Minutes of the FOMC’s September 15-16 meeting showed on Wednesday that participants noted that the incoming data revealed that economic activity was recovering faster than expected from its depressed second-quarter level.
“Participants noted that business investment, which had plummeted in the second quarter, appeared to have begun to turn around.”
“Although business contacts indicated that overall business activity had been stronger than they expected, it remained well below pre-pandemic levels.”
“Several participants agreed it was appropriate to incorporate key elements of the consensus statement into the post-meeting statement, they preferred to retain forward guidance similar to that provided in recent FOMC statements.”
“Many participants said their outlook assumed additional fiscal support.”