FOMC Minutes
A detailed record of Federal Open Market Committee meetings, released three weeks after each meeting. The minutes give concise insight into the monetary policy stances of committee members, and analysts comb them to judge whether members are striking hawkish or dovish tones.
Related terms
Federal Reserve (Fed)
The central banking system of the United States, created by the Federal Reserve Act on 23 December 1913 after a series of financial shocks showed the need for central control of monetary policy to prevent future crises.
Read full definitionHawkish
A description of monetary policymakers who believe higher interest rates are needed, usually to combat inflation or restrain rapid economic growth. It is the opposite of dovish.
Read full definitionDovish
A description of monetary policy that advocates low interest rates aimed at reducing unemployment and stimulating economic growth. It is the opposite of hawkish.
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Account Deficit
A negative balance of trade or payments, where a country’s imports and outgoing payments exceed its exports and incoming payments.
Read full definitionAsian Central Banks
The monetary authorities of Asian countries. They have become increasingly active in major currencies as they manage growing pools of foreign currency reserves arising from trade surpluses, and their market interest can influence currency direction in the short term.
Read full definitionBank for International Settlements (BIS)
A global financial institution owned by central banks, based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. Its original members were Switzerland, Germany, Belgium, France, Britain, Italy, the United States and Japan.
Read full definitionBank of China
One of China’s four largest state-owned commercial banks. It maintains close relations with the People’s Bank of China in management, administration and cooperation across several areas.
Read full definitionBank of England (BoE)
The central bank of the United Kingdom, acting as the government’s bank and lender of last resort. Headquartered in the City of London, it issues currency and oversees monetary policy, making it the UK equivalent of the US Federal Reserve.
Read full definitionBase Rate
The interest rate a central bank, such as the Bank of England or Federal Reserve, charges to lend money to commercial banks. Adjusting the base rate helps a central bank regulate the economy by encouraging or discouraging spending as required.
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