FOMC Stresses Importance of Data-Dependent Policy in October Minutes

Summary

The minutes from October’s FOMC meeting revealed some further discussion on forward guidance and post-QE3 strategies, but nothing stood out as a major surprise. There was very little debate on actually ending the asset purchase program, as most participants had already come around to the idea of announcing the end of QE3 at this meeting. Committee members agreed that the program had achieved its goals outlined back in September 2012 and that there was “sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability.”

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