Minutes from the FOMC meeting that took place in January has just been released. The publication did not bring much surprise, however triggered some moderate moves on the markets. Fed policymakers reinforced that it would soon be appropriate to raise the target range for the federal funds rate and continue to reduce the monthly pace of the Committee's net asset purchases, bringing them to an end in early March, minutes from the last FOMC meeting showed. Specifically, beginning in February, the Fed will increase its holdings of Treasury securities by at least $20 billion per month and of agency MBS by at least $10 billion per month.
Here are key takeaways from the document:
- Most participants preferred that the committee's net asset purchases continue ot be reduced in accordance with the schedule announced in December, with purchases coming to an end earl March
- Most policymakers believe that a faster rate of increase in the federal fund rate target range than in the post-2015 period would be justified.
- Net asset purchases could be completed soon
- Some members wanted to end the QE program early, but on the other hand, some members believe the policy could be tightened too much
- Several members see grounds for a return to disinflationary pressure
- As for the reduction of QE - funds from the sale of MBSs could be reinvested in government bonds (comments from some members)
- Inflation should decline in the medium term, but long-term expectations remain high
The market reaction is moderate, the EURUSD currency pair is rising slightly, and US indices are also move slightly higher. Source: xStation5
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