FOMC Minutes July 28-29th: Fed narrows its focus on policy guidance and asset purchases

Summary

Fed uses July meeting to discuss policy options as the strategy shifts from “stabilization to accommodation”. Most members continue to view the outlook as extremely uncertain.

Key points

• Key points:
• FOMC close to announcing new policy framework
• Yield Curve Targeting lacks broad appeal on committee
• Enhanced guidance and balance sheet remain preferred tools

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