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Stronger In a Range

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Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

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Bearish Risk Growing

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Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

WASHINGTON (MNI) - The following is an excerpt from the Federal Open 
Market Committee minutes of the September 25 - 26 meeting, published 
Wednesday:
     Almost all considered that it was also appropriate to revise the 
Committees postmeeting statement in order to remove the language 
stating that the stance of monetary policy remains accommodative. 
Participants discussed a number of reasons for removing the language at 
this time, noting that the Committee would not be signaling a change in 
the expected path for policy, particularly as the target range for the 
federal funds rate announced after the Committees meeting would still 
be below all of the estimates of its longer-run level submitted in the 
September SEP. In addition, waiting until the target range for the 
federal funds rate had been increased further to remove the 
characterization of the policy stance as accommodative could convey a 
false sense of precision in light of the considerable uncertainty 
surrounding all estimates of the neutral federal funds rate. 
***
     With regard to the postmeeting statement, members agreed to remove 
the sentence indicating that the stance of monetary policy remains 
accommodative. Members made various points regarding the removal of the 
sentence from the statement. These points included that the 
characterization of the stance of policy as accommodative had provided 
useful forward guidance in the early stages of the policy normalization 
process, that this characterization was no longer providing meaningful 
information in light of uncertainty surrounding the level of the neutral 
policy rate, that it was appropriate to remove the characterization of 
the stance from the Committees statement before the target range for 
the federal funds rate moved closer to the range of estimates of the 
neutral policy rate, and that the Committees earlier communications had 
helped prepare the public for this change. 
     ** MNI Washington Bureau: (202)371-2121 ** 
[TOPICS: MMUFE$,M$U$$$,MT$$$$]