Federal Open Market Committee

Documents relating to the FOMC. Researchers may also want to look at documents from the Shadow Open Market Committee and the Open Market Investment Committee. The Federal Open Market Committee (FOMC) consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee's assessment of the economy and policy options.

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Federal Reserve Bulletin

Federal Reserve Bulletin


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Description:
The monthly Federal Reserve Bulletin was introduced in 1915 by the Board of Governors of the Federal Reserve System to present policy issues and provide a journal of record of the activities of the Board. The Bulletin was also constructed to present data in the areas of business, finance, and international transactions that affect U.S. monetary policy and the goals of the Federal Reserve System. Authors from the Federal Reserve Boards' Research and Statistics, Monetary Affairs, International Finance, Banking Supervision and Regulation, Consumer and Community Affairs, Reserve Bank Operations, and Legal divisions contribute to the contents published in each issue. The Bulletin includes topical research articles, legal developments, Report on the Condition of the U.S. Banking Industry, and other general information.

In 2006, the regular publication of paper issues was discontinued and replaced with an annual compilation available online. Between 2004 and 2008, the Financial and Business Statistics section of the Bulletin was published monthly as the Statistical Supplement to the Federal Reserve Bulletin. This data is now only available as Data Sources at this website http://www.federalreserve.gov/pubs/supplement/statsupdata/statsupdata.htm

SUDOC:
FR 1.3

OCLC:
1606526

ISSN:
0014-9209

Citation:
Board of Governors of the Federal Reserve System (U.S.), ([year]), Federal Reserve Bulletin, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=62

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Availability: 1914 to 2009
Authors: Board of Governors of the Federal Reserve System (U.S.)

Annual Report of the Board of Governors of the Federal Reserve System

Annual Report of the Board of Governors of the Federal Reserve System


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Description:
This report details the operations of the Federal Reserve Board during the course of the year. It provides information about the Federal Open Market Committee meetings, regulatory activities, financial status of the different Reserve Banks, and information on services provided by the Banks, as well as statistical tables detailing the condition and activities of the Federal Reserve System. The Report has been published annually since 1914.

SUDOC:
FR 1.1:

OCLC:
5209774, 1768174

ISSN:
0190-6313

Citation:
Board of Governors of the Federal Reserve System (U.S.), ([year]), Annual Report of the Board of Governors of the Federal Reserve System, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=117

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Availability: 1914 to 2013
Authors: Board of Governors of the Federal Reserve System (U.S.)

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents

Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents


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Description:
Prior to 1993, the type of material now included in the FOMC Minutes was divided between two separate documents: The Record of Policy Actions and the Minutes of Actions. In the context of the Freedom of Information Act, the FOMC began releasing more information about its proceedings. While Records of Policy Actions gave background for monetary policy decisions, they did not provide information on such things as who attended FOMC meetings, and what topics, besides monetary policy, were discussed. The Minutes of Actions, first released in 1967, were designed to provide this information. They were made available to the public on the same schedule as the Record of Policy Actions. A summary of the various reports from the Federal Open Market Committee since is was established in 1935 is available at the FOMC website.

Since October 2007, economic projections have been made available in January, March, June, and October, appended to end of the FOMC minutes. Prior to October 2007, the data on the forecasts of FOMC participants were published twice a year as part of the Monetary Policy Reports to Congress (Humphrey-Hawkins Hearings).

Committee History:
Open Market Investment Committee, 1923-1930
Open Market Policy Conference, 1930-1933
Federal Open Market Committee, 1933-present

Citation:
United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System and Open Market Policy Conference for the Federal Reserve System, ([year]), Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=677

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Availability: 1923 to 2014
Authors: United States. Federal Open Market Committee, Open Market Investment Committee for the Federal Reserve System, Open Market Policy Conference for the Federal Reserve System

United States Monetary Policy: Recent Thinking and Experience. Hearings before the Subcommittee on Economic Stabilization of the Joint Committee on the Economic Report, Congress of the United States, Eighty-third Congress, Second Session, Pursuant to Sec. 5(a) of Public Law 304, 79th Congress, December 6 and 7, 1954

United States Monetary Policy: Recent Thinking and Experience. Hearings before the Subcommittee on Economic Stabilization of the Joint Committee on the Economic Report, Congress of the United States, Eighty-third Congress, Second Session, Pursuant to Sec. 5(a) of Public Law 304, 79th Congress, December 6 and 7, 1954


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Description:
Hearings before the Subcommittee on Economic Stabilization of the Joint Committee on the Economic Report, Congress of the United States, Eighty-third Congress, second session, pursuant to sec. 5(a) of Public law 304, 79th Congress.

OCLC:
635407

Citation:
United States. Congress. Joint Committee on the Economic Report, ([year]), United States Monetary Policy: Recent Thinking and Experience. Hearings before the Subcommittee on Economic Stabilization of the Joint Committee on the Economic Report, Congress of the United States, Eighty-third Congress, Second Session, Pursuant to Sec. 5(a) of Public Law 304, 79th Congress, December 6 and 7, 1954, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=763

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Date: 1954
Authors: United States. Congress. Joint Committee on the Economic Report

Open Market Investment Policy: Excerpts

Open Market Investment Policy: Excerpts


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Description:
A re-examination of the record of discussions and policy decisions relating to the operations of the Open Market Investment Committee during the years 1923-1930, and of the Open Market Policy Conference during 1930 and the first half of 1931. Two reports, spanning 1923-1928 and 1929-1931, were created for the reference of Federal Open Market Committee members, describing actions taken and the reasons for those actions.

Citation:
Riefler, Winfield W. and United States. Federal Open Market Committee, ([year]), Open Market Investment Policy: Excerpts, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=156

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Availability: 1956 to 1956
Authors: Riefler, Winfield W., United States. Federal Open Market Committee

H.6 Money Stock Measures

H.6 Money Stock Measures


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Description:
The weekly H.6 release, titled Money Stock Measures, provides measures of the monetary aggregates (M1 and M2) and their components. It began as the semimonthly J.3, Demand Deposits, Currency, and Related Items, 1960-1965, and was continued under various titles as the H.6.

Publication History:
2002-present: Money Stock Measures (H.6, Weekly)
1998-2002 Money Stock and Debt Measures (H.6)
1984-1998 Money Stock, Liquid Assets, and Debt Measures (H.6)
1980-1984 Money Stock Measures and Liquid Assets (H.6)
1971-1980 Money Stock Measures (H.6)
1970-1971 Money Stock and Time Deposits (H.6)
1966-1970 Money Supply and Time Deposits (H.6)
1965-1966 Demand Deposits, Currency and Related Items (H.6)
1960-1965 Demand Deposits, Currency and Related Items (J.3, Semimonthly)

Note:
From April 22, 1983 to August 23, 1997, Monthly Survey of Selected Deposits (FR2042) was a special supplementary table to H.6. The Board discontinued publishing the M3 monetary aggregate on March 23, 2006.

Releases are available on the website of the Board of Governors of the Federal Reserve System for 1999 - present.

SUDOC:
FR 1.47:

OCLC:
2254257

Citation:
Board of Governors of the Federal Reserve System (U.S.), ([year]), H.6 Money Stock Measures, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=53

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Availability: 1960 to 2002
Authors: Board of Governors of the Federal Reserve System (U.S.)

Framework of Monetary Policy: A Staff Analysis of the Federal Open Market Committee in its Conduct of Monetary Policy

Framework of Monetary Policy: A Staff Analysis of the Federal Open Market Committee in its Conduct of Monetary Policy


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Description:
Report for the use of the Subcommittee on Domestic Finance of the Committee on Banking and Currency, House of Representatives, 89th Congress, 2d Session, discussing the framework used by the Federal Open Market Committee in its conduct of monetary policy in the 1952-60 period, based primarily on an analysis of the minutes of the meetings of the FOMC.

OCLC:
341

Citation:
United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance, ([year]), Framework of Monetary Policy: A Staff Analysis of the Federal Open Market Committee in its Conduct of Monetary Policy, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=392

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Date: 1967
Authors: United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance

Shadow Open Market Committee Policy Statement and Position Papers

Shadow Open Market Committee Policy Statement and Position Papers


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Description:
The Shadow Open Market Committee (SOMC), an independent organization with members from academic institutions and private organizations, was founded by Professors Karl Brunner of the University of Rochester and Allan Meltzer of Carnegie-Mellon.  Its first semi-annual meeting was held on September 14, 1973.  The original objective was to evaluate the policy choices and actions of the Federal Reserve's Open Market Committee (FOMC).  Since 1973, the SOMC has met semi-annually to discuss economic policy. 

Additional reports of the committee are available on the Shadow Open Market Committee website.

OCLC:
15373119

Citation:
Shadow Open Market Committee, ([year]), Shadow Open Market Committee Policy Statement and Position Papers, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=82

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Availability: 1973 to 1997
Authors: Shadow Open Market Committee

Monetary Policy Oversight - Senate Hearings

Monetary Policy Oversight - Senate Hearings


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Description:
Under the Full Employment and Balanced Growth Act of 1978 (also referred to as the Humphrey-Hawkins Act), the Federal Reserve must submit a report on the economy to Congress by February 20 and July 20 of each year. Following submission of the report, the chairman of the Federal Reserve Board is typically called to testify before the Senate committee charged with monetary policy oversight.

Citation:
United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs, ([year]), Monetary Policy Oversight - Senate Hearings, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=671

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Availability: 1979 to 2013
Authors: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

Monetary Policy Oversight - House of Representatives Hearings

Monetary Policy Oversight - House of Representatives Hearings


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Description:
Under the Full Employment and Balanced Growth Act of 1978 (also referred to as the Humphrey-Hawkins Act), the Federal Reserve must submit a report on the economy to Congress by February 20 and July 20 of each year. Following submission of the report, the chairman of the Federal Reserve Board is typically called to testify before the House committee, or subcommittee, charged with monetary policy oversight.

Citation:
United States. Congress. House. Committee on Banking and Currency, United States. Congress. House. Committee on Banking, Finance, and Urban Affairs and United States. Congress. House. Committee on Financial Services, ([year]), Monetary Policy Oversight - House of Representatives Hearings, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=672

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Availability: 1979 to 2013
Authors: United States. Congress. House. Committee on Banking and Currency, United States. Congress. House. Committee on Banking, Finance, and Urban Affairs, United States. Congress. House. Committee on Financial Services

Amending the Federal Reserve Act: Report to Accompany H.R. 4998

Amending the Federal Reserve Act: Report to Accompany H.R. 4998


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Description:
Senate Report No. 96-426, 96th Congress, 1st Session. Recommendation passage of the bill (H.R. 4998) amending the Federal Reserve Act, requiring detailed minutes of all meetings of the Federal Open Market Committee to be maintained and published on a deferred basis.

SUDOC:
X 96-1:S.rp.423

OCLC:
6181488

Citation:
United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs, ([year]), Amending the Federal Reserve Act: Report to Accompany H.R. 4998, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=410

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Date: 1979
Authors: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs

U.S. Monetary Policy and Financial Markets

U.S. Monetary Policy and Financial Markets


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Description:
Ann-Marie Meulendyke, Federal Reserve Bank of New York, writes on the monetary policy process and financial markets of the 1980s.

OCLC:
21815420

Citation:
Meulendyke, Ann-Marie and Federal Reserve Bank of New York, ([year]), U.S. Monetary Policy and Financial Markets, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=120

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Date: 1989
Authors: Meulendyke, Ann-Marie, Federal Reserve Bank of New York

Operating Procedures and the Conduct of Monetary Policy: Conference Proceedings

Operating Procedures and the Conduct of Monetary Policy: Conference Proceedings


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Description:
Conference Proceedings for Operating Procedures and the Conduct of Monetary Policy hosted by the Federal Reserve Bank of St. Louis on June 18-19, 1992. Originally published in two volumes as part of the Finance and Economics Discussion Series of the Board of Governors of the Federal Reserve System.

OCLC:
29332539

Citation:
Board of Governors of the Federal Reserve System (U.S.), ([year]), Operating Procedures and the Conduct of Monetary Policy: Conference Proceedings, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=679

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Date: 1992
Authors: Board of Governors of the Federal Reserve System (U.S.)

Federal Reserve's 17-Year Secret: With Examples of Federal Open Market Committee Transcripts

Federal Reserve's 17-Year Secret: With Examples of Federal Open Market Committee Transcripts


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Description:
Prepared by the staff of the Committee on Banking, Finance, and Urban Affairs, One Hundred Third Congress, second session.

SUDOC:
Y 4.B 22/1:R 31/8

OCLC:
30018490

ISBN:
0160437059, 9780160437052

Citation:
United States. Congress. House. Committee on Banking, Finance, and Urban Affairs, ([year]), Federal Reserve's 17-Year Secret: With Examples of Federal Open Market Committee Transcripts, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=963

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Date: 1994
Authors: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs

Modern History of FOMC Communication: 1975-2002

Modern History of FOMC Communication: 1975-2002


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Description:
A chronicle of the evolution of the Federal Open Market Committee's policy for communicating with the public during the last quarter of the 20th century. Authorized for public release on 8/19/2009.

OCLC:
741292505

Citation:
Lindsey, David E., ([year]), Modern History of FOMC Communication: 1975-2002, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=180

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Date: 2003
Authors: Lindsey, David E.

Statements and Speeches of Ben S. Bernanke: April 27, 2011 - Press Conference with Chairman of the FOMC, Ben S. Bernanke

Statements and Speeches of Ben S. Bernanke: April 27, 2011 - Press Conference with Chairman of the FOMC, Ben S. Bernanke


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Publication:
Statements and Speeches of Ben S. Bernanke

Description:
Link to video http://bcove.me/6vrqk5ui

Citation:
Bernanke, Ben and Board of Governors of the Federal Reserve System (U.S.), ([year]), Statements and Speeches of Ben S. Bernanke: April 27, 2011, accessed Sep 1, 2014 from FRASER, http://fraser.stlouisfed.org/docs/historical/bernanke/bernanke_20110427_FOMCpresconf.pdf

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Date: 2011
Authors: Bernanke, Ben, Board of Governors of the Federal Reserve System (U.S.)

FOMC Policy on External Communications of Federal Reserve System Staff

FOMC Policy on External Communications of Federal Reserve System Staff


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Citation:
United States. Federal Open Market Committee, ([year]), FOMC Policy on External Communications of Federal Reserve System Staff, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=814

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Date: 2011
Authors: United States. Federal Open Market Committee

FOMC Policy on External Communications of the Federal Reserve System Participants

FOMC Policy on External Communications of the Federal Reserve System Participants


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Citation:
United States. Federal Open Market Committee, ([year]), FOMC Policy on External Communications of the Federal Reserve System Participants, [issue title/date], accessed Sep 1, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=815

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Date: 2011
Authors: United States. Federal Open Market Committee


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Citation:
([year]), , accessed Sep 1, 2014 from FRASER, http://fraser.stlouisfed.org/frhistory/?cid=1036