For release at 2 p.m. EDT

The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on August 9, 2005.

The minutes for each regularly scheduled meeting of the Committee are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. The summary description of economic and financial conditions contained in these minutes is 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 web site at www.federalreserve.gov/fomc.

Minutes of Federal Open Market Committee, August 9, 2005

2005 Monetary policy