Date: July 11, 2005 2:31:02 PM PDT
Subject: [Spy News] Fed publishes code for deciphering minutes
-07-11T181655Z_01_N11480724_RTRIDST_0_PICKS-ECONOMY-FED-MINUTES-DC.XML
Fed publishes code for deciphering minutes
Mon Jul 11, 2005 2:17 PM ET
WASHINGTON (Reuters) - Attention Fed watchers. Bored by the increasing
transparency of the U.S. central bank? Longing for the good-old days when
the Federal Reserve's policy stance could only be discerned through careful
monitoring of money market conditions? Well don't read this.
In a move that will no doubt make your life even more joyless, the Fed has
issued tips on how to parse the minutes of the closed-door meetings of the
Fed's policy-setting Federal Open Market Committee -- further lifting the
veil of secrecy that had cloaked the secretive panel for years.
In an article in the latest Federal Reserve Bulletin that provides an
overview on the history of FOMC minutes and how they are prepared, two Fed
staffers offer guidance on how to gauge the depth of support for various
policy-maker views expressed in the minutes.
"To give an indication of how widely expressed a particular view is at a
meeting, the minutes use common quantitative wording: 'all,' 'most,'
'several,' 'few,' or 'one,' in descending order," they wrote.
They caution, however, that tracking expressions of support during the
give-and-take of the panel's discussion is "an imprecise science," noting by
way of example that some policy-makers may decide there is no need to cover
territory already trod by earlier speakers.
The short article, available on the central bank's Web site at
www.federalreserve.gov/pubs/bulletin/2005/spring05_fomc.pdf, also notes that
the minutes distinguish between "meeting participants" and "members," which
the Fed deems to be the smaller subset of officials who actually vote at the
meeting.
While all members of the Washington-based board and the heads of the 12
regional Fed banks participate in each meeting, only five of the regional
bank presidents have a vote during any given year.
The article discusses the Fed's recent decision to accelerate the release of
the minutes -- now published three weeks after each meeting rather than
after the subsequent gathering -- and notes the Fed had to employ more
resources to meet the stepped-up pace.
"The committee believed that the costs and risks associated with the new
schedule were outweighed by the benefits of additional policy transparency
and openness," the authors said.
Good to know at least one government agency is giving careful consideration
to the financial cost of its decisions.
© Reuters 2005. All Rights Reserved.
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