Lobo, Bento J.
University of Tennessee at Chattanooga
Place of Publication
The Federal Reserve Bank of the United States, the head of monetary policy in the country, primarily uses the Federal Open Market Committee, or FOMC, to make and communicate policy decisions. Since 1994 the FOMC has become ever more transparent. By releasing statements after each meeting they hold, releasing more detailed minutes of these meetings three weeks later, and releasing full transcripts of the meetings five years later, they are able to inform the public of their intentions and thoughts while withholding potentially volatile information for later release dates. These three documents reveal much about how the FOMC operates and what its members think. The goal of this research was to determine the sentiment in each of these documents from 2004 to 2012, to examine how the sentiment in each of these documents differs, to identify significant factors or themes, and to use treasury market data to characterize these themes. We found that there was a divergence in private and public sentiment output by the FOMC, we found that treasury markets are more receptive to policy related themes than sentiment, and we characterized three significant themes based on their interaction with treasury market data.
B. S.; An honors thesis submitted to the faculty of the University of Tennessee at Chattanooga in partial fulfillment of the requirements of the degree of Bachelor of Science.
Monetary policy -- United States; Disclosure of information
United States. -- Federal Open Market Committee; United States -- Economic policy
Stegmann, Jonathan, "Federal Open Market Committee communication: a text mining analysis" (2019). Honors Theses.