Academic journal article Federal Reserve Bulletin

Modifications to the Disclosure Procedures of the Federal Open Market Committee

Academic journal article Federal Reserve Bulletin

Modifications to the Disclosure Procedures of the Federal Open Market Committee

Article excerpt

The Federal Open Market Committee (FOMC) announced on January 19, 2000, that it approved modifications to its disclosure procedures at its December 21 meeting.

These modifications, which will take effect as of the February FOMC meeting, are designed to enhance communication to the public. They are summarized here and described in more detail in the accompanying attachment.(1)

First, the Committee determined that a statement will be issued to the public immediately after every FOMC meeting. The previously stated procedure was to release a statement only in the event of a policy action or a major shift in the Committee's view about prospective developments.

Second, the FOMC changed its language describing its assessment of future developments. This new language will describe the FOMC's consensus about the balance of risks to the attainment of its long-run goals of price stability and sustainable economic growth and will be used in the announcement made after each meeting. More specifically, the announcement will indicate how the Committee assesses the risks of heightened inflation pressures or economic weakness in the foreseeable future. This time frame in the new language is intended to cover an interval extending beyond the next FOMC meeting. …

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