Key points
- Published three weeks after each meeting.
- Reveal the range of views and any dissents behind the decision.
- Analysts compare the language with previous minutes and read the staff forecasts, which show what worries officials.
Example
A line in the minutes noting “several participants favored a faster pace of balance-sheet runoff” can push yields higher despite an unchanged statement.
In history
Minutes of the Fed's December 2021 meeting, released in January 2022, showed officials discussing shrinking the balance sheet soon after raising rates. Bond yields jumped and technology shares fell on the day.
Related terms