Fraser Shares First Ever FOMC Minutes, Dated 1914
FRASER, a digital library of banking history in the United States released this week minutes from the first ever Federal Reserve meeting, which took place on August 13, 1914.
As a background, the Federal Reserve now holds eight meetings during the year. The minutes of the meeting are then released to the public three weeks
after the date of the policy decision.
The minutes include an overview of what members are thinking. The Wall Street Journal suggested that individuals "look for clues in the minutes on how and why those views may have shifted over the past few months."
In addition to the minutes, a statement is released at 2 p.m. on the final day of each meeting. A full transcript of the meeting is released to the public as well, although there is a five-year lag.
The first ever Federal Reserve meeting discussed how to split up the United States into various regions. The purpose of the organization was also discussed, as noted by the financial blog Silver Is The New, "The purpose of the system is to remove artificiality, promote normal relations, and create better conditions under which everybody will transact business."
Silver Is The New also noted that more than a full century later, the "financially repressed" population howls in laughter at the irony between the Fed's 'stated purpose' and what has actually transpired."
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