FOMC Memos

Preceding each FOMC meeting, the FOMC Secretariat distributes to the Committee memos covering a range of subjects. A selection of these memos is available on this site.

2011 Memos
January Reserve Bank Report on Structural Unemployment (PDF)
January 9 What Drives Matching Efficiency? A Tale of Composition and Dispersion (PDF) | HTML
January 14 Extended Unemployment Benefits and the Risk of Hysteresis (PDF)
April 19

Background on Strategies for Removing Policy Accommodation (PDF)
   - Exit Strategy (PDF)
   - Long-Run Policy Implementation Frameworks (PDF)

May 18

Draining Tools Update (PDF)

June 1

Projections from EDO: Understanding the Current Outlook and the Great Recession in a DSGE Model (PDF)

June 15

Cover Memo: New Framework for Staff Projections of Commodity Prices (PDF)
   - Revisions to Economic Forecasts and Commodity Prices (PDF)
   - Modeling Commodity Prices (PDF)
   - Evaluating the Forecasting Performance of Commodity Futures Prices (PDF)

August 3

Cover Memo: Attached Memos on Possible Policy Actions to Provide Additional Monetary Accommodation (PDF)
   - Potential Monetary Policy Tools to Provide Additional Accommodation (PDF)
   - Reducing the IOER Rate (PDF)

August 4

A Further Memo on Possible Policy Actions to Provide Additional Monetary Policy Accommodation (PDF)
   - Strategies for Targeting Interest Rates Out the Yield Curve (PDF)

August 8

Adopting an Alternative Monetary Policy Framework (PDF)

September 12

Possible Approaches to Providing Monetary Accommodation: Reinvestment Maturity Extension Program, SOMA Portfolio Maturity Extension Program, and Long-Maturity LSAP (PDF)

September 15 Supporting Memo Cited in September 12, 2011 Note on Possible Approaches to Providing Monetary Accommodation (PDF)
  - Term Structure Modeling with Supply Factors and an Application to Maturity Extension Program Evaluation (PDF)
September 26 Approaches to Clarifying the Conditionality in the Committee's Forward Guidance (PDF)
October 6 Cover Memo: Alternative Monetary Policy Frameworks (PDF)
  - Alternative Monetary Policy Frameworks (PDF)
October 24 Incremental Balance Sheet Policies (PDF)
October 25 Questions for Committee Discussion of Monetary Policy Frameworks (PDF)
October 27

Possible FOMC Actions in the MBS Markets (PDF)

2010 Memos
January 15 Request for January Projections (PDF)
January 21

Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks (PDF)

March Large-Scale Asset Purchases by the Federal Reserve: Did They Work? (PDF)
April 16

Request for April Projections (PDF)

April 22

Quantitative Analysis of the Macroeconomic Effects of Alternative Strategies for Managing the Federal Reserve's Securities Holdings (PDF)

May 3 A new state-space model of potential output and the business cycle (PDF)
June 11

Cover Memo: Recent fiscal developments in Europe and the United States (PDF)
  - The Fiscal Situation in the Advanced Foreign Economies (PDF)
  - The Long-Term Outlook for U.S. Fiscal Policy (PDF)
  - Macroeconomic Consequences of a European Sovereign Debt Crisis (PDF)

June 11

Request for June Projections (PDF)

August 5

Cover Memo: Foreign Experience with Monetary Policy Options (PDF)
  - The ECB's Use of Term Refinancing Operations (PDF)
  - The Swiss National Bank's Three-month Libor Target (PDF)

August 5

Cover Memo: Options for Further Monetary Policy Stimulus (PDF)
  - Reducing the IOER Rate: An Analysis of Options (PDF)
  - Potential Enhancements to FOMC Communication (PDF)
  - The Effects of MBS Paydowns and Potential Reinvestment Options (PDF)

August 24

Recent Stories in the Press (PDF)

September 14 A proposal for a State-Contingent Price-Level Objective (PDF)
September 30 Arrangements for a Videoconference on October 15, 2010 (PDF)
October 6

Cover Memo: Initial Background Material for October 15 Meeting (PDF)
  - Large-Scale Asset Purchases by the Federal Reserve: Did They Work? (PDF) (3/2010)
  - Economic Effects of Large-Scale Purchases of Long-term Treasury Securities and Agency Debt and MBS (PDF) (3/9/2009)
  - The Price Objective for Monetary Policy: An Outline of the Issues (PDF) (6/21/1996)
  - Issues Pertaining to the Specification of a Numerical Price-Related Objective for Monetary Policy (PDF) (3/12/2007)
  - Optimal Paths for Large-scale Asset Purchases (PDF) (4/20/2009)
  - Large-Scale Asset Purchases and Inflation Expectations in the FRB/US Model (PDF) (4/20/2009)
  - A Preliminary Assessment of the Effects of the Federal Reserve's Large-Scale Asset Purchases on Interest Rates (PDF) (4/23/2009)
  - The Recent Use of Large-Scale Asset Purchases by Foreign Central Banks (PDF) (6/15/2009)
  - Large-Scale Asset Purchases: Recent Experience and Some Policy Considerations (PDF) (6/16/2009)      
  - Quantitative Analysis of the Macroeconomic Effects of Alternative Strategies for Managing the Federal Reserve's Securities Holdings (PDF) (4/22/2010)
  - Discussion at the Upcoming FOMC Meeting (PDF) (10/13/2006)
  - Foreign Experience with the Formulation and Discussion of Inflation Objectives (PDF) (3/8/2007)
  - An Update on the Foreign Experience with Explicit Numerical Price Objectives (PDF) (1/9/2009)
  - Targeting the Yield Curve: The Experience of the Federal Reserve, 1942-51 (PDF) (6/18/2003)
  - The Scope of Monetary Policy Actions Authorized Under the Federal Reserve Act (PDF) (2005)
  - Notes on Issues Related to the Zero Lower Bound on Nominal Interest Rates (PDF) (12/12/2008)  
  - Alternative Instruments for Open Market and Discount Window Operations (PDF) (12/2002)

October 13 Cover Memo: Two Background Memos from Reserve Banks (PDF)
  - The Case for Targeting the Level of Nominal Spending (PDF)
  - A Background Memo on Inflation Rates in the Context of Price Level and Inflation Targeting Regimes (PDF)
  - Historically-Determined Inflation in the Context of Price Level and Inflation Targeting Regimes (PDF)
October 13

Cover Memo: Background for October 15 Meeting (PDF)
  - Questions for the FOMC Videoconference on October 15 (PDF)
  - Issues Related to Specifying a Policy Framework in the Current Environment (PDF)
  - Strategies for Targeting Interest Rates Out the Yield Curve (PDF)

October 15 President Plosser's Comments Regarding October 15, 2010 Videoconference (PDF)
October 22 Request for November Projections (PDF)
October 28

Financial Stability Background Memos (PDF)
  - Asset Valuation Assessment (PDF)
  - Indicators of Trends in Dealer-Intermediated Financing and Leverage (PDF)

November 10 What drives movements in the unemployment rate? A decomposition of the Beveridge curve. (PDF) | HTML
December Internal Migration in the US: Updated Facts and Recent Trends (PDF)

2009 Memos
January 9 An Update on the Foreign Experience with Explicit Numerical Price Objectives (PDF)
March 9

Cover Memo: Economic Effects of Large-Scale Asset Purchases (PDF)
 - Economic Effects of Large-Scale Purchases of Long-term Treasury Securities and Agency Debt and MBS (PDF)

March 11

Cover Memo: Large-Scale Asset Purchases (PDF)
   - Expanding Large-Scale Asset Purchases: Effectiveness, Benefits, Risks, and Strategies (PDF)

April 20-21

Cover Memo: Background Information on Issues Related to Large-Scale Asset Purchases, Inflation Expectations, and Uncertainty about the Economic Outlook (PDF)
    - Optimal Paths for Large-scale Asset Purchases (PDF)
    - Large-Scale Asset Purchases and Inflation Expectations in the FRB/US Model (PDF)
    - Changes in Macroeconomic Uncertainty (PDF)

April 23

Cover Memo: The Effects on Interest Rates of Federal Reserve Asset Purchases (PDF)
    - A Preliminary Assessment of the Effects of the Federal Reserve's Large-Scale Asset Purchases on Interest Rates (PDF)

June 15-16

Cover Memo: Attached Memos Regarding Experience with Large-Scale Asset Purchases (PDF)
    - Large-Scale Asset Purchases: Recent Experience and Some Policy Considerations (PDF)
    - The Recent Use of Large-Scale Asset Purchases by Foreign Central Banks (PDF)

December 1

Cover Memo: Background Papers for December Special Topic Discussion (PDF)
   - Gaps and Monetary Policy (PDF)
   - The Global Slack Hypothesis (PDF)
   - The Role of Expectations and Output in the Inflation Process: An Empirical Assessment (PDF)
   - The Relationship between Inflation and Inflation Expectations (PDF)
   - Survey Evidence on the Perceived Relationship between Inflation and Government Debt among Consumers and Financial Experts (PDF)

December 8

Cover Memo: Presentations for December Special Topic Discussion (PDF)
   - Inflation Persistence, Output Gaps and Monetary Policy (PDF)
   - The Global Slack Hypothesis (PDF)
   - The Role of Expectations and Output in the Inflation Process (PDF)

December 9

Cover Memo: Reinvestment Policy for Maturing SOMA Holdings (PDF)
    - Reinvestment Policy for Maturing SOMA Holdings (PDF)

December 10

Cover Memo: Additional Background Paper on Inflation Dynamics (PDF)
   - Output Gaps and Inflation in DSGE Models (PDF)

2008 Memos
March

Foreign Central Bank Approaches to Monetary Policy Implementation (PDF)
Implementing Monetary Policy in the United States: the Policy Framework and Operating Procedures (PDF)

March 31

Summary of Central Bank Workshop on Monetary Policy Implementation (PDF)

April

Interest on Reserves: An Analytical Framework (PDF)
Interest on Reserves: A Preliminary Analysis of Basic Options (PDF)

December 12

Notes on Issues Related to the Zero Lower Bound on Nominal Interest Rates (PDF)

December 12

Cover Memo: Summary [of Issues Related to the Zero Lower Bound on Nominal Interest Rates] (PDF)
  - Federal Reserve Experiences with Very Low Interest Rates: Lessons Learned (PDF)
  - Overview of Japan’s Monetary Policy Responses to Deflation (PDF)
  - Japanese Money Markets During Periods of Low or Zero Interest Rates (PDF)
  - Effects of the Bank of Japan’s Communication Strategy at the Zero Lower Bound (PDF)
  - Implications of the Health of the Japanese Banking Sector for the Effectiveness of Monetary Policy (PDF)
  - Effects of the Bank of Japan’s Quantitative Easing Policy on Economic Activity (PDF)
  - Japanese Fiscal Policy: A Bridge to Nowhere? (PDF)
  - Effects of Very Low Policy Rates on Money Market Funds (PDF)
  - Effects of Very Low Policy Rates on the Profitability of Commercial Banks and Other Financial Institutions (PDF)
  - Treasury Market Functioning and the Zero Bound (PDF)
  - Potential Effects of Very Low Policy Rates on Federal Funds & Other Money Markets (PDF)
  - The Federal Funds Target Rate and Business and Household Borrowing Rates (PDF)
  - Assessing Inflation Expectations and the Risk of Deflation (PDF)
  - Purchases of Conventional SOMA Assets (PDF)
  - Purchases of Longer-Term Treasury Securities (PDF)
  - Purchases of Agency MBS and Debt (PDF)
  - Liquidity Facilities as Policy Tools at the Zero Bound (PDF)
  - Targeting Term Funding Conditions in U.S. Depository Institutions (PDF)
  - Communication and Commitment Strategies at Very Low Interest Rates (PDF)
  - Quantitative Analysis of Policy Alternatives Using the FRB/US Model (PDF)

 

2007 Memos
March 8

Foreign Experience with the Formulation and Discussion of Inflation Objectives (PDF)

March 12

Issues Pertaining to the Specification of a Numerical Price-Related Objective for Monetary Policy (PDF)

2006 Memos
October 13

Discussion at the Upcoming FOMC Meeting (PDF)

2005 Memos
April

The Scope of Monetary Policy Actions Authorized Under the Federal Reserve Act (PDF)

2003 Memos
June 18

Targeting the Yield Curve: The Experience of the Federal Reserve, 1942-51 (PDF)

June 24

A Modern History of FOMC Communication: 1975-2002 (PDF)

2002 Memos
December

Alternative Instruments for Open Market and Discount Window Operations (PDF)

1996 Memos
June 21

The Price Objective for Monetary Policy: An Outline of the Issues (PDF)

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Last Update: November 20, 2017