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The FOMC released its minutes on Wednesday. What were the highlights of the meeting?

Here is their view, courtesy of eFXdata:

CIBC Research discusses its reaction to [Wednesday’s] FOMC minutes from the December meeting.

The minutes of the December FOMC meeting showed no material surprises. Policymakers discussed how to communicate the eventual attainment of substantial further progress towards the goals of achieving full employment and seeing inflation exceed 2% for some time,” CIBC notes.

Accordingly, all participants judged that continuing purchases at least at the current pace was appropriate in December.  Only a couple of participants were open to considering weighting purchases toward longer maturities, although some agreed that could be done in the future if needed to support the economy. Once progress is deemed to have been substantial, a number of participants noted that tapering could begin and that process would follow a sequence akin to what was seen in 2013/14. Since this meeting, fresh fiscal stimulus was passed, something that the Fed had been looking for as the first package began to fade away,” CIBC adds.

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