Minutes shows 'several' FOMC participants to....>

FED: Minutes shows 'several' FOMC participants wanted to begin 

ending reinvestments at from July 25-26 meeting, while 'most preferred 

to defer that decision until an upcoming meeting while accumulating 

additional information on the economic outlook and developments 

potentially affecting financial markets,' without saying what such 

developments might be (debt ceiling, maybe). Among voters, 'several' 

expected limited fin mkt reaction to beginning the balance sheet 

reduction plan. On rates, 'some' wanted more info to assess likelihood 

low infl was 'transitory' before another rate hike. 'Some other 

participants' cautioned a delay in removing accommodation risks 

overshooting inflation 'that would likely be costly to reverse.' Many 

participants said low infl 'probably reflected idiosyncratic factors.' 

Still, most expected inflation to pick up over the next couple of years 

from current low level and stabilize around 2% target. 'A number' of 

FOMC participants said hike would depend on fin conditions, and among 

considerations is the current downward pressure on l-term yields b/c of 

lg balance sheet.