Release Date: May 18, 2016 – The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 26-27, 2016. “The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting. FOMC minutes can be viewed on the Board’s website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.”

“The staff presented several briefings on a special topic, the relationship between monetary policy and financial stability. The presentations began with an overview of the possible linkages among monetary policy, macroprudential tools, and financial stability, drawing on both academic research and experience with such tools in various countries. The staff then reviewed empirical literature on the linkages between the stance of monetary policy and financial stability. Lastly, the staff presented illustrative simulation results from a specific macroeconomic model to explore whether and how monetary policy should react to financial imbalances as well as the extent to which monetary and macroprudential policies should be coordinated to best achieve macroeconomic goals and financial stability goals.”