FOMC Meeting Minutes: FXWW

From the FXWW Chatroom – FED POLICYMAKERS EXPECTED TO CONTINUE DISCUSSION OF LONG-RUN FRAMEWORK AT UPCOMING MEETINGS -MINUTES
FED POLICYMAKERS CITED SEVERAL POTENTIAL BENEFITS OF TARGETING THE OVERNIGHT BANK FUNDING RATE RATHER THAN THE EFFECTIVE FEDERAL FUNDS RATE -MINUTES
FED SAYS SURVEY OF 51 BANKS SHOWED SENIOR FINANCIAL OFFICERS ON AVERAGE WOULD BE COMFORTABLE HOLDING JUST UNDER HALF THE RESERVE BALANCES THEIR BANKS HAD IN AUGUST
A NUMBER OF POLICYMAKERS SAID THERE WERE POTENTIAL DRAWBACKS TO A REGIME BASES ON ABUNDANT EXCESS RESERVES -MINUTES
FED POLICYMAKERS DISCUSSED ADVANTAGES OF A POLICY FRAMEWORK BASED ON ABUNDANT EXCESS RESERVES; SUCH A REGIME WAS SEEN AS PROVIDING EFFECTIVE TRANSMISSION OF SHORT-TERM MONEY MARKET RATES TO BROADER FINANCIAL CONDITIONS -MINUTES
FED POLICYMAKERS RESUMED DISCUSSION OF POTENTIAL LONG-RUN FRAMEWORKS FOR MONETARY POLICY IMPLEMENTATION; TOPIC LAST DISCUSSED IN NOVEMBER 2016 -MINUTES
A COUPLE OF FED POLICYMAKERS SAID CURRENT POLICY MAY BE NEAR ITS NEUTRAL LEVEL AND FURTHER HIKES COULD UNDULY SLOW THE ECONOMY -MINUTES
FED POLICYMAKERS SAID STATEMENT IN COMING MEETINGS MIGHT NEED CHANGES, PARTICULARLY IN LANGUAGE REGARDING NEED FOR ‘FURTHER GRADUAL INCREASES’ IN RATES -MINUTES
MANY FED POLICYMAKERS SAID IT MIGHT BE APPROPRIATE AT SOME UPCOMING MEETINGS TO BEGIN PUTTING GREATER EMPHASIS ON EVALUATING INCOMING DATA WHEN ASSESSING THE POLICY OUTLOOK -MINUTES
ALMOST ALL FED POLICYMAKERS SAID FURTHER GRADUAL RATE INCREASES LIKELY WARRANTED; A FEW EXPRESSED UNCERTAINTY OVER TIMING OF HIKES -MINUTES

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