Midday Update: Release of FOMC Minutes

The markets have been vascillating between flat and up a touch most of the day. The FOMC minutes were just released, and after a brief dip the markets are again in positive territory.

Here is a summary of the comments from the last FOMC meeting:

• Fed says without cut, tighter credit, housing slump could weaken output, employment
• Half-point cut appropriate to help offset effects of tighter financial conditions
• Fed says given financial shock, outlook for economic activity highly uncertain,risks skewed to downside
• Fed sought to avoid balance of risks' statement on Sept 18
• Fed says more confident decline in inflation would be sustained
• Fed cited 'some concern' about effectiveness of Aug. 17 action