The takeaway from the media starting with the FT:
The US Federal Reserve is set to ease policy unless there is a sharp change in economic data after the minutes of its August meeting revealed a strong consensus for action.
WSJ:
The Federal Reserve sent another strong signal that it is preparing new steps to boost the recovery, saying that stimulus would be needed fairly soon unless the economy shows substantially stronger growth.
Many Federal Reserve policy makers said additional stimulus would probably be needed soon unless the economy shows signs of a durable pickup.
The Federal Reserve is likely to deliver another round of monetary stimulus “fairly soon” unless the economy improves considerably, minutes from the central bank’s August meeting show. While the meeting was held before a recent improvement in the economic data, including a stronger-than-expected July reading for U.S. employment, policymakers were pretty categorical about their dissatisfaction with the current outlook.
After taking some time to digest, the market is taking another bite and it still tastes like dove (in FX and bonds at least).
