FOMC Minutes
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Minutes of the Federal Open Market Committee
November 4–5, 2020
A joint meeting of the Federal Open Market Committee
and the Board of Governors was held by videoconference on Wednesday, November 4, 2020, at 9:00 a.m. and
continued on Thursday, November 5, 2020, at 9:00 a.m.1
PRESENT:
Jerome H. Powell, Chair
John C. Williams, Vice Chair
Michelle W. Bowman
Lael Brainard
Richard H. Clarida
Patrick Harker
Robert S. Kaplan
Loretta J. Mester
Randal K. Quarles
Thomas I. Barkin, Raphael W. Bostic, Mary C. Daly,
Charles L. Evans, and Michael Strine, Alternate
Members of the Federal Open Market Committee
James Bullard, Esther L. George, and Eric Rosengren,
Presidents of the Federal Reserve Banks of St.
Louis, Kansas City, and Boston, respectively
Ron Feldman, First Vice President, Federal Reserve
Bank of Minneapolis
James A. Clouse, Secretary
Matthew M. Luecke, Deputy Secretary
Michelle A. Smith, Assistant Secretary
Mark E. Van Der Weide, General Counsel
Michael Held, Deputy General Counsel
Trevor A. Reeve, Economist
Stacey Tevlin, Economist
Beth Anne Wilson, Economist
Shaghil Ahmed, Rochelle M. Edge, David E. Lebow,
Ellis W. Tallman, William Wascher, and Mark L.J.
Wright, Associate Economists
Lorie K. Logan, Manager, System Open Market
Account
Ann E. Misback, Secretary, Office of the Secretary,
Board of Governors
The Federal Open Market Committee is referenced as the
“FOMC” and the “Committee” in these minutes.
1
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
Sally Davies and Brian M. Doyle, Deputy Directors,
Division of International Finance, Board of
Governors; Michael T. Kiley, Deputy Director,
Division of Financial Stability, Board of Governors
Jon Faust, Senior Special Adviser to the Chair, Division
of Board Members, Board of Governors
Joshua Gallin, Special Adviser to the Chair, Division of
Board Members, Board of Governors
William F. Bassett, Antulio N. Bomfim, Wendy E.
Dunn, Kurt F. Lewis, Ellen E. Meade, and Chiara
Scotti, Special Advisers to the Board, Division of
Board Members, Board of Governors
Linda Robertson, Assistant to the Board, Division of
Board Members, Board of Governors
Michael G. Palumbo, Senior Associate Director,
Division of Research and Statistics, Board of
Governors
Marnie Gillis DeBoer, David López-Salido, and Min
Wei, Associate Directors, Division of Monetary
Affairs, Board of Governors; Glenn Follette,
Associate Director, Division of Research and
Statistics, Board of Governors; Paul Wood,
Associate Director, Division of International
Finance, Board of Governors
Andrew Figura, Deputy Associate Director, Division of
Research and Statistics, Board of Governors;
Christopher J. Gust, Deputy Associate Director,
Division of Monetary Affairs, Board of Governors;
Jeffrey D. Walker,2 Deputy Associate Director,
Division of Reserve Bank Operations and Payment
Systems, Board of Governors
2
Attended through the discussion on asset purchases.
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Federal Open Market Committee
Brian J. Bonis, Michiel De Pooter, Zeynep Senyuz,2 and
Rebecca Zarutskie,2 Assistant Directors, Division
of Monetary Affairs, Board of Governors; Paul
Lengermann, Assistant Director, Division of
Research and Statistics, Board of Governors
Alex Richter, Senior Economist and Advisor, Federal
Reserve Bank of Dallas
Matthias Paustian, Assistant Director and Chief,
Division of Research and Statistics, Board of
Governors
Developments in Financial Markets and Open Market Operations
The System Open Market Account (SOMA) manager
first discussed developments in financial markets. Financial conditions were little changed, on net, over the
intermeeting period and remained accommodative.
Market participants suggested that evolving expectations
for U.S. fiscal policy as well as stronger-than-expected
economic data and corporate earnings reports helped
support equity prices. Later in the intermeeting period,
however, rising COVID-19 cases in Europe and the
United States weighed on the outlook, and equity prices
reversed some of their earlier gains. Implied volatility in
the equity market moved higher during the intermeeting
period, reflecting uncertainties associated with the U.S.
election and the future path of fiscal policy as well as
concerns about the trajectory of COVID-19 cases.
Alyssa G. Anderson,2 Benjamin K. Johannsen,2 and
Matthew Malloy,2 Section Chiefs, Division of
Monetary Affairs, Board of Governors; Penelope
A. Beattie,2 Section Chief, Office of the Secretary,
Board of Governors
David H. Small, Project Manager, Division of
Monetary Affairs, Board of Governors
Michele Cavallo, Dobrislav Dobrev, Anna Orlik, and
Judit Temesvary,2 Principal Economists, Division
of Monetary Affairs, Board of Governors
Arsenios Skaperdas,2 Senior Economist, Division of
Monetary Affairs, Board of Governors
Randall A. Williams, Lead Information Manager,
Division of Monetary Affairs, Board of Governors
Gregory L. Stefani, First Vice President, Federal
Reserve Bank of Cleveland
Kartik B. Athreya, Joseph W. Gruber, Glenn D.
Rudebusch, Daleep Singh, and Christopher J.
Waller, Executive Vice Presidents, Federal Reserve
Banks of Richmond, Kansas City, San Francisco,
New York, and St. Louis, respectively
Spencer Krane, Antoine Martin,2 Paolo A. Pesenti, and
Nathaniel Wuerffel,2 Senior Vice Presidents,
Federal Reserve Banks of Chicago, New York,
New York, and New York, respectively
Satyajit Chatterjee, Mark J. Jensen, Dina Marchioni,2
Matthew D. Raskin,2 and Patricia Zobel, Vice
Presidents, Federal Reserve Banks of Philadelphia,
Atlanta, New York, New York, and New York,
respectively
Daniel Cooper, Senior Economist and Policy Advisor,
Federal Reserve Bank of Boston
Ryan Bush,2 Markets Manager, Federal Reserve Bank
of New York
Market participants’ expectations for the path of the federal funds rate were little changed over the intermeeting
period. In the Open Market Desk’s Survey of Primary
Dealers and Survey of Market Participants, respondents’
views on when the Committee will most likely start raising the target range for the federal funds rate were centered around 2024. Expectations for the economic conditions that will prevail when the FOMC first lifts the
target range were little changed since the September surveys.
Respondents to the Desk’s surveys generally expected
the Federal Reserve’s purchases of Treasury securities
and agency mortgage-backed securities (MBS) to continue at the current pace through the end of 2021 and
then to slow in subsequent years, although there was a
wide range of views about purchase amounts for 2022
and 2023. Market participants appeared increasingly focused on how the Committee’s communications on asset purchases might evolve. They expected those communications to place a greater emphasis on fostering accommodative financial conditions, and many noted the
possibility that at some point the Committee might convey additional guidance about the future path of asset
purchases. Some market participants expected the Committee to eventually lengthen the weighted average maturity of the Federal Reserve’s purchases of Treasury securities.
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The manager turned next to a discussion of financial
market functioning, open market operations, and conditions in short-term funding markets. Markets for Treasury securities and agency MBS continued to function
smoothly, with bid-ask spreads and a range of other market functioning indicators remaining near pre-pandemic
levels. Weekly operations continued for agency commercial mortgage-backed securities (CMBS), with the
Desk purchasing only modest amounts. Short-term dollar funding markets also continued to function smoothly
over the period, and forward measures of funding rates
were consistent with expectations for calm conditions
over year-end.
The Federal Reserve’s balance sheet increased modestly
over the intermeeting period to $7.2 trillion, as growth
in securities holdings was partially offset by a decline in
U.S. dollar liquidity swaps outstanding. Outstanding
balances for credit and liquidity facilities were little
changed. The manager noted that market participants
continued to view these facilities as important backstops
that would support market functioning and the flow of
credit should stresses reemerge.
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.
Discussion on Asset Purchases
Participants discussed the FOMC’s asset purchases, including the role they are playing in supporting the Committee’s maximum-employment and price-stability goals.
In their discussions, participants focused on the objectives of these purchases; considerations for assessing the
appropriate pace and composition of asset purchases
over time; communications regarding the future path of
asset purchases; and the potential effects of higher levels
of reserves, associated with the ongoing expansion in
Federal Reserve asset holdings, on banks’ balance sheets
and money market rates. Participants agreed that this
discussion would be helpful for future assessments of
the appropriate structure of the Committee’s asset purchases. While participants judged that immediate adjustments to the pace and composition of asset purchases
were not necessary, they recognized that circumstances
could shift to warrant such adjustments. Accordingly,
participants saw the ongoing careful consideration of
potential next steps for enhancing the Committee’s guidance for its asset purchases as appropriate.
The participants’ discussion was preceded by staff
presentations. The staff reviewed some key considerations relevant for conducting asset purchases in the current environment. The staff judged that the Committee’s forward guidance on the federal funds rate, the expansion of the Federal Reserve’s securities holdings
since March, and expectations for a further expansion all
had contributed to a very low level of longer-term yields
despite substantial Treasury debt issuance. The staff
noted that financial market participants generally expected the Committee to continue its net asset purchases
at the current pace through next year and at a reduced
pace in subsequent years. The staff discussed various
changes the Committee could make to the structure of
its purchases, including to their pace and composition as
well as to the guidance the Committee has been providing to the public about its future asset purchases. The
staff discussed the structure of asset purchase programs
of several foreign central banks and how they have
evolved during the pandemic. Finally, the staff evaluated
how higher levels of reserves associated with the ongoing expansion in the Federal Reserve’s asset holdings
might influence banks’ balance sheets and money market
rates and discussed the various tools that the Federal Reserve has for managing money market rates in an environment with very high levels of reserves.
In their discussion regarding the role of the Committee’s
asset purchases, participants noted that these purchases
have supported and sustained smooth market functioning and helped foster accommodative financial conditions. With market functioning seen as having largely
recovered, many participants indicated that the role of
asset purchases had shifted more toward fostering accommodative financial conditions for households and
businesses to support the Committee’s employment and
inflation goals. Still, participants generally judged that
asset purchases would continue to support smooth market functioning, and many judged that asset purchases
helped provide insurance against risks that might
reemerge in financial markets in an environment of high
uncertainty. A few participants indicated that asset purchases could also help guard against undesirable upward
pressure on longer-term rates that could arise, for example, from higher-than-expected Treasury debt issuance.
Several participants noted the possibility that there may
be limits to the amount of additional accommodation
that could be provided through increases in the Federal
Reserve’s asset holdings in light of the low level of
longer-term yields, and they expressed concerns that a
significant expansion in asset holdings could have unintended consequences.
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Federal Open Market Committee
Participants commented on considerations related to the
appropriate pace and composition of asset purchases.
Participants generally saw the current pace and composition as effective in fostering accommodative financial
conditions. Participants noted that the Committee could
provide more accommodation, if appropriate, by increasing the pace of purchases or by shifting its Treasury
purchases to those with a longer maturity without increasing the size of its purchases. Alternatively, the
Committee could provide more accommodation, if appropriate, by conducting purchases of the same pace and
composition over a longer horizon. Pointing to the recently announced change in the Bank of Canada’s asset
purchase program, several participants judged that the
Committee could maintain its current degree of accommodation by lengthening the maturity of the Committee’s Treasury purchases while reducing the pace of purchases somewhat. In their view, such a change in the
Committee’s purchase structure would have to be carefully communicated to the public to avoid the misperception that the reduced pace of purchases represented
a decline in the degree of accommodation. A few participants expressed concern that maintaining the current
pace of agency MBS purchases could contribute to potential valuation pressures in housing markets.
The September FOMC statement indicated that asset
purchases will continue “over coming months,” and participants viewed this guidance for asset purchases as having served the Committee well so far. Most participants
judged that the Committee should update this guidance
at some point and implement qualitative outcome-based
guidance that links the horizon over which the Committee anticipates it would be conducting asset purchases to
economic conditions. These participants indicated that
updating the Committee’s guidance for asset purchases
in this manner would help keep the market’s expectation
for future asset purchases aligned with the Committee’s
intentions. Some of these participants also saw such updated guidance as reinforcing the Committee’s commitment to fostering outcomes consistent with maximum
employment and inflation that averages 2 percent over
time. A few participants were hesitant to make changes
in the near term to the guidance for asset purchases and
pointed to considerable uncertainty about the economic
outlook and the appropriate use of balance sheet policies
given that uncertainty.
Participants noted that it would be important for the
Committee’s guidance for future asset purchases to be
consistent with the Committee’s forward guidance for
the federal funds rate so that the use of these tools would
be well coordinated in terms of achieving the Committee’s objectives. Most participants judged that the guidance for asset purchases should imply that increases in
the Committee’s securities holdings would taper and
cease sometime before the Committee would begin to
raise the target range for the federal funds rate. A number of participants highlighted the view that after net
purchases cease there would likely be a period of time in
which maturing assets would be reinvested to roughly
maintain the size of the Federal Reserve’s securities
holdings.
Participants commented on how a higher level of reserves associated with the expansion in the Federal Reserve’s asset holdings might affect the banking sector
and money markets. A few participants raised concerns
about the possibility that much higher levels of reserves
might create pressure on banks’ balance sheets, including on regulatory ratios, or could potentially put undue
downward pressure on money market rates. Most participants judged that the Federal Reserve had effective
tools to address these circumstances. Some participants
noted that, if needed, the Federal Reserve could consider
various steps to manage the levels of short-term interest
rates and the quantity of reserves, such as adjusting administered rates, expanding the overnight reverse repurchase agreement program, or implementing a maturity
extension program.
Staff Review of the Economic Situation
The coronavirus pandemic and the measures undertaken
to contain its spread continued to affect economic
activity in the United States and abroad.
The
information available at the time of the November 4–5
meeting suggested that U.S. real gross domestic product
(GDP) had rebounded at a rapid rate in the third quarter
but remained well below its level at the start of the year.
Labor market conditions improved further in
September, although the pace of gains eased and
employment continued to be well below its level at the
beginning of the year. Consumer price inflation—as
measured by the 12-month percentage change in the
price index for personal consumption expenditures
(PCE) through September—had returned to its yearearlier pace but remained noticeably below the rates that
were posted in January and February.
Total nonfarm payroll employment expanded strongly in
September, but the gain was markedly below the even
larger increases seen in previous months. Through September, payroll employment had retraced only about
half of the decline seen at the onset of the pandemic.
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The unemployment rate moved down further to 7.9 percent in September. The unemployment rates for African
Americans and Asians both decreased, but the unemployment rate for Hispanics was little changed, and each
group’s rate remained well above the national average.
In addition, the overall labor force participation rate declined, and the employment-to-population ratio rose
only slightly. Initial claims for unemployment insurance
continued to move lower, on net, through late October,
and weekly estimates of private-sector payrolls constructed by the Board’s staff using data provided by the
payroll processor ADP suggested that employment gains
from mid-September to mid-October remained solid.
The employment cost index (ECI) for total hourly labor
compensation in the private sector, which likely had
been less influenced than other hourly compensation
measures by the concentration of recent job losses
among lower-wage workers, rose 2.4 percent over the
12 months ending in September. This gain was a little
smaller than the index’s year-earlier 12-month change; in
addition, the 3-month changes in the ECI in June and
September were noticeably below the average pace seen
over the period from 2017 through 2019.
Total PCE price inflation was 1.4 percent over the
12 months ending in September and continued to be
held down by relatively weak aggregate demand and the
declines in consumer energy prices seen earlier in the
year. Core PCE price inflation, which excludes changes
in consumer energy prices and many consumer food
prices, was 1.5 percent over the same period, while the
trimmed mean measure of 12-month PCE price inflation constructed by the Federal Reserve Bank of Dallas
was 1.9 percent in September. On a monthly basis, inflation was a little lower in September, largely reflecting
slower goods price inflation. The latest readings on survey-based measures of longer-run inflation expectations
moved lower, though each remained within the range in
which it has fluctuated in recent years; in October, the
University of Michigan Surveys of Consumers measure
for the next 5 to 10 years fell back to the level that prevailed in early 2020, while in September the 3-year-ahead
measure from the Federal Reserve Bank of New York
retraced its August increase.
Real PCE rose strongly in the third quarter, though the
increase was not sufficient to return consumer spending
to its pre-pandemic level. Real disposable personal income declined, reflecting a large reduction in government transfer payments. As a result, the personal saving
rate moved sharply lower, though it was still elevated relative to its 2019 average. The consumer sentiment
measures from the Michigan survey and the Conference
Board had moved higher, on net, since August; although
both indexes stood above their April troughs, they remained well below their levels at the start of the year.
Housing-sector activity advanced in the third quarter,
with real residential investment and home sales both
moving above their first-quarter levels. Activity in this
sector was likely being supported by low interest rates,
the sector’s ability to adjust business practices in response to social distancing, and pent-up demand following the widespread shutdowns earlier in the year.
Business fixed investment expanded strongly, led by an
outsized increase in third-quarter equipment spending.
By contrast, spending on nonresidential structures continued to move lower and was likely restrained by firms’
hesitation to commit to projects with lengthy times to
completion and uncertain future returns as well as by the
effect of lower oil prices on drilling investment.
Growth in both total industrial production and manufacturing output turned negative in September after having slowed markedly in August. Part of the softness in
manufacturing production appeared to be attributable to
pandemic-related delays in the motor vehicle industry’s
model-year changeover, though subdued foreign demand and weaker demand from domestic energy producers were also likely acting to restrain factory output.
As of September, manufacturing output had recovered
roughly two-thirds of the drop seen earlier in the year.
Total real government purchases declined in the third
quarter. Federal nondefense purchases fell especially
sharply, largely reflecting a step-down in lender processing fees associated with the Paycheck Protection
Program (PPP). In addition, real purchases by state and
local governments declined further.
The nominal U.S. international trade deficit narrowed in
September after widening in August. Both exports and
imports continued to rebound from their collapse in the
first half of the year. Goods imports fully recovered to
their January level, with broad-based increases in August
and September. In contrast, goods exports by September recovered only two-thirds of their decline since January despite brisk growth in exports of agricultural products and industrial supplies. Services trade remained depressed, driven by the continued suspension of most international travel. Altogether, net exports made a substantial negative contribution to real GDP growth in the
third quarter.
Economic activity abroad rebounded sharply in the third
quarter following a rollback of pandemic-related restrictions. GDP levels, however, generally remained well
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below their pre-pandemic peaks, with China being a notable exception. Domestic demand supported the recovery, and in Asia there was also a strong rebound of
exports, especially of electronics and, more recently, autos. Third-quarter growth was particularly rapid in those
economies that experienced some of the deepest contractions in the second quarter, including France, Italy,
and Spain among the advanced foreign economies
(AFEs) and Mexico among the emerging market economies. After falling through the end of the summer in
many countries, inflation rates started to rise over the
past two months but remained well below rates from
early in the year.
The rapid increase over recent weeks of new COVID-19
cases in several AFEs, especially in Europe, prompted
governments to reintroduce restrictions to rein in this
renewed wave of infections. In late October, the governments of several European countries—including
England, France, and Germany—announced new nationwide restrictions (including the closures of bars and
restaurants) and, in some cases, restrictions to the mobility of individuals within and across regions. Still, relative to the spring, restrictions were noticeably less severe; factories, most businesses, and schools generally
remained open.
Staff Review of the Financial Situation
Financial market sentiment was little changed over the
intermeeting period against the backdrop of evolving
U.S. election and fiscal outlooks, as well as rising
COVID-19 cases in the United States and Europe. On
net, the Treasury yield curve steepened modestly, corporate bond spreads narrowed somewhat, and broad equity
price indexes increased. Inflation compensation increased a little further, remaining close to pre-pandemic
levels. Financing conditions for businesses with access
to capital markets and households with high credit
scores remained generally accommodative, although
conditions remained tight or tightened somewhat for
other borrowers.
Yields on two-year nominal Treasury securities were little changed over the intermeeting period, while longerterm yields increased modestly, on net, reportedly reflecting market participants’ reassessments of the election outcome and the outlook for fiscal policy. FOMC
communications and macroeconomic data releases did
not elicit material yield reactions. Measures of inflation
compensation based on Treasury Inflation-Protected
Securities (TIPS) edged up, on net, remaining close to
their pre-pandemic levels. This development reflected
in part the recovery of TIPS market liquidity conditions
from their stressed levels in the spring. However, both
the 5-year and 5-to-10-year measures of inflation compensation remained near the lower ends of their historical ranges.
The expected path for the federal funds rate over the
next few years, as implied by a straight read of overnight
index swap quotes, was little changed, on net, since the
September FOMC meeting and remained close to the
effective lower bound (ELB) until the end of 2023. Survey-based expectations favored the first increase in the
federal funds rate to occur in 2024.
Broad stock price indexes increased, on balance, over
the intermeeting period amid volatility associated with
market participants’ reactions to news on the U.S. election, the pandemic’s trajectory, and the fiscal policy outlook. One-month option-implied volatility on the S&P
500—the VIX—increased some, on net, after briefly rising sharply late in the intermeeting period. Spreads on
corporate bond yields over comparable-maturity Treasury yields narrowed across the credit spectrum and stood
somewhat below their historical median levels at the end
of the intermeeting period.
Conditions in short-term funding markets remained stable over the intermeeting period. Spreads on commercial paper (CP) and negotiable certificates of deposit
across different tenors were little changed and remained
at pre-pandemic levels. The outstanding level of nonfinancial CP continued to move down over the intermeeting period, reportedly driven by issuers’ relatively low
appetite for CP funding in light of the availability of
longer-term financing on attractive terms. September
quarter-end effects were muted, and there was no credit
outstanding through the Commercial Paper Funding Facility by the end of the intermeeting period. Conditions
in money market funds (MMFs) were also generally calm
over the intermeeting period, and net yields of MMFs
remained stable near historical lows.
The effective federal funds rate stood at 9 basis points,
unchanged from the average over the previous intermeeting period. The Secured Overnight Financing Rate
averaged 8 basis points, edging down from the previous
intermeeting period amid a modest net decrease in
Treasury bill issuance. The amount of Federal Reserve
repurchase agreements outstanding remained at zero
over the intermeeting period, as dealers were able to obtain more attractive rates in the private market. The Federal Reserve increased holdings of Treasury securities
and agency MBS at the same pace as over the previous
intermeeting period.
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Investor sentiment abroad turned negative over the intermeeting period amid rising COVID-19 case counts,
newly adopted restrictions aimed at containing the
spread of the virus, and indicators pointing to a slowing
recovery in several foreign economies, particularly in the
euro area. Uncertainty about additional U.S. fiscal stimulus and the outcome of the U.S. presidential election
also caused some asset price volatility abroad. On net,
most foreign equity indexes declined, option-implied
volatility in the euro area increased a bit, and most AFE
long-term sovereign yields fell.
Overall, the broad dollar index was little changed over
the intermeeting period. The dollar appreciated modestly against most AFE currencies except the Japanese
yen and the British pound. Several Asian currencies, including the Chinese renminbi, the South Korean won,
and the Taiwanese dollar, appreciated against the U.S.
dollar amid improving growth prospects and low
COVID-19 case counts. Most Latin American currencies (especially the Brazilian real) and the Turkish lira depreciated against the U.S. dollar on concerns about fiscal
and political prospects in Latin America and Turkey.
Financing conditions in capital markets continued to be
broadly accommodative over the intermeeting period,
supported by low interest rates and high equity valuations. With historically low corporate bond yields, gross
issuance of both investment- and speculative-grade corporate bonds remained solid in September, moderating
from robust readings in August but staying close to the
averages seen in recent years. Most of this issuance was
reportedly intended to refinance existing debt. Gross institutional leveraged loan issuance continued to pick up
in September but remained below its average pace in
2019. Collateralized loan obligation issuance was strong
in September, likely supporting robust investor demand
for newly issued leveraged loans in the coming months.
The credit quality of nonfinancial corporations continued to show signs of stabilization. The volume of downgrades to corporate bonds and leveraged loans fell to
pre-pandemic levels through September. Corporate
bond and leveraged loan defaults were low in August
and September relative to their elevated readings in July.
Market indicators of expected corporate bond and leveraged loan defaults remained somewhat elevated at
above pre-pandemic levels, especially for lower-rated
leveraged loan issuers.
Commercial and industrial (C&I) loans on banks’ balance sheets continued to decline through September, reflecting a mix of weak origination activity and the repayment of credit-line draws from earlier in the year. In the
October Senior Loan Officer Opinion Survey on Bank
Lending Practices (SLOOS), banks reported that standards for C&I loans continued to tighten during the third
quarter, although fewer banks reported tightening than
in previous quarters. In addition, demand for C&I loans
reportedly weakened in the third quarter.
Financing conditions for small businesses remained tight
as a result of the pandemic. Small business loan originations dropped off sharply in August after a temporary
boost from PPP distributions over the summer. At the
same time, small businesses’ liquidity needs were high
and appeared likely to increase further, with the most recent Census Bureau Small Business Pulse Survey pointing to a majority of small businesses having no more
than two months of cash on hand and many small businesses anticipating some need for additional financial assistance in the next six months. However, the uncertainty surrounding earning prospects was reportedly
making many business owners less willing to take on
debt at prevailing terms. Small business loan performance generally deteriorated further over the intermeeting period.
For commercial real estate (CRE) financed through capital markets, financing conditions remained accommodative over the intermeeting period. Spreads on agency
CMBS were narrow, and issuance was very strong in
September. Spreads on triple-A non-agency CMBS,
which were already within their pre-pandemic range in
August, moved down further in September and early
October, while non-agency issuance remained relatively
subdued in September. In contrast, CRE loan growth at
banks decelerated in the third quarter, while standards
for CRE loans tightened further, according to the October SLOOS.
Financing conditions in the residential mortgage market
were little changed over the intermeeting period. Mortgage rates remained near historical lows, supporting high
volumes of both home-purchase and refinancing originations. Credit continued to flow to higher-score borrowers meeting standard conforming loan criteria, while
it remained tight for borrowers with lower credit scores
and for nonstandard mortgage products. Residential
real estate loans on banks’ balance sheets declined, and
the October SLOOS suggested that lending standards
tightened for all mortgage types. Mortgage forbearance
rates continued their downward trend, and the rate of
new delinquencies remained low.
In consumer credit markets, conditions remained accommodative for borrowers with relatively strong credit
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scores but continued to be tight for borrowers with subprime credit scores. Banks in the October SLOOS indicated that standards tightened and demand was little
changed, on balance, across consumer loan types following a sharp contraction in demand in the second quarter.
Credit card balances continued to decline through the
third quarter, with gains in balances for account holders
with prime credit scores offset by declines in those for
nonprime accounts. Interest rates on existing accounts
were little changed and remained below pre-crisis levels,
while interest rates on new accounts to nonprime borrowers remained elevated. Auto loan balances increased
solidly for prime and near-prime borrowers but declined
for subprime borrowers. Auto loan interest rates increased but stayed below pre-pandemic levels. Conditions in the asset-backed securities market remained stable over the intermeeting period.
The staff provided an update on its assessment of the
stability of the financial system. The staff judged that,
accounting for low interest rates, asset valuations appeared moderate, with measures of compensation for
risk generally in the middle of their historical ranges.
However, uncertainty regarding the pandemic and economic outlook has been high, and the risk of sizable declines in asset prices, should adverse shocks materialize,
has remained significant. CRE prices had started to decline in some sectors, while market conditions, including
rising vacancies and declining rents, pointed to a risk of
further drops, especially in severely affected sectors.
The staff assessed vulnerabilities associated with household and business borrowing as notable. Household finances had weakened with the economic downturn, and
some households could find debt levels burdensome going forward. Business debt levels were high before the
pandemic, and the ability of some businesses to service
these obligations will depend on the course of the economic recovery. The staff assessed vulnerabilities arising from financial leverage as moderate. While the banking sector has been resilient to recent developments,
banks’ profitability, as well as that of a range of financial
institutions, could be affected by future losses, the weakening of the economic outlook relative to pre-pandemic
conditions, and low interest rates. With regard to funding risks, the staff highlighted that structural vulnerabilities in markets for short-term funding and corporate
bonds remained present. Emergency facilities were
viewed as critical in restoring market functioning and
continued to serve as important backstops. The staff
also summarized near-term risks to financial stability
identified in outreach to the public in recent months, including concerns associated with the outlook for the
pandemic and business defaults.
Staff Economic Outlook
In the U.S. economic projection prepared by the staff
for the November FOMC meeting, the rate of real GDP
growth and the pace of declines in the unemployment
rate over the second half of this year were similar to
those in the September forecast despite material
revisions to several assumptions influencing the outlook
along with incoming data that were, on balance, better
than expected. In particular, in the absence of clear
progress toward an agreement on further fiscal stimulus,
the staff removed the assumption that an additional
tranche of fiscal policy support would be enacted.
Although this lack of additional fiscal support was
expected to cause significant hardships for a number of
households, the staff now assessed that the savings
cushion accumulated by other households would be
enough to allow total consumption to be largely
maintained through year-end. Hence, as in the
September projection, the staff continued to expect a
rapid but partial rebound in activity over the second half
of the year following the unprecedented contraction in
the spring. The inflation forecast for the rest of the year
was revised up slightly in response to incoming readings
on inflation that were, on balance, higher than expected.
Nevertheless, inflation was still projected to finish the
year at a relatively subdued level, reflecting substantial
margins of slack in labor and product markets and the
large declines in consumer energy prices seen earlier in
the year.
In the staff’s medium-term projection, the assumption
that significant additional fiscal support would not be
enacted pointed to a lower trajectory for aggregate
demand going forward. However, recent data on tax
receipts also suggested that the fiscal positions of states
and localities had deteriorated less than expected, which
led the staff to boost the projected path of state and local
government purchases. Hence, with monetary policy
assumed to remain highly accommodative and
social-distancing measures expected to ease further, the
staff continued to project that real GDP over the
medium term would outpace potential, leading to a
considerable further decline in the unemployment rate.
The resulting take-up of economic slack was in turn
expected to cause inflation to increase gradually, and the
inflation rate was projected to moderately overshoot
2 percent for some time in the years beyond 2023 as
monetary policy remained accommodative.
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Minutes of the Meeting of November 4–5, 2020
Page 9
The staff continued to observe that the uncertainty
related to the future course of the pandemic and its
consequences for the economy was high. The staff also
continued to view the risks to the economic outlook as
tilted to the downside, with the latest data suggesting an
increased probability of a resurgence in the disease.
Participants’ Views on Current Conditions and the
Economic Outlook
Participants noted that the COVID-19 pandemic was
causing tremendous human and economic hardship
across the United States and around the world. Economic activity and employment had continued to recover but remained well below their levels at the beginning of the year. Weaker demand and earlier declines in
oil prices had been holding down consumer price inflation. Overall financial conditions remained accommodative, in part reflecting policy measures to support the
economy and the flow of credit to U.S. households and
businesses. Participants agreed that the path of the
economy would depend on the course of the virus and
that the ongoing public health crisis would continue to
weigh on economic activity, employment, and inflation
in the near term and posed considerable risks to the
economy’s medium-term outlook.
Participants observed that the economy had registered a
rapid though incomplete rebound, with third-quarter
real GDP rising at an annual rate of 33 percent, reflecting gains across consumer spending, housing-sector activity, and business equipment investment. In recent
months, however, the pace of improvement had moderated, with slower growth expected for the fourth quarter.
Participants noted that economic activity thus far had recovered faster than had been expected earlier in the year.
Household spending on goods, especially durable goods,
had been strong and had moved above its pre-pandemic
level. Participants commented that the rebound in consumer spending was due in part to federal stimulus payments and expanded unemployment benefits, which
provided essential support to many households. Participants viewed accommodative monetary policy as also
contributing to gains in durable goods and residential investment as well as the surge in home sales. In contrast,
participants noted that consumer outlays for services
were increasing more slowly than for durable goods, particularly for items such as air travel, hotel accommodations, and restaurant meals, which had been significantly
disrupted by voluntary and mandated social-distancing
measures. Participants generally expected the strength
in household spending to continue, especially for durable goods and residential investment. A few participants
noted that households’ balance sheets generally appeared healthy and an unwinding of the large pool of
household savings accumulated during the pandemic
could provide greater-than-anticipated momentum to
consumer spending over coming months. However,
several participants expressed concern that, in the absence of additional fiscal support, lower- and moderateincome households might need to reduce their spending
sharply when their savings were exhausted. A couple of
these participants noted reports from their banking contacts that households appeared to be rapidly exhausting
funds they received from fiscal relief programs.
Participants noted that business equipment investment
had also picked up. A few participants expected the momentum in investment to extend into next year as the
economic recovery continued, while a couple of other
participants noted that many businesses in their Districts
were deferring longer-term commitments because of
heighted uncertainty about the economic outlook. The
recovery was viewed as unevenly distributed across industries. While many business contacts, particularly
those in the durable goods or housing industries, reported progress in adapting to the pandemic or improved business conditions, others—especially those
with ties to small businesses and the hospitality, aviation,
and nonresidential construction industries—were still
seeing very difficult circumstances. Contacts reported
improved conditions in the agricultural sector, boosted
by strong demand from China as well as domestic ethanol production, higher crop prices, and federal aid payments. Looking ahead, some business contacts expressed concerns that many households and businesses
were currently in a weaker position to weather additional
economic shocks than they had been at the beginning of
the pandemic.
Participants observed that labor market conditions had
continued to improve in recent months, with roughly
half of the 22 million jobs lost over March and April
having been regained. The unemployment rate had declined further, and the employment gains since the
spring were generally seen as larger than anticipated.
Business contacts in a couple of Districts—particularly
those in the manufacturing, health-care, and technology
sectors—reported having trouble hiring workers for reasons likely related to virus cases or workers’ need to provide childcare. Several participants noted that the decline in the unemployment rate in recent months had
been accompanied by a fall in the labor force participation rate, particularly among those with a high school
education or lower and among women. Although the
number of workers on temporary layoff had fallen
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Federal Open Market Committee
sharply, the number of permanent job losers had continued to rise. Most participants commented that the pace
of labor market improvement was likely to moderate going forward. A couple of them noted that many businesses in industries severely affected by the pandemic
were downsizing or that some businesses were focused
on cutting costs or increasing productivity, including
through automation. Many participants observed that
high rates of job losses had been especially prevalent
among lower-wage workers, particularly in the services
sector, and among women, African Americans, and Hispanics. A few participants noted that these trends, if
slow to reverse, could exacerbate racial, gender, and
other social-economic disparities. In addition, a slow job
market recovery would cause particular hardship for
those with less educational attainment, less access to
childcare or broadband, or greater need for retraining.
In their comments about inflation, participants noted
that some consumer prices had increased more quickly
than expected in recent months but that broader price
trends were still quite soft. The upturn in consumer
price inflation was primarily attributed to price increases
in sectors where the pandemic had induced stronger demand, such as consumer durables. In contrast, services
price inflation remained softer than pre-pandemic rates,
as prices for the categories most affected by social distancing, such as accommodations and airfares, continued to be very depressed and housing services inflation
moderated. Several participants commented on the unusually large relative price movements caused by the
pandemic and the considerable uncertainty as to how
long these price changes would persist.
Participants noted that financial conditions were generally accommodative and that actions by the Federal Reserve, including the establishment of emergency lending
facilities with the approval of and, in some cases, provision of equity investments by the Treasury, were supporting the flow of credit to households, businesses, and
communities. While these actions were viewed as contributing to accommodative financial conditions, participants noted important differences in credit availability
across borrowers. In particular, financing conditions
eased further for residential mortgage borrowers and for
large corporations that were able to access capital markets, but surveys of credit availability indicated that bank
lending conditions tightened further. A few participants
noted that the financing conditions for small businesses
were especially worrisome, as the PPP had ended and
the prospect for additional fiscal support remained uncertain. They pointed to the most recent Census Bureau
Small Business Pulse Survey, in which more than half of
the respondents reported having no more than two
months of cash on hand.
Participants continued to see the uncertainty surrounding the economic outlook as quite elevated, with the path
of the economy highly dependent on the course of the
virus; on how individuals, businesses, and public officials
responded to it; and on the effectiveness of public health
measures to address it. Participants cited several downside risks that could threaten the recovery. While another broad economic shutdown was seen as unlikely,
participants remained concerned about the possibility of
a further resurgence of the virus that could undermine
the recovery. The majority of participants also saw the
risk that current and expected fiscal support for households, businesses, and state and local governments might
not be sufficient to sustain activity levels in those sectors,
while a few participants noted that additional fiscal stimulus that was larger than anticipated could be an upside
risk. Some participants commented that the recent surge
in virus cases in Europe and the reimposition of restrictions there could lead to a slowdown in economic
activity in the euro area and have negative spillover effects on the U.S. recovery. Some participants raised concerns regarding the longer-run effects of the pandemic,
including sectoral restructurings that could slow employment growth or an acceleration of technological disruptions that could be limiting the pricing power of some
firms.
A number of participants commented on various potential risks to financial stability. A few participants noted
that the banking system showed considerable resilience
through the end of the third quarter, and a few observed
that this resilience partly reflected stronger-than-expected balance sheets of their customers, with delinquency rates declining or showing only moderate increases. Moreover, capital positions and loan loss reserves for large banks were higher than before the pandemic. Several participants emphasized the need to ensure that banks continue to maintain strong capital levels, as lower levels of capital are typically associated with
tighter credit availability from banks. Several participants commented on the vulnerabilities witnessed during the March selloff in the Treasury market. The substantial maturity and liquidity transformations undertaken by some nonbank financial institutions—such as
prime MMFs and corporate bond and bank loan mutual
funds—were also discussed. A couple of participants
expressed concerns that a prolonged period of low interest rates and highly accommodative financial market
conditions could lead to excessive risk-taking, which in
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Minutes of the Meeting of November 4–5, 2020
Page 11
turn could result in elevated firm bankruptcies and significant employment losses in the next economic downturn. A few participants noted that climate change poses
important challenges to financial stability and welcomed
analysis of climate change as both a source of shocks and
an underlying vulnerability. A couple of participants
commented that the actions taken by the Federal Reserve to support the economy and achieve its mandated
goals also supported financial stability. Relatedly, several
participants emphasized the important roles various section 13(3) facilities played in restoring financial market
confidence and supporting financial stability; they noted
that these facilities were still serving as an important
backstop in financial markets. A few participants noted
that it was important to extend them beyond year-end.
In their consideration of monetary policy at this meeting,
participants reaffirmed the Federal Reserve’s commitment to using its full range of tools in order to support
the U.S. economy during this challenging time, thereby
promoting the Committee’s statutory goals of maximum
employment and price stability. Participants agreed that
the path of the economy would depend significantly on
the course of the virus and that the ongoing public
health crisis would continue to weigh on economic activity, employment, and inflation in the near term and
posed considerable risks to the economic outlook over
the medium term. In light of this assessment, all participants judged that maintaining an accommodative stance
of monetary policy was essential to foster economic recovery and to achieve the Committee’s long-run 2 percent inflation objective.
Participants remarked that the Committee’s action in
September to provide more explicit outcome-based forward guidance for the federal funds rate had been an important step to affirm the Committee’s strong commitment to the goals and strategy articulated in its revised
Statement on Longer-Run Goals and Monetary Policy
Strategy. Several participants noted that they were encouraged by evidence that suggested that market participants’ expectations of the economic conditions that
would likely prevail at the time of liftoff seemed broadly
consistent with the Committee’s forward guidance and
revised consensus statement.
Participants agreed that monetary policy was providing
substantial accommodation, and most concurred that,
with the federal funds rate at the ELB, much of that accommodation was due to the Committee’s forward guidance and increases in securities holdings. They judged
that the current stance of monetary policy remained appropriate, as both employment and inflation remained
well short of the Committee’s goals and the uncertainty
about the course of the virus and the outlook for the
economy continued to be very elevated. Participants
viewed the resurgence of COVID-19 cases in the United
States and abroad as a downside risk to the recovery; a
few participants noted that diminished odds for further
significant fiscal support also increased downside risks
and added to uncertainty about the economic outlook.
Regarding asset purchases, participants judged that it
would be appropriate over coming months for the Federal Reserve to increase its holdings of Treasury securities and agency MBS at least at the current pace. These
actions would continue to help sustain smooth market
functioning and help foster accommodative financial
conditions, thereby supporting the flow of credit to
households and businesses. Many participants judged
that the Committee might want to enhance its guidance
for asset purchases fairly soon. Most participants favored moving to qualitative outcome-based guidance for
asset purchases that links the horizon over which the
Committee anticipates it would be conducting asset purchases to economic conditions. A few participants were
hesitant to make changes in the near term to the guidance for asset purchases and pointed to considerable uncertainty about the economic outlook and the appropriate use of balance sheet policies given that uncertainty.
Discussion on Recommended Changes to the Summary of Economic Projections
Participants considered two recommendations from the
subcommittee on communications for changes to the
Summary of Economic Projections (SEP) that would
enhance the information provided to the public. These
recommendations included accelerating the release of
the full set of SEP exhibits from three weeks after the
corresponding FOMC meeting, when the minutes of
that meeting are released, to the day of the policy decision and adding new charts that display a time series of
diffusion indexes for participants’ judgments of uncertainty and risks. With these recommendations, the written summary of the projections that has been included
as an addendum to the minutes of the corresponding
FOMC meeting would be discontinued.
Most of the participants who commented noted that releasing all SEP materials at the time of the postmeeting
statement would provide greater context for the policy
decision, highlight the risk-management factors relevant
for the decision, or further emphasize the degree of uncertainty around participants’ modal projections. Some
who commented noted that the SEP serves a valuable
role in illustrating how participants’ policy assessments
_____________________________________________________________________________________________
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Federal Open Market Committee
respond to changes in the economic outlook. Most participants who commented suggested that it would be
useful to continue thinking about options for refining
the SEP. Participants unanimously supported the recommended changes and agreed that they should be implemented beginning in December.
Committee Policy Action
In their discussion of monetary policy for this meeting,
members agreed that the COVID-19 pandemic was
causing tremendous human and economic hardship
across the United States and around the world. They
noted that economic activity and employment had continued to recover but remained well below their levels at
the beginning of the year, and that weaker demand and
earlier declines in oil prices had been holding down consumer price inflation. Overall financial conditions remained accommodative, in part reflecting policy
measures to support the economy and the flow of credit
to U.S. households and businesses. Members agreed
that the Federal Reserve was committed to using its full
range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum-employment and price-stability goals. Members also stated that
the path of the economy would depend significantly on
the course of the virus. In addition, members agreed
that the ongoing public health crisis would continue to
weigh on economic activity, employment, and inflation
in the near term and was posing considerable risks to the
economic outlook over the medium term.
All members reaffirmed that, in accordance with the
Committee’s goals to achieve maximum employment
and inflation at the rate of 2 percent over the longer run
and with inflation running persistently below this longerrun goal, they would aim to achieve inflation moderately
above 2 percent for some time so that inflation averages
2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. Members expected to maintain an accommodative stance of monetary policy until those outcomes were achieved. All
members agreed to maintain the target range for the federal funds rate at 0 to ¼ percent, and they expected that
it would be appropriate to maintain this target range until labor market conditions had reached levels consistent
with the Committee’s assessments of maximum employment and inflation had risen to 2 percent and was on
track to moderately exceed 2 percent for some time. In
addition, members agreed that over coming months it
would be appropriate for the Federal Reserve to increase
its holdings of Treasury securities and agency MBS at
least at the current pace to sustain smooth market func-
tioning and help foster accommodative financial conditions, thereby supporting the flow of credit to households and businesses.
Members agreed that, in assessing the appropriate stance
of monetary policy, they would continue to monitor the
implications of incoming information for the economic
outlook and that they would be prepared to adjust the
stance of monetary policy as appropriate in the event
that risks emerged that could impede the attainment of
the Committee’s goals. Members also agreed that, in assessing the appropriate stance of monetary policy, they
would take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and
financial and international developments.
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, for release at 2:00 p.m.:
“Effective November 6, 2020, 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 0 to ¼ percent.
Increase the System Open Market Account holdings of Treasury securities and
agency mortgage-backed securities (MBS)
at the current pace. Increase holdings of
Treasury securities and agency MBS by additional amounts and purchase agency
commercial mortgage-backed securities
(CMBS) as needed to sustain smooth functioning of markets for these securities.
Conduct term and overnight repurchase
agreement operations to support effective
policy implementation and the smooth
functioning of short-term U.S. dollar
funding markets.
Conduct overnight reverse repurchase
agreement operations at an offering rate of
0.00 percent and with a per-counterparty
limit of $30 billion per day; the per-counterparty limit can be temporarily increased
at the discretion of the Chair.
Roll over at auction all principal payments
from the Federal Reserve’s holdings of
Treasury securities and reinvest all principal payments from the Federal Reserve’s
_____________________________________________________________________________________________
Minutes of the Meeting of November 4–5, 2020
Page 13
holdings of agency debt and agency MBS
in agency MBS.
Allow modest deviations from stated
amounts for purchases and reinvestments,
if needed for operational reasons.
Engage in dollar roll and coupon swap
transactions as necessary to facilitate settlement of the Federal Reserve’s agency
MBS transactions.”
The vote also encompassed approval of the statement
below for release at 2:00 p.m.:
“The Federal Reserve is committed to using its
full range of tools to support the U.S. economy
in this challenging time, thereby promoting its
maximum employment and price stability goals.
The COVID-19 pandemic is causing tremendous human and economic hardship across the
United States and around the world. Economic
activity and employment have continued to recover but remain well below their levels at the
beginning of the year. Weaker demand and earlier declines in oil prices have been holding
down consumer price inflation. Overall financial conditions remain accommodative, in part
reflecting policy measures to support the economy and the flow of credit to U.S. households
and businesses.
The path of the economy will depend significantly on the course of the virus. The ongoing
public health crisis will continue to weigh on
economic activity, employment, and inflation in
the near term, and poses considerable risks to
the economic outlook over the medium term.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent
over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately
above 2 percent for some time so that inflation
averages 2 percent over time and longer-term
inflation expectations remain well anchored at
2 percent. The Committee expects to maintain
an accommodative stance of monetary policy
until these outcomes are achieved. The Committee decided to keep the target range for the
federal funds rate at 0 to ¼ percent and expects
it will be appropriate to maintain this target
range until labor market conditions have
reached levels consistent with the Committee’s
assessments of maximum employment and inflation has risen to 2 percent and is on track to
moderately exceed 2 percent for some time. In
addition, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency mortgage-backed securities at
least at the current pace to sustain smooth market functioning and help foster accommodative
financial conditions, thereby supporting the
flow of credit to households and businesses.
In assessing the appropriate stance of monetary
policy, the Committee will continue to monitor
the implications of incoming information for
the economic outlook. The Committee would
be prepared to adjust the stance of monetary
policy as appropriate if risks emerge that could
impede the attainment of the Committee’s
goals. The Committee’s assessments will take
into account a wide range of information, including readings on public health, labor market
conditions, inflation pressures and inflation expectations, and financial and international developments.”
Voting for this action: Jerome H. Powell, John C.
Williams, Michelle W. Bowman, Lael Brainard, Richard
H. Clarida, Mary C. Daly, Patrick Harker, Robert S.
Kaplan, Loretta J. Mester, and Randal K. Quarles.
Voting against this action: None.
Ms. Daly voted as alternate member at this meeting.
Consistent with the Committee’s decision to leave the
target range for the federal funds rate unchanged, the
Board of Governors voted unanimously to leave the interest rates on required and excess reserve balances at
0.10 percent. The Board of Governors also voted unanimously to approve establishment of the primary credit
rate at the existing level of 0.25 percent, effective November 6, 2020.
It was agreed that the next meeting of the Committee
would be held on Tuesday–Wednesday, December 15–
16, 2020. The meeting adjourned at 10:05 a.m. on November 5, 2020.
Notation Votes
By notation vote completed on September 30, 2020, the
Committee unanimously approved the selection of Trevor Reeve to serve as economist and Rochelle Edge to
serve as associate economist, effective October 1, 2020.
_____________________________________________________________________________________________
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Federal Open Market Committee
By notation vote completed on October 6, 2020, the
Committee unanimously approved the minutes of the
Committee meeting held on September 15–16, 2020.
_______________________
James A. Clouse
Secretary
Cite this document
Federal Reserve (2020, November 4). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_20201105
@misc{wtfs_fomc_minutes_20201105,
author = {Federal Reserve},
title = {FOMC Minutes},
year = {2020},
month = {Nov},
howpublished = {Fomc Minutes, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/fomc_minutes_20201105},
note = {Retrieved via When the Fed Speaks corpus}
}