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Minutes of the FOMC’s November 4-5 meeting showed on Wednesday that policymakers judged immediate adjustments to the pace and composition of asset purchases were not necessary. However, policymakers further noted that circumstances could shift to warrant such adjustments.

Market reaction

The US Dollar Index showed no immediate reaction to the FOMC Minutes and was last seen losing 0.27% on the day at 91.98.

Key takeaways as summarized by Reuters

“Most policymakers who commented on new proposals for release of the summary of economic projections noted that releasing all SEP materials at the time of the post-meeting statement would provide greater context for the policy decision.”

“Policymakers said role of asset purchases had shifted more to supporting employment, inflation goals.”

“Participants generally expected the strength in household spending to continue, especially for durable goods and residential investment.”

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