FOMC Minutes
Published:
The detailed account of a Federal Open Market Committee meeting, published by the Federal Reserve after the policy decision.
Full explanation
FOMC Minutes are the detailed record of the Federal Open Market Committee's monetary-policy meeting. They explain the economic and financial information considered by policymakers, the range of views expressed, and the reasoning behind the Committee's policy decision. The Federal Reserve generally releases minutes of regular meetings about three weeks after the decision, so they provide more detail than the policy statement issued on meeting day.
Why traders watch it
The minutes can clarify how policymakers assessed inflation, employment, growth, financial conditions, and risks. Traders watch for evidence about the breadth and intensity of views on the likely path of U.S. monetary policy, which can affect expectations for interest rates, Treasury yields, and the U.S. dollar.
Stronger vs weaker outcomes
Language perceived as more concerned about persistent inflation or more open to tighter policy could support expectations for higher interest rates. Language perceived as more concerned about weaker activity, labour-market conditions, or downside risks could support expectations for easier policy. The market response also depends on how the detail compares with the prior statement, press conference, and prevailing expectations.
Typical volatility
High. Minutes describe information and views available at the time of the meeting, rather than a new real-time policy decision. Their impact can be limited when subsequent economic data or policymakers' comments have already changed expectations.
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