Market Was Disappointed by Fed Minutes Not Offering Any Insight

Minutes of the US Federal Reserve’s July meeting revealed few clues about the central bank’s timeline for unwinding its extraordinary efforts to support the US economy.

Officials said they were “broadly comfortable” with plans to scale back the Fed’s $85bn (£54bn) a month bond-buying programme.

However, the timing remains murky.

Almost all agreed a change in the programme was “not yet appropriate” but “a few” favoured swift action.

Fed officials said that recent economic data had been “mixed”, which could indicate that plans to begin the so-called “taper” might be put off if the economy were to weaken.

The central bankers will reconvene on 17 September for a two-day meeting, which will be followed by a press conference by chairman Ben Bernanke.

via BBC

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