FOMC Minutes – A Few Clues in Red and Green

October 14, 2009 2:42 pm

U.S. Federal Reserve Meeting Minutes For September 23

Good and bad news mixed in, but no surprises.

(RED = Negative Views on Economy Green = Positive Views on Economy)

  • Fed Members Said Employment Conditions `Remained Weak’
  • FOMC Members Said Financial Markets `Broadly Positive’
  • FOMC Members Said Housing Activity Rising, Prices Stabilized
  • Fed Members Said Unemployment Unlikely To Fall `Appreciably’
  • Fed Members Expressed Uncertainty On Outlook Without Govt Aid
  • Many FOMC Members Said Consumers Likely To Remain Cautious
  • Most FOMC Members Saw `Substantial’ Labor Slack In Coming Years
  • Many FOMC Members Raised Economic Projections For Second Half
  • Most FOMC Members Thought An Economic Recovery Was Underway
  • Many FOMC Members Said Recovery Likely To Be `Quite Restrained’
  • FOMC: Overall Economic Activity Beginning To Pick Up
  • FOMC Says Gradual Housing Sector Recovery Underway
  • FOMC Discussed Need For Flexibility On Size Of Asset Purchases
  • Some FOMC Members Favored Increasing Limit To MBS Purchases
  • Fed Economists Saw Core Inflation Slowing Over Next Two Years
  • Fed Economists Saw Unemployment Declining To 8% By End Of 2011
  • Fed Economists Saw Unemployment Falling To 9.25% By End Of 2010
  • A Few On FOMC Wanted To Slow Asset Purchases Over Longer Period
  • Fed: Some FOMC Members Wanted To Taper Asset Purchases Quickly

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Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.

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