Fed Minutes Show Disappointment With Growth
Source: NYT
Federal Reserve officials agreed at a meeting in June that unemployment would remain elevated for another five to six years, but most did not regard that as a reason for the Fed to expand its efforts to stimulate growth, according to an official account published Wednesday.
The account said that “a few” of the 12 officials who vote on Fed policy thought further measures, like bond purchases, “likely would be necessary to promote satisfactory growth.” It added that several other officials were willing to consider such measures if economic conditions took a turn for the worse.
The Fed expected slow growth this year, but the account of the June meeting — released by the central bank after a standard three-week delay — suggested that officials were disappointed by recent economic data. Several officials said that “a variety of indicators showed smaller gains than had been anticipated.”
They also remained concerned about the potential fallout from a crisis in Europe, which the account identified as the primary risk to near-term growth.
Read more: http://www.nytimes.com/2012/07/12/business/economy/federal-reserve-officials-show-disappointment-with-growth.html
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