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FED: April 30-May 1 FOMC minutes: Patient "For Some Time"
- FOMC members said that a patient approach to policy adjustment "would
likely remain appropriate for some time" given moderate economic growth
and muted inflation, even if global conditions improve.
- Many of the participants saw the recent soft measures of inflation as
driven by "idiosyncratic" or transitory factors, particularly apparel and
portfolio management, a sentiment echoed in Chair Powell's comments.
- A few participants felt that firmer policy may be needed if the
economy evolves as expected, but a few others felt that resource
utilization was not as high as data has suggested.
- Several were concerned about inflation expectations being anchored
below 2% if inflation did not show signs of improvement.
- The staff suggested that the FOMC consider tweaking the overnight
repurchase rate (ON RRP) before considering another IOER cut to mitigate
risk of increased take-up at the ON RRP facility.
- A number of participants said risks and uncertainties had moderated
and that financial market conditions had improved since the end of 2018.
- They discussed the long-term portfolio options (short vs
market-comparable), but came to no conclusion and said they would not
need to decide for some time. They also expect to begin strategic
framework discussion in second half 2019.
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