Instant View: U.S. Fed meeting minutes offer few clues on QE3
NEW YORK (Reuters) - Only a few Federal Reserve policymakers thought it would soon be time to "slow somewhat" the pace of the central bank's bond-buying at a meeting last month, while others emphasized patience in deciding when to start to wind down the stimulus program.
Minutes of the U.S. central bank's July 30-31 meeting, released on Wednesday, showed that almost all of the 12 members of the policy-making Federal Open Market Committee agreed a change to the stimulus was not yet appropriate.
TODD SCHOENBERGER, MANAGING PARTNER AT LANDCOLT CAPITAL IN NEW YORK:
"The Fed is creating a bit of drama with some of the language, saying it 'could' be time to taper. That's irresponsible. How can we justify tapering when GDP growth is still so low? It seems the Fed is under immense pressure to begin tapering, rather than doing it for macro reasons. It doesn't seem like the economy is ready for tapering, and this makes me a bit concerned."
STOCKS: U.S. stocks hit session low
BONDS: U.S. bond prices fell, 10-year notes yield rose to 2.85 percent
FOREX: The dollar extended gains versus yen and euro
(Americas Economics and Markets Desk; +1-646 223-6300)
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