The minutes of the June 19-20 meeting:

  • A few FOMC members said more stimulus would probably be needed
  • 12 of 19 participants based economic assumptions on further balance sheet action
  • 11 of those 12 felt extending Twist appropriate, 2 said further bond purchases appropriate
  • Several said Fed should study ‘new tools’ for easing
  • Participants said a possible significant slowdown in China
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