FOMC Meeting Minutes: Fed’s Boundaries of “Patient” Expand with Uncertainty on Inflation

The central piece of the FOMC January meeting minutes, the policy planning discussion, revealed participants’ debate regarding the earlier vs. later date of policy firming. The discussion had many participants “inclined toward keeping the federal funds rate at its effective lower bound for a longer time.” Only some participants were concerned that the policy rate may “have already been kept at its lower bound for a sufficient length of time, and that it might be appropriate to begin policy firming in the near term.”

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