FOMC Minutes: December 16th – 17th Meeting

Committee Stresses Importance of Data-Dependent Policy. FOMC views remain consistent with the past despite the change in forward guidance language from “considerable time” to “patient”. The dispersion of the FOMC federal fund rate projections in 2015 narrowed as members’ stances on the start of the first rate increase remains unchanged. FOMC economic outlook is optimistic with main downside risks tilted toward slow growth abroad. The 3 dissenters crossed the hawkish-dovish spectrum, with one arguing for more accommodative policy while others felt the need for a more immediate liftoff

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