Reading the minutes of the FOMC. The Federal Open Market Committee (FOMC) is the formal name of the group chaired currently by Jerome Powell that meets every six weeks or so to set monetary policy in the United States. Immediately after the meeting, the FOMC issues a "statement" that consists of a few paragraphs summarizing its position. Then, three weeks later, the FOMC releases the "minutes" of its meeting. These minutes contain extensive detail about the issues that were discussed in the meeting. Suppose your job is to explain Federal Reserve policy to the CEO of a corporation. Go to the following web page and read the minutes from the FOMC's meeting on April 28-29, 2020. Then answer the questions below. https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

(a) What action did the FOMC take, if any, regarding the level of the fed funds rate and the amount of quantitative easing? Why did it make these decisions?

(b) Pick a paragraph or two from the FOMC minutes and quote it in your answer (so I know which paragraph you've chosen). Using the terms and concepts we've developed throughout the course, explain the economic consequences of the events in the paragraph(s) you've quoted. You do not need to analyze anything else in the economy; just focus on what you've chosen.

(c) Pick one other thing that is mentioned in the minutes that you do not understand (for example, a term you are unfamiliar with). Do some research to discover its economic significance, and explain it in two or three sentences.