The minutes of the August 11 and 12 FOMC meeting shows a Fed that is slowly growing more confident in things, yet the conviction is low. The FOMC was more confident that the recession is ending and that growth will resume in the second half of the year after recent policy moves. It also noted seeing a benefit in tapering off MBS purchases and that they have cooled to expanding TALF assets. The notion of growth is muted as FOMC officials expect a slow recovery and noted that households face significant headwinds. The governors also see the economy vulnerable to shocks as jobs are still weak. There was a note of concern over future bank losses, but so far there is no major concern that inflation is about to roar.
So far there is very little market impact here. FULL MINUTES are here.
JON C. OGG
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