Drawing from the literature on deliberative conditions, we analyze thirty years of verbatim transcripts of the Federal Open Market Committee (FOMC). The transcripts provide a rare opportunity for the systematic empirical analysis of deliberative conditions. The importance of the FOMC, and its recent policy failures, makes the case particularly interesting. Deliberative scholars argue that deliberation should occur in a setting where participants are free and equal. Using a unique set of deliberative measures, our model shows that FOMC members do enjoy deliberative freedom. In contrast, we find inequalities in rates of participation. Some deviation from equality may be reasonable. However, we demonstrate a sustained pattern of gender inequality in participation that could in turn influence the FOMC’s policy choices and which is difficult to justify on any grounds.