The minutes for the Oct 23/24 meeting and rate decision:
- A number though more asset buys would likely be needed after Op Twist expires at year end
- Several members questioned effectiveness of asset purchases or if moderate growth warranted more purchases
- Policymakers generally thought QE produced a marked easing in financial conditions
- Participants said economy expanded at ‘moderate pace’
- Said housing recovery was underway
- Many said business contacts said they were delaying hiring and spending due to fiscal cliff
