FOMC Meeting Minutes

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On April 7, the US Federal Reserve's Federal Open Market Committee published the meeting minutes of its joint videoconference together with the Fed's Board of Governors. However, it did not occur together with a Monetary Policy Statement and a Rate announcement. Namely, the Meeting Minutes are from the previous monetary statement that was done in mid-March. Due to that reason, the document can be read as an insight into the views of the heads of the US monetary policy.

Although, there are some highlights that the markets and traders could take into account. In regards to the economy the Fed commented that the Fed is far from its goals: "Despite these positive indicators and an improved public health situation, participants agreed that the economy remained far from the Committee's longer-run goals and that the path ahead remained highly uncertain, with the pandemic continuing to pose considerable risks to the outlook"

In regards to the Fed Base Rate comments were made: "All members agreed to maintain the target range for the federal funds rate at 0 to 1/4 percent, and they expected that it would be appropriate to maintain this target range until labor market conditions had reached levels consistent with the Committee's assessments of maximum employment and inflation had risen to 2 percent and was on track to moderately exceed 2 percent for some time."

In the meantime, the monetary stimulus scheme would remain unchanged: "In addition, members agreed that it would be appropriate for the Federal Reserve to continue to increase its holdings of Treasury securities by at least $80 billion per month and agency mortgage-backed securities by at least $40 billion per month until substantial further progress had been made toward the Committee's maximum-employment and price-stability goals."

Minutes of the Federal Open Market Committee

In general, there was a muted reaction to the publication, as the core of the information revealed in the Meeting Minutes was already released to the public on March 17.

Initial reaction on the market:

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