FOMC minutes: what the Fed's meeting record shows and how it moves the dollar

The FOMC minutes are the Federal Reserve's written record of its last rate meeting, published three weeks after the decision. They show the debate behind the statement: how many members worried about inflation, how many about jobs, and what they discussed for the meetings ahead. The dollar moves on them when they read firmer or softer than the Chair sounded at the press conference.

Start free trial This week's calendar

By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

FOMC minutes in short

Next release: Not on our calendar yet. It appears once the date is confirmed.
Published by: Federal Reserve, Federal Open Market Committee
When: Three weeks after each of the eight scheduled Fed decisions, at 2:00 in the afternoon New York time. That is 20:00 in Amsterdam for most of the year, and 19:00 in the few weeks in March and around the end of October when the US and Europe have changed their clocks on different dates.
Currency: US dollar (USD)
Impact: Medium: it moves the currency when it surprises
Published: Three weeks after the decision, at 2:00 in the afternoon New York time
Covers: The meeting three weeks earlier, not anything that has happened since
Who is named: Nobody in the debate itself; views come as most, several, some or a few participants

What is in the FOMC minutes

The minutes follow the same order each time. They start with developments in financial markets and the staff's review of the economy and its outlook. Then come the participants' own views, and at the end the committee's policy action and the vote.

Participants are not named in the discussion. The minutes count them in words instead, such as most, several, some or a few. Names appear only in the vote and in the list of who attended.

Participants are more than the voters. All the Reserve Bank presidents take part in the discussion, while twelve members vote.

Why the FOMC minutes move the dollar

By the time the minutes come out, the decision is three weeks old and the market has heard the Chair. What is new is the spread of views behind it: whether the committee was united or split, and which way the doubters leaned.

Minutes that show more members open to a hike, or less ready to cut, than the press conference suggested tend to lift US yields and the dollar with them. Minutes that read softer than expected tend to do the reverse.

How to read the minutes against the press conference

Compare the minutes with what the Chair said, not with the decision. The decision is already priced; the question is whether the debate was firmer or softer than the Chair let on.

The paragraphs on the outlook for policy carry the most weight. A shift in how many participants saw a reason to move at coming meetings is the line the market looks for first.

Data released since the meeting can matter more. A strong jobs report or a hot CPI in the three weeks before the minutes can make them look out of date, and then the reaction is small.

What the US dollar did on the last release days

Our calendar keeps the exact time of each release since 16 September 2026. The first FOMC minutes after that date will show here with the US dollar's move around it.

For scale: on an ordinary day the US dollar moves 0.23% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about the FOMC minutes

What time are the FOMC minutes released?

At 2:00 in the afternoon New York time, three weeks after the decision. In Amsterdam that is 20:00 for most of the year, and 19:00 in the weeks in March and around the end of October when the US and Europe change their clocks on different dates.

How long after the Fed meeting are the minutes published?

Three weeks after the day of the policy decision. The Fed lists the release dates on its FOMC calendar page.

Do the FOMC minutes say who said what?

No. The discussion is summed up with words such as most, several, some or a few participants. Names appear only in the vote and in the list of who attended.

Why do the minutes move the dollar if the decision is already known?

Because they show the debate behind the decision. If more members leaned towards higher rates than the Chair suggested, the market raises its expected path for rates and the dollar tends to firm.