FOMC minutes. Reveals how contested the decision was and what would change the committee's mind.
What to watch: Dissent and balance-of-risks language. It arrives three weeks after each meeting, and the effect typically lasts days.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
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Also in Monetary policy (Federal Reserve)
- FOMC rate decision
- Forward guidance and the dot plot
- Fed chair press conference and testimony
- Balance sheet policy (QE / QT)
- Fed leadership and independence
- Fed governor and regional president speeches
- Beige Book
- Fed funds futures pricing
- The neutral rate (r*) debate
- Fed policy framework and dissent count
- Fed chair transition and reaction function