Tuesday, October 09, 2007

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

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