FOMC Minutes: Many officials felt Fed could be patient on further hikes

Author: Adam Button | Category: Central Banks

Minutes of the December 18-19, 2018 FOMC meeting

  • Officials felt timing and extent of future hikes is less clear
  • A few officials favored no hike at meeting
  • Changes in statement language meant to convey that it judged 'a relatively limited amount of additional tightening would likely be appropriate'
  • Recent developments including financial market volatility and concerns about global growth made the appropriate extend and timing of future policy firming less clear than earlier
  • Fed should assess impact of risks that have become more pronounced in recent months
  • Discussed transitioning away from use of forward guidance language in future post-meeting statements

These minutes sure read a lot like they've been massaged into something more-dovish after the fact.

Ultimately, these minutes are stale because they're three weeks old and there have been plenty of developments since there. There's also been plenty of talk, including even more dovish talk from several Fed members, including the chair.

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