The Federal Open Market Committee (FOMC) minutes were released today from the meeting that ended on December 18. While detailed, not a lot of it was exciting. The biggest point of contention seemed to be around the outlook for inflation: Is below 2% inflation temporary, or not? That will be hashed out at subsequent meetings, but it was pleasant to see consensus about the reduction in the pace of asset purchases. The Committee weighed the marginal costs and benefits, and the ledger seems to favor a gradual diminution in asset purchases.
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