Ok, who's excited about the Fed Minutes? Raise your hands!
Obviously, the September minutes will be parsed for clues as to what the committee was thinking in terms of staying the course for December despite lackluster inflation.
Also key - or at least to our mind - is if there's any indication sticking to the near-term rate path was in any way motivated by concerns about financial stability. So do they really think inflation is being held down by "transitory" factors? Or is that just an excuse to obscure the fact that they know they need to hike in order to head off further risks to stability created by keeping policy too accommodative for too long?
It would appear, from the just released minutes, that inflation was all anyone wanted to talk about.
Here are the highlights via Bloomberg:
All participants thought it would be appropriate for the Committee to maintain the current target range for the federal funds rate
Many participants expressed concern that the low inflation readings this year might reflect not only transitory factors
Overall, the available information suggested that, although the storms would likely affect the quarterly pattern of changes in real GDP
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