FOMC Minutes
_____________________________________________________________________________________________
Page 1
Minutes of the Federal Open Market Committee
April 30–May 1, 2019
A joint meeting of the Federal Open Market Committee
and the Board of Governors was held in the offices of
the Board of Governors of the Federal Reserve System
in Washington, D.C., on Tuesday, April 30, 2019, at
10:00 a.m. and continued on Wednesday, May 1, 2019,
at 9:00 a.m.1
PRESENT:
Jerome H. Powell, Chair
John C. Williams, Vice Chair
Michelle W. Bowman
Lael Brainard
James Bullard
Richard H. Clarida
Charles L. Evans
Esther L. George
Randal K. Quarles
Eric Rosengren
Patrick Harker, Robert S. Kaplan, Neel Kashkari,
Loretta J. Mester, and Michael Strine, Alternate
Members of the Federal Open Market Committee
Thomas I. Barkin, Raphael W. Bostic, and Mary C.
Daly, Presidents of the Federal Reserve Banks of
Richmond, Atlanta, and San Francisco,
respectively
James A. Clouse, Secretary
Matthew M. Luecke, Deputy Secretary
David W. Skidmore, Assistant Secretary
Michelle A. Smith, Assistant Secretary
Mark E. Van Der Weide, General Counsel
Michael Held, Deputy General Counsel
Steven B. Kamin, Economist
Thomas Laubach, Economist
Stacey Tevlin, Economist
Rochelle M. Edge, Eric M. Engen, Anna Paulson,
Geoffrey Tootell, William Wascher, Jonathan L.
Willis, and Beth Anne Wilson, Associate
Economists
The Federal Open Market Committee is referenced as the
“FOMC” and the “Committee” in these minutes.
2 Attended through the discussion of developments in financial markets and open market operations.
1
Simon Potter, Manager, System Open Market Account
Lorie K. Logan, Deputy Manager, System Open
Market Account
Ann E. Misback, Secretary, Office of the Secretary,
Board of Governors
Matthew J. Eichner,2 Director, Division of Reserve
Bank Operations and Payment Systems, Board of
Governors; Michael S. Gibson, Director, Division
of Supervision and Regulation, Board of
Governors; Andreas Lehnert, Director, Division of
Financial Stability, Board of Governors
Michael T. Kiley, Deputy Director, Division of
Financial Stability, Board of Governors; Trevor A.
Reeve, Deputy Director, Division of Monetary
Affairs, Board of Governors
Jon Faust, Senior Special Adviser to the Chair, Office
of Board Members, Board of Governors
Antulio N. Bomfim, Special Adviser to the Chair,
Office of Board Members, Board of Governors
Brian M. Doyle,3 Wendy E. Dunn, Ellen E. Meade, and
John M. Roberts, Special Advisers to the Board,
Office of Board Members, Board of Governors
Linda Robertson, Assistant to the Board, Office of
Board Members, Board of Governors
Shaghil Ahmed and Christopher J. Erceg,4 Senior
Associate Directors, Division of International
Finance, Board of Governors; William F. Bassett,
Senior Associate Director, Division of Financial
Stability, Board of Governors; Joshua Gallin and
David E. Lebow, Senior Associate Directors,
Division of Research and Statistics, Board of
Governors
3
4
Attended Wednesday session only.
Attended opening remarks for Tuesday session only.
_____________________________________________________________________________________________
Page 2
Federal Open Market Committee
Robert J. Tetlow, Senior Adviser, Division of Monetary
Affairs, Board of Governors
Marnie Gillis DeBoer, Associate Director, Division of
Monetary Affairs, Board of Governors; John J.
Stevens, Associate Director, Division of Research
and Statistics, Board of Governors
Jeffrey D. Walker,2 Deputy Associate Director,
Division of Reserve Bank Operations and Payment
Systems, Board of Governors
Eric C. Engstrom, Deputy Associate Director, Division
of Monetary Affairs, and Adviser, Division of
Research and Statistics, Board of Governors
Glenn Follette, Assistant Director, Division of
Research and Statistics, Board of Governors; Laura
Lipscomb2 and Zeynep Senyuz,2 Assistant
Directors, Division of Monetary Affairs, Board of
Governors
Dana L. Burnett, Michele Cavallo, and Matthew
Malloy,2 Section Chiefs, Division of Monetary
Affairs, Board of Governors
Penelope A. Beattie,5 Assistant to the Secretary, Office
of the Secretary, Board of Governors
David H. Small, Project Manager, Division of
Monetary Affairs, Board of Governors
Juan M. Londono, Principal Economist, Division of
International Finance, Board of Governors;
Camelia Minoiu and Bernd Schlusche, Principal
Economists, Division of Monetary Affairs, Board
of Governors
Brian J. Bonis,2 Lead Financial Institution and Policy
Analyst, Division of Monetary Affairs, Board of
Governors
Randall A. Williams, Senior Information Manager,
Division of Monetary Affairs, Board of Governors
James M. Trevino,2 Senior Technology Analyst,
Division of Monetary Affairs, Board of Governors
Ron Feldman, First Vice President, Federal Reserve
Bank of Minneapolis
5
Attended Tuesday session only.
Kartik B. Athreya, Michael Dotsey, Sylvain Leduc, and
Ellis W. Tallman, Executive Vice Presidents,
Federal Reserve Banks of Richmond, Philadelphia,
San Francisco, and Cleveland, respectively
Evan F. Koenig, Antoine Martin,2 Samuel SchulhoferWohl, Mark L.J. Wright, and Nathaniel Wuerffel,2
Senior Vice Presidents, Federal Reserve Banks of
Dallas, New York, Chicago, Minneapolis, and New
York, respectively
David C. Wheelock, Group Vice President, Federal
Reserve Bank of St. Louis
Patricia Zobel,2 Vice President, Federal Reserve Bank
of New York
Mary Amiti and William E. Riordan,2 Assistant Vice
Presidents, Federal Reserve Banks of New York
and New York, respectively
John Robertson, Research Economist and Senior
Advisor, Federal Reserve Bank of Atlanta
Justin Meyer,2 Markets Manager, Federal Reserve Bank
of New York
Selection of Committee Officer
By unanimous vote, the Committee selected Anna
Paulson to serve as Associate Economist, effective April
30, 2019, until the selection of her successor at the first
regularly scheduled meeting of the Committee in 2020.
Balance Sheet Normalization
Participants resumed their discussion of issues related to
balance sheet normalization with a focus on the longrun maturity composition of the System Open Market
Account (SOMA) portfolio. The staff presented two illustrative scenarios as a way of highlighting a range of
implications of different long-run target portfolio compositions. In the first scenario, the maturity composition
of the U.S. Treasury securities in the target portfolio was
similar to that of the universe of currently outstanding
U.S. Treasury securities (a “proportional” portfolio). In
the second, the target portfolio contained only shorterterm securities with maturities of three years or less (a
“shorter maturity” portfolio). The staff provided estimates of the capacity that the Committee would have
under each scenario to provide economic stimulus
through a maturity extension program (MEP). The staff
_____________________________________________________________________________________________
Minutes of the Meeting of April 30–May 1, 2019
Page 3
also provided estimates of the extent to which term premiums embedded in longer-term Treasury yields might
be affected under the two different scenarios. Based on
the staff’s standard modeling framework, all else equal, a
move to the illustrative shorter maturity portfolio would
put significant upward pressure on term premiums and
imply that the path of the federal funds rate would need
to be correspondingly lower to achieve the same macroeconomic outcomes as in the baseline outlook. However, the staff noted the uncertainties inherent in the
analysis, including the difficulties in estimating the effects of changes in SOMA holdings on longer-term interest rates and the economy more generally.
The staff presentation also considered illustrative gradual and accelerated transition paths to each long-run target portfolio. Under the illustrative “gradual” transition,
reinvestments of maturing Treasury holdings, principal
payments on agency mortgage-backed securities (MBS),
and purchases to accommodate growth in Federal Reserve liabilities would be directed to Treasury securities
with maturities in the long-run target portfolio. Under
the illustrative “accelerated” transition, the reinvestment
of principal payments on agency MBS and purchases to
accommodate growth in Federal Reserve liabilities
would be directed to Treasury bills until the weighted
average maturity (WAM) of the SOMA portfolio
reached the WAM associated with the target portfolio.
Depending on the combination of long-run target composition and the transition plan for arriving at that composition, the staff reported that, in the illustrative scenarios, it could take from 5 years to more than 15 years
for the WAM of the SOMA portfolio to reach its longrun level.
In its Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization, the Committee
noted that it is prepared to adjust the size and composition of the balance sheet to achieve its macroeconomic
objectives in a scenario in which the federal funds rate is
constrained by the effective lower bound. Against this
backdrop, participants discussed the benefits and costs
of alternative long-run target portfolio compositions in
supporting the use of balance sheet policies in such scenarios.
In their discussion of a shorter maturity portfolio, many
participants noted the advantage of increased capacity
for the Federal Reserve to conduct an MEP, which could
be helpful in providing policy accommodation in a future economic downturn given the secular decline in
neutral real interest rates and the associated reduced
scope for lowering the federal funds rate in response to
negative economic shocks. Several participants viewed
an MEP as a useful initial option to address a future
downturn in which the Committee judged that it needed
to employ balance sheet actions to provide appropriate
policy accommodation. Participants acknowledged the
staff analysis suggesting that creating space to conduct
an MEP by moving to a shorter maturity portfolio composition could boost term premiums and result in a
lower path for the federal funds rate, reducing the capacity to ease financial conditions with adjustments in shortterm rates. A number of participants noted, however,
that the estimates of the effect of a move to a shortermaturity portfolio composition on the long-run neutral
federal funds rate are subject to substantial uncertainty
and are based on a number of strong modeling assumptions. For example, estimates of term premium effects
based on experience during the crisis could overstate the
effects that would be associated with a gradual evolution
of the composition of the SOMA portfolio. In addition,
a shift in the composition of the SOMA portfolio could
result in changes in the supply of securities that would
tend to offset upward pressure on term premiums.
Nonetheless, other participants expressed concern
about the potential that a shorter maturity portfolio
composition could result in a lower long-run neutral federal funds rate. Moreover, while a shorter maturity portfolio would provide substantial capacity to conduct an
MEP, some participants raised questions about the effectiveness of MEPs as a policy tool relative to that of
the federal funds rate or other unconventional policy
tools. These participants noted that, in a situation in
which it would be appropriate to employ unconventional policy tools, they likely would prefer to employ
forward guidance or large-scale purchases of assets
ahead of an MEP. In the view of these participants, the
potential benefit of transitioning to a shorter maturity
SOMA composition in terms of increased ability to conduct an MEP might not be worth the potential costs.
In their discussion of a proportional portfolio composition, participants observed that moving to this target
SOMA composition would not be expected to have
much effect on current staff estimates of term premiums
and thus would likely not reduce the scope for lowering
the target range for the federal funds rate target in response to adverse economic shocks. As a result, several
participants judged the proportional target composition
to be well aligned with the Committee’s previous statements that changes in the target range for the federal
funds rate are the primary means by which the Committee adjusts the stance of monetary policy. In addition,
several participants noted that while the staff analysis
_____________________________________________________________________________________________
Page 4
Federal Open Market Committee
suggested a proportional portfolio would not contain as
much capacity to conduct an MEP as a shorter maturity
portfolio, it still would contain meaningful capacity
along these lines. Some participants noted that a proportional portfolio would also help maintain the traditional separation between the Federal Reserve’s decisions regarding the composition of the SOMA portfolio
and the maturity composition of Treasury debt held by
the private sector. However, a number of participants
judged that it would be desirable to structure the SOMA
portfolio in a way that would provide more capacity to
conduct an MEP than in the proportional portfolio. In
addition, a couple of participants noted that a shorter
maturity portfolio would maintain a narrow gap between
the average maturity of the assets in the SOMA portfolio
and the short average maturity of the Federal Reserve’s
primary liabilities.
Participants also discussed the financial stability implications that could be associated with alternative long-run
target portfolio compositions. A couple of participants
noted that a proportional portfolio could imply a relatively flat yield curve, which could result in greater incentives for “reach for yield” behavior in the financial
system. That said, a few participants noted that a shorter
maturity portfolio could affect financial stability risks by
increasing the incentives for the private sector to issue
short-term debt. A couple of participants judged that
financial market functioning might be adversely affected
if the holdings in the shorter maturity portfolio accounted for too large a share of total shorter maturity
Treasury securities outstanding.
In discussing the transition to the desired long-run
SOMA portfolio composition, several participants noted
that a gradual pace of transition could help avoid unwanted effects on financial conditions. However, participants observed that the gradual transition paths described in the staff presentation would take many years
to complete. Against this backdrop, a few participants
discussed the possibility of following some type of accelerated transition, perhaps including sales of the
SOMA’s residual holdings of agency MBS. In addition,
several participants suggested that the Committee could
communicate its plans about the SOMA portfolio composition in terms of a desired change over an intermediate horizon rather than a specific long-run target.
Several participants expressed the view that a decision
regarding the long-run composition of the portfolio
would not need to be made for some time, and a couple
of participants highlighted the importance of making
such a decision in the context of the ongoing review of
the Federal Reserve’s monetary policy strategies, tools,
and communications practices. Some participants noted
the importance of developing an effective communication plan to describe the Committee’s decisions regarding the long-run target composition for the SOMA portfolio and the transition to that target composition.
Developments in Financial Markets and Open Market Operations
The manager of the SOMA reviewed developments in
financial markets over the intermeeting period. In the
United States, prices for equities and other risk assets reportedly were buoyed by perceptions of an accommodative stance of monetary policy, incoming economic data
pointing to continued solid economic expansion, and
some signs of receding downside risks to the global outlook. Treasury yields declined over the period, adding to
their substantial drop since September, and the expected
path of the federal funds rate as implied by futures prices
shifted down as well. Market participants attributed
these moves in part to FOMC communications indicating that the Committee would continue to be patient in
evaluating the need for any further adjustments of the
target range for the federal funds rate. Softer incoming
data on inflation may also have contributed to the downward revision in the expected path of policy. Nearly all
respondents on the Open Market Desk’s latest surveys
of primary dealers and market participants anticipated
that the federal funds target range would be unchanged
for the remainder of the year. In reviewing global developments, the manager noted that market prices appeared
to reflect perceptions of improved economic prospects
in China. However, investors reportedly remained concerned about the economic outlook for Europe and the
United Kingdom.
The manager also reported on developments related to
open market operations. In light of the declines in interest rates since November last year, principal payments
on the Federal Reserve’s holdings of agency MBS were
projected to exceed the $20 billion redemption cap by a
modest amount sometime this summer. As directed by
the Committee, any principal payments received on
agency MBS in excess of the cap would be reinvested in
agency MBS. The Desk planned to conduct any such
operations by purchasing uniform MBS rather than Fannie Mae and Freddie Mac securities. Consistent with the
Balance Sheet Normalization Principles and Plans released following the March meeting, reinvestments of
maturing Treasury securities beginning on May 2 would
be based on a cap on monthly Treasury redemptions of
_____________________________________________________________________________________________
Minutes of the Meeting of April 30–May 1, 2019
Page 5
$15 billion—down from the $30 billion monthly redemption cap that had been in place since October of
last year.
The deputy manager reviewed developments in domestic money markets. Reserve balances declined by
$150 billion over the intermeeting period and reached a
low point of just below $1.5 trillion on April 23. The
decline in reserves stemmed from a reduction in the
SOMA’s agency MBS and Treasury holdings of $46 billion, reducing the SOMA portfolio to $3.92 trillion, and
from a shift in the composition of liabilities, predominantly related to the increase in the Treasury General Account (TGA).
The TGA was volatile during the intermeeting period.
In early April, the Treasury reduced bill issuance and allowed the TGA balance to fall in anticipation of individual tax receipts. As tax receipts arrived after the tax date,
the TGA rose to more than $400 billion, resulting in a
sharp decline in reserves over the last two weeks of April.
Against this backdrop, the distribution of rates on traded
volumes in overnight unsecured markets shifted higher.
The effective federal funds rate (EFFR) moved up to
2.45 percent by the end of the intermeeting period, 5 basis points above the interest on excess reserves (IOER)
rate.
Several factors appeared to spur this upward pressure.
Tax-related runoffs in deposits at banks reportedly led
banks to increase short-term borrowing, particularly
through Federal Home Loan Bank (FHLB) advances
and in the federal funds market. Although some banks
continued to hold large quantities of reserves, other
banks were operating with reserve balances closer to
their lowest comfortable levels as reported in the most
recent Senior Financial Officer Survey. This distribution
of reserves may have contributed to somewhat more sustained upward pressure on the federal funds rate than
had been experienced in recent years around tax-payment dates. In addition, rates on Treasury repurchase
agreements (repo), were, in part, pushed higher by taxrelated outflows from government-only money market
mutual funds and a corresponding decline in repo lending by those funds. Elevated repo rates contributed to
upward pressure on the federal funds rate, as FHLBs reportedly shifted some of their liquidity investments out
of federal funds and into the repo market. In addition,
some market participants pointed to heightened demand
for federal funds at month end by some banks in connection with their efforts to meet liquidity coverage ratio
requirements as contributing to upward pressure on the
federal funds rate.
The deputy manager also discussed a staff proposal in
which the Board would implement a 5 basis point technical adjustment to the Interest on Required Reserves
(IORR) and IOER rates. The proposed action would
bring these rates to 15 basis points below the top of the
target range for the federal funds rate and 10 basis points
above the bottom of the range and the overnight reverse
repurchase agreement (ON RRP) offer rate. As with the
previous technical adjustments in June and December
2018, the proposed adjustment was intended to foster
trading in the federal funds market well within the target
range established by the FOMC.
A technical adjustment would reduce the spread between
the IOER rate and the ON RRP offering rate to 10 basis
points, the smallest since the introduction of the ON
RRP facility. The staff judged that the narrower spread
did not pose a significant risk of increased take-up at the
ON RRP facility because repo rates had been trading
well above the ON RRP offer rate for some time. However, if it became appropriate in the future to further
lower the IOER rate, the staff noted that the Committee
might wish to first consider where to set the ON RRP
offer rate relative to the target range for the federal funds
rate to mitigate this risk.
The manager concluded the briefing on financial market
developments and open market operations with a review
of the role of standing swap lines in supporting financial
stability. He recommended that the Committee vote to
renew these swap lines at this meeting following the
usual annual schedule.
The Committee voted unanimously to renew the reciprocal currency arrangements with the Bank of Canada
and the Bank of Mexico; these arrangements are associated with the Federal Reserve’s participation in the
North American Framework Agreement of 1994. In addition, the Committee voted unanimously to renew the
dollar and foreign currency liquidity swap arrangements
with the Bank of Canada, the Bank of England, the Bank
of Japan, the European Central Bank, and the Swiss National Bank. The votes to renew the Federal Reserve’s
participation in these standing arrangements occur annually at the April or May FOMC meeting.
By unanimous vote, the Committee ratified the Desk’s
domestic transactions over the intermeeting period.
There were no intervention operations in foreign currencies for the System’s account during the intermeeting period.
_____________________________________________________________________________________________
Page 6
Federal Open Market Committee
Staff Review of the Economic Situation
The information available for the April 30–May 1 meeting indicated that labor market conditions remained
strong and that real gross domestic product (GDP) increased at a solid rate in the first quarter even as household spending and business fixed investment rose more
slowly in the first quarter than in the fourth quarter of
last year. Consumer price inflation, as measured by the
12-month percentage change in the price index for personal consumption expenditures (PCE), declined, on
net, in recent months and was somewhat below 2 percent in March. Survey-based measures of longer-run inflation expectations were little changed.
Total nonfarm payroll employment recorded a strong
gain in March, and the unemployment rate held steady
at 3.8 percent. The labor force participation rate declined a little in March after having risen, on balance, in
the previous few months, and the employment-to-population ratio edged down. The unemployment rates for
African Americans, Asians, and Hispanics in March
were at or below their levels at the end of the previous
economic expansion, though persistent differentials in
unemployment rates across groups remained. The share
of workers employed part time for economic reasons
edged up in March but was still below the lows reached
in late 2007. The rate of private-sector job openings in
February declined slightly from the elevated level that
prevailed for much of the past year, while the rate of
quits was unchanged at a high level; the four-week moving average of initial claims for unemployment insurance
benefits through mid-April was near historically low levels. Average hourly earnings for all employees rose
3.2 percent over the 12 months ending in March, a
somewhat faster pace than a year earlier. The employment cost index for private-sector workers increased
2.8 percent over the 12 months ending in March, the
same as a year earlier.
Industrial production edged down in March and for the
first quarter overall. Manufacturing output declined
moderately in the first quarter, primarily reflecting a decrease in the output of motor vehicles and parts; outside
of motor vehicles and parts, manufacturing production
was little changed. Mining output declined, on net, over
the three months ending in March. Automakers’ assembly schedules suggested that the production of light motor vehicles would move up in the near term, and new
orders indexes from national and regional manufacturing surveys pointed to modest gains in overall factory
output in the coming months. However, industry news
indicated that aircraft production would slow in the second quarter.
Consumer expenditures slowed in the first quarter, but
monthly data suggested some improvement toward the
end of the quarter. Real PCE increased at a robust pace
in March after having been unchanged in February, perhaps partly reflecting a delay in tax refunds from February into March that was due, in part, to the partial government shutdown. Similarly, sales of light motor vehicles rose sharply in March, although the average pace of
sales in the first quarter was slower than in the fourth
quarter. Key factors that influence consumer spending—including a low unemployment rate, ongoing gains
in real labor compensation, and still elevated measures
of households’ net worth—were supportive of solid
near-term gains in consumer expenditures. In addition,
consumer sentiment, as measured by the University of
Michigan Surveys of Consumers, edged down in April
but was still upbeat. The staff reported preliminary analysis of the levels of and trends in average household
wealth by racial and ethnic groups as measured by the
Federal Reserve Board’s Distributional Financial Accounts initiative.
Real residential investment declined at a slower rate in
the first quarter than it did over the course of 2018. After an appreciable uptick in January, starts of new singlefamily homes fell in February and were little changed in
March. Meanwhile, starts of multifamily units rose in
February and stayed at that level in March. Building permit issuance for new single-family homes—which tends
to be a good indicator of the underlying trend in construction of such homes—declined a little in February
and March. Sales of both new and existing homes increased, on net, over the February-and-March period.
Growth in real private expenditures for business equipment and intellectual property slowed in the first quarter,
reflecting both a slower increase in transportation equipment spending after a strong fourth-quarter gain and a
decline in spending on other types of equipment outside
of high tech. Nominal shipments of nondefense capital
goods excluding aircraft were little changed, on net, in
February and March, but they rose for the quarter as a
whole. Forward-looking indicators of business equipment spending pointed to sluggish increases in the near
term. Orders for nondefense capital goods excluding
aircraft increased noticeably in March but were only a
little above the level of shipments, and readings on business sentiment improved a bit but were still softer than
last year. Real business expenditures for nonresidential
structures outside of the drilling and mining sector increased somewhat in the first quarter after having declined for several quarters. Investment in drilling and
mining structures moved down in the first quarter, and
_____________________________________________________________________________________________
Minutes of the Meeting of April 30–May 1, 2019
Page 7
the number of crude oil and natural gas rigs in operation—an indicator of business spending for structures in
the drilling and mining sector—declined, on net, from
mid-March through late April.
a weak fourth quarter; GDP growth rebounded in the
euro area and also appeared to pick up in Canada and
the United Kingdom. Foreign inflation slowed further
early this year, partly reflecting lower retail energy prices.
Total real government purchases increased in the first
quarter. Real purchases by the federal government were
unchanged, as a relatively strong increase in defense purchases was offset by a decline in nondefense purchases
stemming from the effects of the partial federal government shutdown. Real purchases by state and local governments increased briskly; payrolls of those governments expanded solidly in the first quarter, and nominal
state and local construction spending rose markedly.
Staff Review of the Financial Situation
Investor sentiment continued to improve over the intermeeting period. Broad equity price indexes rose notably
and corporate bond spreads narrowed amid a decline in
market volatility, and financing conditions for businesses and households also eased. Market participants
cited more accommodative than expected monetary policy communications coupled with strong U.S. and Chinese data releases and positive sentiment about trade negotiations between the United States and China as factors that contributed to these developments.
The nominal U.S. international trade deficit narrowed
significantly in January and a touch more in February.
After declining in December, the value of U.S. exports
rose in January and February. However, the average dollar value of exports in the first two months of the year
was only slightly above its fourth-quarter value. Imports
fell in January before edging a touch higher in February,
with the average of the two months declining relative to
the fourth quarter. The Bureau of Economic Analysis
estimated that the contribution of net exports to real
GDP growth in the first quarter was about 1 percentage
point.
Total U.S. consumer prices, as measured by the PCE
price index, increased 1.5 percent over the 12 months
ending in March. This increase was somewhat slower
than a year earlier, as core PCE price inflation (which
excludes changes in consumer food and energy prices)
slowed to 1.6 percent, consumer food price inflation was
a bit below core inflation, and consumer energy prices
were little changed. The trimmed-mean measure of
PCE price inflation constructed by the Federal Reserve
Bank of Dallas was 2.0 percent over that 12-month period. The consumer price index (CPI) rose 1.9 percent
over the 12 months ending in March, while core CPI inflation was 2.0 percent. Recent readings on surveybased measures of longer-run inflation expectations—
including those from the Michigan survey, the Survey of
Professional Forecasters, and the Desk’s Survey of Primary Dealers and Survey of Market Participants—were
little changed.
Foreign economic growth in the first quarter was mixed.
Among the emerging market economies (EMEs), real
GDP contracted in South Korea and Mexico, but activity in China strengthened, supported by tax cuts and the
easing of credit conditions. In the advanced foreign
economies, economic indicators were downbeat in Japan but elsewhere pointed to some improvement from
Communications following the March FOMC meeting
were generally viewed by investors as having a more accommodative tone than expected. The market-implied
path for the federal funds rate shifted downward modestly, on net, resulting in a flat to slightly downward sloping expected path of the policy rate over the next few
FOMC meetings. Market participants assigned greater
probability to a lower target range of the federal funds
rate than to a higher one beyond the next few meetings.
Yields on nominal Treasury securities declined modestly,
on net, during the intermeeting period. Investors cited
larger-than-expected downward revisions in FOMC participants’ assessments of the future path of the policy
rate in the Summary of Economic Projections, recent
communications suggesting a patient approach to monetary policy, and weaker-than-expected euro-area data
releases early in the period among factors that contributed to this decrease. These factors reportedly outweighed stronger-than-expected economic data releases
for the United States and China and optimism related to
trade negotiations between the two countries later in the
period. Measures of inflation compensation based on
Treasury Inflation Protected Securities were changed little, on net, and remained below their early fall 2018 levels.
Major U.S. equity price indexes increased over the intermeeting period, with the S&P 500 equity index returning
to the levels it reached before its decline in the last quarter of 2018. Following the March FOMC meeting, bank
stock prices declined, reportedly on concerns about the
potential effects of a flat or inverted yield curve on bank
profits; bank stocks subsequently retraced this decline
partly in response to strong first-quarter earnings at
some of the largest U.S. banks, ending the period a bit
higher, on net. Option-implied volatility on the S&P
_____________________________________________________________________________________________
Page 8
Federal Open Market Committee
500—the VIX—decreased to a low level last seen in
September 2018. Yields on corporate bonds continued
to decline and spreads over yields of comparable-maturity Treasury securities narrowed.
Conditions in short-term funding markets remained stable during the intermeeting period. The EFFR rose to
5 basis points above the IOER rate after the federal income tax deadline on April 15. While a similar dynamic
occurred around previous tax dates, the magnitude of
the change was larger than in previous years. Spreads on
commercial paper and negotiable certificates of deposits
changed little across the maturity spectrum.
Global sovereign yields declined along with U.S. Treasury yields following the March FOMC meeting. Foreign
equity prices increased, on balance, amid optimism
around trade negotiations between the United States and
China, stronger-than-expected Chinese data, and accommodative communications from some foreign central
banks. Pronounced political and policy uncertainties led
to a significant tightening of financial conditions in Turkey, Argentina, and, to a lesser extent, Brazil, but spillovers to other EMEs were limited, and EME credit
spreads were generally little changed on net.
The broad dollar index increased modestly, supported
by the strength of U.S. economic data relative to foreign
data and the accommodative tone from foreign central
banks. The British pound declined over the intermeeting period amid protracted discussions ahead of the original Brexit deadline, which was extended to October 31.
Financing conditions for nonfinancial businesses remained generally accommodative during the intermeeting period. Gross issuance of corporate bonds was
strong against a backdrop of narrower corporate spreads
and improved risk sentiment. Issuance of institutional
leveraged loans increased, but refinancing volumes were
low and loans spreads remained somewhat elevated. Respondents to the April 2019 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) reported easing some key terms for commercial and industrial (C&I) loans to large and middle-market firms.
For instance, banks reported narrowing loan rate
spreads, easing loan covenants, and increasing the maximum size and reducing the costs of credit lines to these
firms. C&I loans on banks’ balance sheets grew at a robust pace in the first quarter of 2019. Gross equity issuance edged up later in the period and the volume of corporate bond upgrades slightly outpaced that of downgrades, suggesting that credit quality of nonfinancial corporations, on balance, improved.
Financing conditions for the commercial real estate
(CRE) sector remained accommodative, and issuance of
agency and non-agency commercial mortgage backed securities grew steadily. CRE loans on banks’ balance
sheets continued to grow in the first quarter, albeit at a
slower pace than in previous quarters. Banks in the April
SLOOS reported weaker demand across all major types
of CRE loans. However, they also reported tightening
lending standards for these loans.
Financing conditions in the residential mortgage market
also remained supportive over the intermeeting period.
Home mortgage rates decreased about 5 basis points, to
levels comparable with 2017. Consistent with lower
mortgage rates, home-purchase mortgage originations
increased, reversing a yearlong decline.
Consumer credit conditions remained broadly supportive of growth in household spending, with all categories
of consumer loans recording steady growth in the first
quarter. According to the April SLOOS, commercial
banks left lending standards for auto loans and other
consumer loans unchanged in the first quarter. However, credit card interest rates rose and standards reportedly tightened for some borrowers.
The staff provided an update on its assessments of potential risks to financial stability. The staff judged asset
valuation pressures in equity and corporate debt markets
to have increased significantly this year, though not quite
to the elevated levels that prevailed for much of last year.
The staff also reported that in the leveraged loan market
risk spreads had narrowed and nonprice terms had loosened further. The build-up in overall nonfinancial business debt to levels close to historical highs relative to
GDP was viewed as a factor that could amplify adverse
shocks to the business sector and the economy more
broadly. The staff continued to judge risks associated
with household-sector debt as moderate. Both the risks
associated with financial leverage and the vulnerabilities
related to maturity transformation were viewed as being
low, as they have been for some time. The staff also
noted that the sustained growth of lending by banks to
nonbank financial firms represented an increase in financial interconnectedness.
Staff Economic Outlook
The projection for U.S. economic activity prepared by
the staff for the April–May FOMC meeting was revised
up on net. Real GDP growth was forecast to slow in the
near term from its solid first-quarter pace, as sizable contributions from inventory investment and net exports
were not expected to persist. The projection for real
_____________________________________________________________________________________________
Minutes of the Meeting of April 30–May 1, 2019
Page 9
GDP growth over the medium term was revised up, primarily reflecting a lower assumed path for interest rates,
a slightly higher trajectory for equity prices, and somewhat less appreciation of the broad real dollar. The
staff’s lower path for interest rates reflected a methodological change in how the staff sets its assumptions about
the future path for the federal funds rate in its forecast.
Real GDP was forecast to expand at a rate above the
staff’s estimate of potential output growth in 2019 and
2020 and then slow to a pace below potential output
growth in 2021. The unemployment rate was projected
to decline a little further below the staff’s estimate of its
longer-run natural rate and to bottom out in late 2020.
With labor market conditions still judged to be tight, the
staff continued to assume that projected employment
gains would manifest in smaller-than-usual downward
pressure on the unemployment rate and in larger-thanusual upward pressure on the labor force participation
rate.
The staff’s forecast for inflation was revised down
slightly, reflecting some recent softer-than-expected
readings on consumer price inflation that were not expected to persist along with the staff’s assessment that
the level to which inflation would tend to move in the
absence of resource slack or supply shocks was a bit
lower in the medium term than previously assumed. As
a result, core PCE price inflation was expected to move
up in the near term but nevertheless to run just below
2 percent over the medium term. Total PCE price inflation was forecast to run a bit below core inflation in
2020 and 2021, reflecting projected declines in energy
prices.
The staff viewed the uncertainty around its projections
for real GDP growth, the unemployment rate, and inflation as generally similar to the average of the past
20 years. The staff also saw the risks to the forecasts for
real GDP growth and the unemployment rate as roughly
balanced. On the upside, household spending and business investment could expand faster than the staff projected, supported by the tax cuts enacted at the end of
2017, still strong overall labor market conditions, favorable financial conditions, and upbeat consumer sentiment. On the downside, the softening in some economic indicators since late last year could be the leading
edge of a significant slowing in the pace of economic
growth. Moreover, trade policies and foreign economic
developments could move in directions that have significant negative effects on U.S. economic growth. Risks
to the inflation projection also were seen as balanced.
The upside risk that inflation could increase more than
expected in an economy that was still projected to be
operating notably above potential for an extended period was counterbalanced by the downside risks that recent soft data on consumer prices could persist and that
longer-term inflation expectations may be lower than
was assumed in the staff forecast, as well as the possibility that the dollar could appreciate if foreign economic
conditions deteriorated.
Participants’ Views on Current Conditions and the
Economic Outlook
Participants agreed that labor markets had remained
strong over the intermeeting period and that economic
activity had risen at a solid rate. Job gains had been solid,
on average, in recent months, and the unemployment
rate had stayed low. Participants also observed that
growth in household spending and business fixed investment had slowed in the first quarter. Overall inflation
and inflation for items other than food and energy, both
measured on a 12-month basis, had declined and were
running below 2 percent. On balance, market-based
measures of inflation compensation had remained low
in recent months, and survey-based measures of longerterm inflation expectations were little changed.
Participants continued to view sustained expansion of
economic activity, with strong labor market conditions,
and inflation near the Committee's symmetric 2 percent
objective as the most likely outcomes. Participants
noted the unexpected strength in first-quarter GDP
growth, but some observed that the composition of
growth, with large contributions from inventories and
net exports and more modest contributions from consumption and investment, suggested that GDP growth
in the near term would likely moderate from its strong
pace of last year. For this year as a whole, a number of
participants mentioned that they had marked up their
projections for real GDP growth, reflecting, in part, the
strong first-quarter reading. Participants cited continuing strength in labor market conditions, improvements
in consumer confidence and in financial conditions, or
diminished downside risks both domestically and
abroad, as factors likely to support solid growth over the
remainder of the year. Some participants observed that,
in part because of the waning impetus from fiscal policy
and past removal of monetary policy accommodation,
they expected real GDP growth to slow over the medium term, moving back toward their estimates of trend
output growth.
In their discussion of the household sector, participants
discussed recent indicators, including retail sales and
light motor vehicle sales for March, which rose from relatively weak readings in some previous months. Taken
_____________________________________________________________________________________________
Page 10
Federal Open Market Committee
together, these developments suggested that the firstquarter softness in household spending was likely to
prove temporary. With the strong jobs market, rising
incomes, and upbeat consumer sentiment, growth in
PCE in coming months was expected to be solid. Several participants also noted that while the housing sector
had been a drag on GDP growth for some time, recent
data pointed to some signs of stabilization. With mortgage rates at their lowest levels in more than a year, a few
participants thought that residential construction could
begin to make positive contributions to GDP growth in
the near term; a few others were less optimistic.
Participants noted that growth of business fixed investment had moderated in the first quarter relative to the
average pace recorded last year and discussed whether
this more moderate growth was likely to persist. A number of participants expressed optimism that there would
be continued growth in capital expenditures this year, albeit probably at a slower pace than in 2018. Several participants observed that financial conditions and business
sentiment had continued to improve, consistent with reports from business contacts in a number of Districts;
however, a few others reported less buoyant business
sentiment Many participants suggested that their own
concerns from earlier in the year about downside risks
from slowing global economic growth and the deterioration in financial conditions or similar concerns expressed by their business contacts had abated to some
extent. However, a few participants noted that ongoing
challenges in the agricultural sector, including those associated with trade uncertainty and low prices, had been
exacerbated by severe flooding in recent weeks.
Participants observed that inflation pressures remained
muted and that the most recent data on overall inflation,
and inflation for items other than food and energy, had
come in lower than expected. At least part of the recent
softness in inflation could be attributed to idiosyncratic
factors that seemed likely to have only transitory effects
on inflation, including unusually sharp declines in the
prices of apparel and of portfolio management services.
Some research suggests that idiosyncratic factors that
largely affected acylical sectors in the economy had accounted for a substantial portion of the fluctuations in
inflation over the past couple of years. Consistent with
the view that recent lower inflation readings could be
temporary, a number of participants mentioned the
trimmed mean measure of PCE price inflation, produced by the Federal Reserve Bank of Dallas, which removes the influence of unusually large changes in the
prices of individual items in either direction; these participants observed that the trimmed mean measure had
been stable at or close to 2 percent over recent months.
Participants continued to view inflation near the Committee’s symmetric 2 percent objective as the most likely
outcome, but, in light of recent, softer inflation readings,
some viewed the downside risks to inflation as having
increased. Some participants also expressed concerns
that long-term inflation expectations could be below levels consistent with the Committee’s 2 percent target or
at risk of falling below that level.
Participants agreed that labor market conditions remained strong. Job gains in the March employment report were solid, the unemployment rate remained low,
and, while the labor force participation rate moved down
a touch, it remained high relative to estimates of its underlying demographically driven, downward trend. Contacts in a number of Districts continued to report shortages of qualified workers, in some cases inducing businesses to find novel ways to attract new workers. A few
participants commented that labor market conditions in
their Districts were putting upward pressure on compensation levels for lower-wage jobs, although there were
few reports of a broad-based pickup in wage growth.
Several participants noted that business contacts expressed optimism that despite tight labor markets they
would be able to find workers or would find technological solutions for labor shortage problems.
Participants commented on risks associated with their
outlook for economic activity over the medium term.
Some participants viewed risks to the downside for real
GDP growth as having decreased, partly because prospects for a sharp slowdown in global economic growth,
particularly in China and Europe, had diminished. These
improvements notwithstanding, most participants observed that downside risks to the outlook for growth remain.
In discussing developments in financial markets, a number of participants noted that financial market conditions had improved following the period of stress observed over the fourth quarter of last year and that the
volatility in prices and financial conditions had subsided.
These factors were thought to have helped buoy consumer and business confidence or to have mitigated
short-term downside risks to the real economy. More
generally, the improvement in financial conditions was
regarded by many participants as providing support for
the outlook for economic growth and employment.
Among those participants who commented on financial
stability, most highlighted recent developments related
to leveraged loans and corporate bonds as well as the
_____________________________________________________________________________________________
Minutes of the Meeting of April 30–May 1, 2019
Page 11
current high level of nonfinancial corporate indebtedness. A few participants suggested that heightened leverage and associated debt burdens could render the business sector more sensitive to economic downturns than
would otherwise be the case. A couple of participants
suggested that increases in bank capital in current circumstances with solid economic growth and strong
profits could help support financial and macroeconomic
stability over the longer run. A couple of participants
observed that asset valuations in some markets appeared
high, relative to fundamentals. A few participants commented on the positive role that the Board’s semi-annual
Financial Stability Report could play in facilitating public
discussion of risks that could be present in some segments of the financial system.
In their discussion of monetary policy, participants
agreed that it would be appropriate to maintain the current target range for the federal funds rate at 2¼ to
2½ percent. Participants judged that the labor market
remained strong, and that information received over the
intermeeting period showed that economic activity grew
at a solid rate. However, both overall inflation and inflation for items other than food and energy had declined and were running below the Committee’s 2 percent objective. A number of participants observed that
some of the risks and uncertainties that had surrounded
their outlooks earlier in the year had moderated, including those related to the global economic outlook, Brexit,
and trade negotiations. That said, these and other
sources of uncertainty remained. In light of global economic and financial developments as well as muted inflation pressures, participants generally agreed that a patient approach to determining future adjustments to the
target range for the federal funds rate remained appropriate. Participants noted that even if global economic
and financial conditions continued to improve, a patient
approach would likely remain warranted, especially in an
environment of continued moderate economic growth
and muted inflation pressures.
Participants discussed the potential policy implications
of continued low inflation readings. Many participants
viewed the recent dip in PCE inflation as likely to be
transitory, and participants generally anticipated that a
patient approach to policy adjustments was likely to be
consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near
the Committee’s symmetric 2 percent objective. Several
participants also judged that patience in adjusting policy
was consistent with the Committee’s balanced approach
to achieving its objectives in current circumstances in
which resource utilization appeared to be high while inflation continued to run below the Committee’s symmetric 2 percent objective. However, a few participants
noted that if the economy evolved as they expected, the
Committee would likely need to firm the stance of monetary policy to sustain the economic expansion and keep
inflation at levels consistent with the Committee’s objective, or that the Committee would need to be attentive
to the possibility that inflation pressures could build
quickly in an environment of tight resource utilization.
In contrast, a few other participants observed that subdued inflation coupled with real wage gains roughly in
line with productivity growth might indicate that resource utilization was not as high as the recent low readings of the unemployment rate by themselves would suggest. Several participants commented that if inflation
did not show signs of moving up over coming quarters,
there was a risk that inflation expectations could become
anchored at levels below those consistent with the Committee’s symmetric 2 percent objective—a development
that could make it more difficult to achieve the 2 percent
inflation objective on a sustainable basis over the longer
run. Participants emphasized that their monetary policy
decisions would continue to depend on their assessments of the economic outlook and risks to the outlook,
as informed by a wide range of data.
Committee Policy Action
In their discussion of monetary policy for the period
ahead, members judged that the information received
since the Committee met in March indicated that the labor market remained strong and that economic activity
had risen at a solid rate. Job gains had been solid, on
average, in recent months, and the unemployment rate
had remained low. Growth of household spending and
business fixed investment had slowed in the first quarter.
On a 12-month basis, overall inflation and inflation for
items other than food and energy had declined and were
running below 2 percent. On balance, market-based
measures of inflation compensation had remained low
in recent months, and survey-based measures of longerterm inflation expectations were little changed.
In their consideration of the economic outlook, members noted that financial conditions had improved since
the turn of the year, and many uncertainties affecting the
U.S. and global economic outlooks had receded, though
some risks remained. Despite solid economic growth
and a strong labor market, inflation pressures remained
muted. Members continued to view sustained expansion
of economic activity, strong labor market conditions,
and inflation near the Committee’s symmetric 2 percent
_____________________________________________________________________________________________
Page 12
Federal Open Market Committee
objective as the most likely outcomes for the U.S. economy. In light of global economic and financial developments and muted inflation pressures, members concurred that the Committee could be patient as it determined what future adjustments to the target range for
the federal funds rate may be appropriate to support
those outcomes.
After assessing current conditions and the outlook for
economic activity, the labor market, and inflation, members decided to maintain the target range for the federal
funds rate at 2¼ to 2½ percent. Members agreed that
in determining the timing and size of future adjustments
to the target range for the federal funds rate, the Committee would assess realized and expected economic
conditions relative to the Committee’s maximum-employment and symmetric 2 percent inflation objectives.
They reiterated that this assessment would take into account a wide range of information, including measures
of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. More generally,
members noted that decisions regarding near-term adjustments of the stance of monetary policy would appropriately remain dependent on the evolution of the outlook as informed by incoming data.
With regard to the postmeeting statement, members
agreed to remove references to a slowing in the pace of
economic growth and little-changed payroll employment, consistent with stronger incoming information on
these indicators. The description of growth in household spending and business fixed investment in the first
quarter was revised to recognize that incoming data had
confirmed earlier information that suggested these aspects of economic activity had slowed at that time.
Members also agreed to revise the description of inflation to note that inflation for items other than food and
energy had declined and was now running below 2 percent.
Members observed that a patient approach to determining future adjustments to the target range for the federal
funds rate would likely remain appropriate for some
time, especially in an environment of moderate economic growth and muted inflation pressures, even if
global economic and financial conditions continued to
improve.
At the conclusion of the discussion, the Committee
voted to authorize and direct the Federal Reserve Bank
of New York, until instructed otherwise, to execute
transactions in the SOMA in accordance with the following domestic policy directive, to be released at
2:00 p.m.:
“Effective May 2, 2019, the Federal Open Market Committee directs the Desk to undertake
open market operations as necessary to maintain the federal funds rate in a target range of
2¼ to 2½ percent, including overnight reverse
repurchase operations (and reverse repurchase
operations with maturities of more than one day
when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 2.25 percent, in amounts limited only
by the value of Treasury securities held outright
in the System Open Market Account that are
available for such operations and by a per-counterparty limit of $30 billion per day.
Effective May 2, 2019, the Committee directs
the Desk to roll over at auction the amount of
principal payments from the Federal Reserve’s
holdings of Treasury securities maturing during
each calendar month that exceeds $15 billion.
The Committee directs the Desk to continue reinvesting in agency mortgage-backed securities
the amount of principal payments from the
Federal Reserve’s holdings of agency debt and
agency mortgage-backed securities received
during each calendar month that exceeds
$20 billion.
Small deviations from these
amounts for operational reasons are acceptable.
The Committee also directs the Desk to engage
in dollar roll and coupon swap transactions as
necessary to facilitate settlement of the Federal
Reserve’s agency mortgage-backed securities
transactions.”
The vote also encompassed approval of the statement
below to be released at 2:00 p.m.:
“Information received since the Federal Open
Market Committee met in March indicates that
the labor market remains strong and that economic activity rose at a solid rate. Job gains
have been solid, on average, in recent months,
and the unemployment rate has remained low.
Growth of household spending and business
fixed investment slowed in the first quarter. On
a 12-month basis, overall inflation and inflation
for items other than food and energy have declined and are running below 2 percent. On bal-
_____________________________________________________________________________________________
Minutes of the Meeting of April 30–May 1, 2019
Page 13
ance, market-based measures of inflation compensation have remained low in recent months,
and survey-based measures of longer-term inflation expectations are little changed.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment
and price stability. In support of these goals,
the Committee decided to maintain the target
range for the federal funds rate at 2¼ to
2½ percent. The Committee continues to view
sustained expansion of economic activity,
strong labor market conditions, and inflation
near the Committee’s symmetric 2 percent objective as the most likely outcomes. In light of
global economic and financial developments
and muted inflation pressures, the Committee
will be patient as it determines what future adjustments to the target range for the federal
funds rate may be appropriate to support these
outcomes.
In determining the timing and size of future adjustments to the target range for the federal
funds rate, the Committee will assess realized
and expected economic conditions relative to its
maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of
information, including measures of labor market conditions, indicators of inflation pressures
and inflation expectations, and readings on financial and international developments.”
Voting for this action: Jerome H. Powell, John C.
Williams, Michelle W. Bowman, Lael Brainard, James
Bullard, Richard H. Clarida, Charles L. Evans, Esther L.
George, Randal K. Quarles, and Eric Rosengren.
Voting against this action: None.
Consistent with the Committee’s decision to maintain
the federal funds rate in a target range of 2¼ to 2½ percent, the Board of Governors voted unanimously to
lower the interest rates on required and excess reserve
balances to 2.35 percent, effective May 2, 2019. Setting
the interest rate paid on required and excess reserve balances 15 basis points below the top of the target range
for the federal funds rate was intended to foster trading
in the federal funds market at rates well within the
FOMC’s target range. The Board of Governors also
voted unanimously to approve establishment of the primary credit rate at the existing level of 3.00 percent, effective May 2, 2019.
Update from Subcommittee on Communications
Governor Clarida reported on the progress of the review
of the Federal Reserve’s strategic framework for monetary policy. Fed Listens events to hear stakeholders’
views on the strategy, tools, and communications that
would best enable the Federal Reserve to meet its statutory objectives of maximum employment and price stability had already taken place in two Federal Reserve Districts. Numerous additional events were planned, including a research conference scheduled for June at the
Federal Reserve Bank of Chicago. Following these public activities, the Committee was on course to begin its
deliberations about the strategic framework at meetings
in the second half of 2019.
It was agreed that the next meeting of the Committee
would be held on Tuesday–Wednesday, June 18–
19, 2019. The meeting adjourned at 9:50 a.m. on
May 1, 2019.
Notation Vote
By notation vote completed on April 9, 2019, the Committee unanimously approved the minutes of the Committee meeting held on March 19–20, 2019.
_______________________
James A. Clouse
Secretary
Cite this document
Federal Reserve (2019, April 30). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_20190501
@misc{wtfs_fomc_minutes_20190501,
author = {Federal Reserve},
title = {FOMC Minutes},
year = {2019},
month = {Apr},
howpublished = {Fomc Minutes, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/fomc_minutes_20190501},
note = {Retrieved via When the Fed Speaks corpus}
}