Fed governors held a separate, closed door meeting yesterday according to a notice on the Fed website. The notice said the meeting was to discuss “medium-term monetary policy issues.”
There are only 4 members on the Fed Board — Yellen, Powell, Stein and Tarullo.
The meeting started at the same time the FOMC meeting was scheduled to begin. The last time the Board met to “medium-term monetary policy issues” was April 26, 2011, according to BNP Paribas.
The meeting might make some traders more uneasy about today’s Fed statement but it could have been about other issues, like integrating nominees Fischer and Brainard into the Board.