FOMC Minutes

Posted: August 26, 2008 at 2:07 pm by Chuck

This is old news, but I did find the mention of "next rate move as tightening" pretty funny. I’ll believe that when I see it!

MINUTES OF AUG FOMC MEETING: GENERALLY SEE NEXT RATE MOVE AS TIGHTENING, VOICED CONCERN ABOUT SLOWING CONSUMER, CONCERNED INFLATION WOULD NOT RECEDE INTO 2009
- Say markets are fragile, raising capital dificult for banks
- Divided over inflation risks rising or falling
- Sees pressure remaining on GSEs, investors less worried
- Noted that exports caused a big stimulus, but are seen as possibly waning in the future
- Staff Lowered GDP forecast in 2H08 and 2009<