Long-awaited FED meeting minutes released

Investors were given access to minutes from the last FED meeting. The specifics of the material are shown below.

Strong consumer and corporate spending were cited as the reason for the Fed’s improved economic outlook at the September 19-20 meeting of the Federal Open Market Committee (FOMC).

According to the minutes, several attendees felt the discussion should turn from the possibility of a future increase in the policy rate to the length of time that restrictive rates would remain in place. Many people also pointed out that the data volatility and probable data revisions should be taken into account when making subsequent tightening choices.

Now, all participants agreed that slower-than-average growth and a less robust labor market were essential for reestablishing economic equilibrium. They also warned that the balance sheet reduction might go on for some time after interest rate reductions are implemented.

The attendees agreed that the current rate of inflation is intolerable. They both acknowledged that further data was required to confirm that pricing pressures had eased.

Many participants pointed out that there were still negative risks to economic activity and upside risks to the unemployment rate, notwithstanding the minutes’ emphasis on the high degree of uncertainty about the future direction of the economy.

Participants at the Federal Open Market Committee’s (FOMC) September meeting generally judged that threats to the FOMC’s aims had grown more bilateral.

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