The Federal Reserve Board this afternoon made public the notes of the December 15 & 16 meeting of its Open Market Committee, the one where it voted to keep its target rate at flat to a quarter of a percent.
Among the three mentions of “stimulus,” the Fed offers this cautionary statement that it may be necessary to delay asset sales by the government in order to provide further encouragement to a still recovering economy:
A few members noted that resource slack was expected to diminish only slowly and observed that it might become desira- ble at some point in the future to provide more policy stimulus by expanding the planned scale of the Com- mittee�s large-scale asset purchases and continuing them beyond the first quarter, especially if the outlook for economic growth were to weaken or if mortgage market functioning were to deteriorate.
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