monthly asset purchases, with some members pushing for a more aggressive tapering.
Federal Reserve officials at their meeting earlier this month expressed concern about inflation and said they would be willing to raise interest rates if prices keep rising. The committee that sets interest rates for the Fed on Wednesday released the minutes from the November session where it first signaled that it could be dialing back all the economic help it’s been providing during the pandemic. The meeting summary indicates a lively discussion about inflation, with members stressing the willingness to act if conditions continue to heat up. |
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2021 |
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FOMC Minutes for Meeting 22/Sep/21 Week 38. The Fed prepared to slow support for the economy and worried about supply chain disruption at its last meeting. Federal Reserve officials are preparing to slow bond buying and are divided over when they might need to raise interest rates as inflation bites. Federal Reserve officials were preparing to begin slowing down monetary policy support as soon as the middle of November, minutes from their September meeting showed, and policymakers debated when they might need to raise rates amid rising inflation risks. The Fed has been buying $120 billion in bonds each month and holding the federal funds rate near zero to make borrowing cheap and keep money flowing through the economy, stoking demand and speeding up the recovery. But the central bank’s officials signaled after their Sept. 21-22 meeting that they might announce a plan to pare back those asset purchases as soon as early November. Minutes from the gathering, released Wednesday, provided additional details on that plan. The minutes suggested that “if a decision to begin tapering purchases occurred at the next meeting, the process of tapering could commence with the monthly purchase calendars beginning in either mid-November or mid-December.” |
Sep |
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2021 |
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FOMC Minutes for Meeting 28/Jul/21 Week 30. Fed officials saw a path to slowing bond-buying this year, but debated when to start. Minutes from the Federal Reserve’s July 27-28 meeting showed that “most” officials “judged that the standard set out in the committee’s guidance regarding asset purchases could be reached this year.” Federal Reserve officials are preparing to slow the central bank’s large purchases of government-backed bonds, the first step toward a more normal monetary policy setting as the economy heals from the pandemic — but when they met last month, they remained starkly divided over just when the pullback should happen. Minutes from the central bank’s July 27-28 gathering showed that Fed officials generally thought they would soon meet their standard for slowing bond purchases, which they had previously established as “substantial further progress” toward the central bank’s maximum employment and inflation goals. |
Jul |
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2021 |
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FOMC Minutes for Meeting 06/Jun/21 Week 23. Fed officials kept a patient tone in terms of tightening monetary policy, minutes show. Fed officials at their most recent meeting talked about reducing asset purchases but also expressed the need for patience. Some members noted the faster progress of the economic recovery though the committee overall said conditions have not met the “substantial further progress ” benchmark to start tightening policy. The meeting summary also reiterated the Fed’s view that while inflation has been rising faster than they expect, they see the current trend as transitory. |
Jun |
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2021 |
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FOMC Minutes for Meeting 28/Apr/21 Week 17. The Federal Reserve left interest rates near zero and the pace of asset purchases unchanged, but acknowledged an uptick in economic activity as the U.S. recovers from Covid-19. A "number" of Fed officials appeared ready to consider changes to monetary policy based on a continued strong economic recovery, according to minutes of the U.S. central bank's April meeting, but data since then may have already changed the landscape. "A number of participants suggested that if the economy continued to make rapid progress toward the (policy-setting) Committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases," the minutes said in the most overt reference yet to a possible taper of the Fed's crisis-fighting bond purchases. |
Apr |
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2021 |
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FOMC Minutes for Meeting 17/Mar/21 Week 11. Fed officials say easy policy will stay in place until economic ‘outcomes’ are achieved. The Federal Reserve released minutes from its March meeting during which it kept accommodative policy in place. Reiterating a recent policy switch, officials at the meeting said policy will only be changed once outcomes are achieved and won’t be adjusted based on forecasts. Federal Reserve officials indicated at their last meeting that easy policy will stay in place until it produces stronger employment and inflation, and won’t be adjusted based merely on forecasts. The Federal Open Market Committee on Wednesday released minutes from the March 16-17 meeting as investors looked for indications about where policy may be heading in the future. The meeting summary indicated that while officials saw the economy gaining substantially, they see much more progress needed before ultra-easy policy changes. Members said the $120 billion a month in bond purchases “were providing substantial support to the economy. |
Mar |
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2021 |
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FOMC Minutes for Meeting 27/Jan/21 Week 04. Minutes from the January 2021 Fed meeting showed that officials see the economy “far from” the central bank’s goals.
Those objectives include a “broad and inclusive” labor market recovery and inflation up to at least 2%. The meeting summary said it likely will “take some time for substantial further progress to be achieved,” meaning policy is unlikely to change soon. Fed officials see economy ‘far from’ where it needs to be, meaning easy policy won’t change soon, minutes show. Minutes from the January Fed meeting showed that officials see the economy “far from” the central bank’s goals. Those objectives include a “broad and inclusive” labor market recovery and inflation up to at least 2%. The meeting summary said it likely will “take some time for substantial further progress to be achieved,” meaning policy is unlikely to change soon. Federal Open Market Committee members at their most recent gathering reaffirmed that the central bank will be keeping policy loose well into the future, according to meeting minutes released Wednesday. With the economy continuing to shake off the effects from the Covid-19 pandemic, the committee, which sets monetary policy for the Federal Reserve, kept policy unchanged. That meant holding benchmark short-term borrowing rates near zero and maintaining the minimum $120 billion of asset purchases each month. In a discussion over the Fed’s asset purchase program and interest rate policy, the minutes indicated little chance for a change anytime soon. |
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2021 |
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FOMC Minutes for Meeting 15-16/Dec/20. Fed Officials Fretted Over Virus Surge at December Meeting. Minutes from the central bank's December gathering show that the chair, Jerome H. Powell, and his colleagues were hoping for a 2021 rebound. Federal Reserve officials were warily eyeing a coronavirus surge in December, but hoped that vaccine breakthroughs might set the stage for a strong economic rebound in 2021. “With the pandemic worsening across the country, the expansion was expected to slow even further in coming months,” according to minutes from the gathering of the Federal Open Market Committee, released Wednesday. “Nevertheless, the positive vaccine news” was “viewed as favorable for the medium-term economic outlook.”Central bank officials held interest rates steady at near zero at the meeting, and committed to buying up $120 billion in bonds each month “until substantial further progress has been made toward the committee’s maximum employment and price stability goals.” They have been rapidly expanding their holdings of government and mortgage-backed debt since March to keep markets calm and many types of credit cheap. Minutes showed that the Fed discussed the balance sheet guidance in depth at the meeting, with “a few” remarking that the new wording signaled that the Fed could ramp up bond buying “if progress toward the committee’s goals proved slower than anticipated.” The Fed’s December meeting took place as virus cases surged after Thanksgiving. Since then, the number of new cases moderated at first but then resumed their increase. |
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2020 |
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Definitions | Explain |
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FOMC Minutes | Interest Rates |
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Today's Week |
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| FOMC MEETS 8 TIMES A YEAR |
Federal Open Market Committee (FOMC)
FOMC is the policy-making arm of the Federal Reserve.
The FOMC then determines whether short-term interest rates should be raised, lowered, or left unchanged to accomplish its objectives of healthy economic growth and low inflation.
Important: the FOMC can control inflation but they cannot control unemployment in the long run. That depends on many other factors.
The Federal Funds Target Rate is determined by a meeting of the members of the Federal Open Market Committee which normally occurs eight times a year about seven weeks apart.
Remember, the Federal Reserve uses Open market operations to influence the supply of money in the U.S. economy to make the Federal Funds Effective Rate follow the Federal Funds Target Rate.
By law, the FOMC must meet at least four times each year in Washington, D.C. Since 1981 the FOMC holds eight regularly scheduled meetings during the year and other meetings as needed.
- Beige Book: Come first.
- FOMC Meeting: Some can last 2 days
- FOMC Minutes: After 3 weeks of the meeting
- FOMC Forecast: After 3 weeks of the meeting
Beige Book
The U.S. central bank's "Summary of commentary on current economic conditions," otherwise known as the Beige Book, compiles results from a survey that Fed investigators take of businesses in the nine Federal Reserve districts.
Eight times a year, the Federal Reserve issues the Beige Book, a snapshot of business conditions in each of the Fed's 12 regional bank districts. The findings are all anecdotal; there are no numbers. The Beige Book is updated two weeks before each meeting of the Fed's policymaking meeting in Washington.
The idea is to detect trends in Consumer Spending, Manufacturing and Real Estate, among other areas. Consumer spending is particularly important because it accounts for about 70% of Gross Domestic Product (GDP) and also accounts for more than 2/3 of the economy, therefore it is indicative of the general health of the economy.
The Beige Book is compiled slightly more than a week before it's published. That makes it relatively current compared with many other economic indicators, which can lag a month or more behind the period they report on.
The Beige Book's formal title is the "Summary of Commentary on Current Economic Conditions by Federal Reserve District." The idea for it came in 1970 from Arthur Burns, then the Fed chairman.
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| DATA INFORMATION |
FOMC MINUTES |
| SOURCE |
Federal Reserve Board of Governors |
| WEB |
www.federalreserve.gov |
| FREQUENCY |
Eight times a year |
| AVAILABILITY |
Late January, mid-March, late April, late June, mid-August, late September, early November, and mid-December |
| COVERAGE |
Not Applicable |
| REVISIONS |
Not Applicable |
| IMPORTANCE |
Interest Rates - Very Important |
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