Policymakers viewed the current stance of monetary policy as likely to remain appropriate “for a time” provided incoming information remained broadly consistent with the Federal Reserve’s outlook, the minutes from the Federal Open Market Committee’s (FOMC) January 28-29 monetary policy meeting revealed on Wednesday.
The US Dollar Index hasn’t reacted to the publication and was last up 0.25% on a daily basis at 99.69.
Key takeaways
“Policymakers expected economic growth to continue at a moderate pace.”
“Policymakers cited easing of trade tensions, receding risks from Brexit and stabilizing global growth as reducing downside risks but also generally expected trade uncertainty to remain somewhat elevated.”
“Participants agreed threat of coronavirus warranted close watching.”
“Participants expected payroll employment to expand at a healthy pace this year; consumption spending would likely remain on a firm footing.”
“Once reserves reach ample levels regular open market operations would be required over time to accommodate trend growth in Fed’s liabilities and maintain ample reserves.”
“Several participants suggested committee resume ‘before long’ discussion of possibly creating a standing repo facility.”
“Most participants expressed concern that introducing a symmetric inflation range could be misperceived.”
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