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How Important Is Information from FOMC Minutes?

Author

Listed:
  • Fernanda Nechio
  • Daniel J. Wilson

Abstract

To foster transparency and accountability in monetary policy, the Federal Open Market Committee publishes a statement immediately following every FOMC meeting, followed by the full minutes of the meeting three weeks later. Evidence suggests the release of the minutes can have a sizable impact on Treasury bond yields. The impacts are largest when the tone of the minutes differs from the tone of the statement. This presumably leads markets to change their expectations of future monetary policy.

Suggested Citation

  • Fernanda Nechio & Daniel J. Wilson, 2016. "How Important Is Information from FOMC Minutes?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00115
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    File URL: http://www.frbsf.org/economic-research/files/el2016-37.pdf
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    Cited by:

    1. Finer, David Andrew, 2018. "What Insights Do Taxi Rides Offer into Federal Reserve Leakage?," Working Papers 273, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    2. Charles W. Calomiris & Harry Mamaysky, 2019. "Monetary Policy and Exchange Rate Returns: Time-Varying Risk Regimes," NBER Working Papers 25714, National Bureau of Economic Research, Inc.
    3. Xuefan, Pan, 2023. "Analysing the response of U.S. financial market to the Federal Open Market Committee statements and minutes based on computational linguistic approaches," Warwick-Monash Economics Student Papers 43, Warwick Monash Economics Student Papers.

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