FOMC Minutes
FOMC Minutes:
As the Nattering One stated at the time, the post meeting FOMC statement was misinterpreted by the "hook in mouth" media spinsters and Wall Street "intelligentsia" when the phrase "possibility of further firming" was omitted.
This explanation found in todays minutes, sent the market into a tail spin...
The Committee agreed that further policy firming might prove necessary to foster lower inflation, but in light of the increased uncertainty about the outlook for both growth and inflation, the Committee also agreed that the statement should no longer cite only the possibility of further firming.
Instead, the statement should indicate that future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.
Furthermore, the Nattering Ones salient economic points are parroted in the minutes...
Declines in residential construction activity continued to weigh on overall activity, and business investment had softened considerably over the preceding several months, especially in equipment used in the construction and motor vehicle industries.
In addition, recent declines in equity prices and slowing house price appreciation pointed to a modest reduction in households’ wealth-to-income ratio in the first quarter.
...adjusted permit issuance in the single-family sector continued to step down, suggesting that builders were still slowing the pace of new construction to work off elevated inventories.
...tightening of standards for subprime borrowers in recent weeks seemed likely to restrain home sales. House price appreciation had slowed further, with some measures showing outright declines in home values.
Real spending on equipment and software fell in the fourth quarter, and nominal orders for and shipments of nondefense capital goods excluding aircraft posted widespread declines in January, with transportation equipment showing a very large drop.
Alright Nattering One enough already, too much adulation & back slapping you slacker, quit loping the mule, back in the hole maggot... arrrrrgh.
As the Nattering One stated at the time, the post meeting FOMC statement was misinterpreted by the "hook in mouth" media spinsters and Wall Street "intelligentsia" when the phrase "possibility of further firming" was omitted.
This explanation found in todays minutes, sent the market into a tail spin...
The Committee agreed that further policy firming might prove necessary to foster lower inflation, but in light of the increased uncertainty about the outlook for both growth and inflation, the Committee also agreed that the statement should no longer cite only the possibility of further firming.
Instead, the statement should indicate that future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.
Furthermore, the Nattering Ones salient economic points are parroted in the minutes...
Declines in residential construction activity continued to weigh on overall activity, and business investment had softened considerably over the preceding several months, especially in equipment used in the construction and motor vehicle industries.
In addition, recent declines in equity prices and slowing house price appreciation pointed to a modest reduction in households’ wealth-to-income ratio in the first quarter.
...adjusted permit issuance in the single-family sector continued to step down, suggesting that builders were still slowing the pace of new construction to work off elevated inventories.
...tightening of standards for subprime borrowers in recent weeks seemed likely to restrain home sales. House price appreciation had slowed further, with some measures showing outright declines in home values.
Real spending on equipment and software fell in the fourth quarter, and nominal orders for and shipments of nondefense capital goods excluding aircraft posted widespread declines in January, with transportation equipment showing a very large drop.
Alright Nattering One enough already, too much adulation & back slapping you slacker, quit loping the mule, back in the hole maggot... arrrrrgh.
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