- The majority of participants noted the marginal efficacy of QE was declining over time, and a few wanted a larger-than-announced taper in December. However, those concerned about a potential unintended tightening of financial conditions won out and the FOMC ultimately decided to proceed cautiously with the QE exit.
- A few suggested lowering the unemployment rate threshold to 6% from 6.5% to convey the Fed's intention to continuing sticking with ZIRP, but the FOMC decided instead to provide qualitative guidance on how it might react to a range of labor market indicators.
- Full report
FOMC Minutes: Some wanted a quicker pace of tapering
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