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FED: October 29-30 4 FOMC minutes: "Material Reassessment"
- FOMC members said that a patient approach to policy adjustment is 
likely, and "policy was not on a preset course and could change if 
developments emerged that led to a material reassessment of the 
economic outlook."
- Many officials see rates steady after October cut, barring "material 
- Participants agreed that the labor market had remained strong,
economic activity had risen at a moderate pace, and inflation reaching 
the symmetric 2% objective is the most likely outcome. 
- Participants also said risks to the economic outlook remained tilted 
to the downside, while some risks have eased a bit including trade 
- Several participants noted a modest easing of policy would align the 
target range with a variety of indicators and estimates including the 
netral rate of interest and the slope of the yield curve. 
- Members said a standing repo facility would be useful but faces 
concerns over stigma, where to set rates, and whether a facility would 
increase the risk that some institutions may take on an undesirably high 
amount of liquidity risk. 
- Members on Oct 4 call discussed the repo markets with some suggesting 
boosting reserves to the early-September amount, others suggesting 
higher levels, and some suggesting a standing repo facility. Other 
participants suggested a broad discussion on the factors that affect the 
level and volatility of reserves. Members expressed concern about the 
year-end and April 2020 tax season, with associated reductions in 
reserves around that time.  

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