FOMC Excerpt: Soon Appropriate To Remove Accommodation -Text>

WASHINGTON (MNI) - The following are excerpts from the Federal Open 

Market Committee minutes of the July 31-August 1 meeting, published 

Wednesday:

     "With regard to the medium term, various participants indicated 

that information gathered since the Committee met in June had not 

significantly altered their outlook for the U.S. economy. Many 

participants suggested that if incoming data continued to support their 

current economic outlook, it would likely soon be appropriate to take 

another step in removing policy accommodation. Participants generally 

expected that further gradual increases in the target range for the 

federal funds rate would be consistent with a sustained expansion of 

economic activity, strong labor market conditions, and inflation near 

the Committees symmetric 2 percent objective over the medium term. 

Many participants reiterated that the actual path for the federal funds 

rate would ultimately depend on the incoming data and on how those data 

affect the economic outlook." 

     ** MNI Washington Bureau: (202)371-2121 ** 

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