• Part of the Fed’s new communications strategy
  • Not wholly unexpected; much of this leaked out before the holidays
  • A number of FOMC members believed more stimulus could be needed, would be more effective if accompanied by enhanced communication

In their discussion of the economic situation and outlook, meeting participants agreed that the information received since their previous meeting indicated that economic activity was expanding at a moderate rate, notwithstanding some apparent slowing in global economic growth. Consumer spending continued to advance, but business fixed investment appeared to be decelerating, and home sales and construction remained at very low levels. Labor market conditions improved some in recent months, but the unemployment rate remained elevated despite a noticeable drop in November. Inflation moderated from the rates earlier in the year, and longer-term inflation expectations remained stable.

EUR/USD only able to make modest topside progress on the dovish minutes; 1.3077 the high so far. Stops remain clustered around 1.3100.