• Many noted appropriate to ease if growth too slow to reduce jobless rate or if inflation continued to fall
  • Many saw saw jobless rate considerably above levels that could be explained by structural factors alone
  • Approaches to easing focus on buying Treasuries, steps to influence inflation expectations
  • Members unsatisfied with progress toward meeting price stability, full employment mandate

Here is the full release.

Looks like the FOMC just smashed a bottle of champagne across the bow of the QE2…