How Important Is Information from FOMC Minutes?

Fernanda Nechio and Daniel Wilson

FRBSF Economic Letter, 2016

Abstract: To foster transparency and accountability in monetary policy, the Federal Open Market Committee publishes a statement immediately following every FOMC meeting, followed by the full minutes of the meeting three weeks later. Evidence suggests the release of the minutes can have a sizable impact on Treasury bond yields. The impacts are largest when the tone of the minutes differs from the tone of the statement. This presumably leads markets to change their expectations of future monetary policy.

Date: 2016
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