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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.

Key takeaways

“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.”