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Smooth Passage Of Supply


Tepid Demand For Yen


(Z1) Strong Weekly Close


Market Closure

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  • Participants generally saw the current elevated level of inflation as largely reflecting factors that were likely to be transitory but judged that inflation pressures could take longer to subside than they had previously assessed.
  • Members also noted that the Committee was prepared to adjust the pace of purchases if warranted by changes in the economic outlook and agreed that the postmeeting statement should say so.
  • Various participants noted that the Committee should be prepared to adjust the pace of asset purchases and raise the target range for the federal funds rate sooner than participants currently anticipated if inflation continued to run higher
  • Very little - if any - market response to the minutes - USD Index holds day's gains, with US10yy at around the midpoint of the day's range at 1.6531% last. Daly's speech earlier today seen as far more current than today's minutes, with the SF Fed Pres arguing that a case can be made for accelerating a taper at the December meeting.