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FED: FOMC minutes from Sept 25-26 meeting show that participants
"generally agreed" that gradual increases in the funds rate would be
consistent with expected econ and inflation expansion, with a few noting
that policy would need to "become modestly restrictive for a time" and a
number of others suggesting it would be necessary to raise the funds
rate above the longer-term estimate to reduce the risk of a sustained
- A couple of participants were not in favor of a restrictive policy
unless there were signs of overheating economic conditions or rising
- "Almost all" participants agreed it was appropriate to remove
"accommodative," indicating the removal would not suggest a change in
the expected path of policy as the current fed funds rate remains below
the long-term estimate.
- They noted that waiting until the FFR is higher to alter the statement
would "convey a false sense of precision in light of the considerable
uncertainty surrounding all estimates of the neutral federal funds rate."
They noted that estimates of the neutral rate are only one of many
factors they take into account when making decisions.