US DATA: Nov 1-2 FOMC mins give few insights. Staff said mkts are
volatile esp foreign mkts, econ better near-term. Members said unemploy
to fall back as econ recovers, infl low and will recede further, risks
on both sides; overall outlook is moderate growth with risks down.
Citing high unemployment all agreed on more OpT. On communications,
“A few members expressed interest in using language specifying a
period of time during which the federal funds rate was expected to
remain exceptionally low, rather than a calendar date, arguing that such
language might be better to indicate a constant stance of monetary
policy over time. However, members generally preferred to retain the
existing forward guidance.” A few said econ outlook might warrant
additional accommodation. “However, it was noted that any such
accommodation would likely be more effective if it were provided in the
context of a future communications initiative.”