FOMC minutes will likely not tell which way

While we await the FOMC minutes from the meeting of 3 weeks ago to try to glean some clues on how the committee will act on Sept 13th, I think we’re not going to get much. Over the past few weeks in speeches we heard from non voting member Rosengren and voting member Williams who both want more QE. Fisher, a non voting member, said no mas and Lockhart yesterday said he’s still thinking about it. This will likely be what we see in the minutes, some who want more QE, some who don’t and others that are wait and see. It’s also very possible that Bernanke next Friday doesn’t tip his hand either way as he may want to wait to see the Aug payroll report in Sept before committing.

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