What it measures
The minutes summarise the discussion at the Federal Open Market Committee's previous meeting: the staff's view of the economy, the members' views on inflation, jobs and financial conditions, and the reasons for the decision. Members are not named; the minutes speak of "many", "several" or "a few" participants.
Who publishes it and when
They are published at 14:00 New York time, three weeks after the day of the policy decision.
How it is put together
The Committee's secretariat drafts the minutes, and members review them before publication. Because they come out weeks later, they describe views from before any data released since the meeting.
What traders watch
Traders look for how many participants favoured a different decision, how they talk about the risks to inflation and jobs, and any discussion of the balance sheet or of future rate moves.
How markets have usually reacted
Moves are usually smaller than after the decision itself, since the Chair's press conference already gave much of the message. When the minutes reveal more division or a different tone than the press conference suggested, the dollar, yields and gold can move.
Common mistakes
- Forgetting how old the discussion is: data released since the meeting may already have changed the picture.
- Reading single phrases out of context; the balance of the whole text matters more.
How a higher or lower figure is usually read
There is no number to compare. A tone that leans towards higher rates is usually read as supportive for the U.S. dollar, a softer tone as negative. Not a signal.
Release history
No past releases recorded yet.
Related news
- FOMC Rate Decision (Federal Reserve)
- US Core PCE Price Index
- US Non-Farm Payrolls
- Economic calendar: every release this week in your time zone
- Lot size calculator: keep your risk the same around news
- How to use an economic calendar: what happens around a release, and how to plan for it
Trading involves a high risk of loss. This page is information and education, not advice or a signal to trade. See the Risk Disclaimer.
Official source
Published by Federal Reserve, Federal Open Market Committee (FOMC): www.federalreserve.gov