{"id":113257,"date":"2021-02-17T20:28:16","date_gmt":"2021-02-17T20:28:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113257"},"modified":"2021-02-17T20:28:16","modified_gmt":"2021-02-17T20:28:16","slug":"fed-officials-see-economy-far-from-where-it-needs-to-be-meaning-easy-policy-wont-change-soon-minutes-show","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/fed-officials-see-economy-far-from-where-it-needs-to-be-meaning-easy-policy-wont-change-soon-minutes-show\/","title":{"rendered":"Fed officials see economy &#x27;far from&#x27; where it needs to be, meaning easy policy won&#x27;t change soon, minutes show"},"content":{"rendered":"<ul>\n<li>Minutes from the January Fed meeting showed that officials see the economy \u201cfar from\u201d the central bank\u2019s goals.<\/li>\n<li>Those objectives include a \u201cbroad and inclusive\u201d labor market recovery and inflation up to at least 2%.<\/li>\n<li>The meeting summary said it likely will \u201ctake some time for substantial further progress to be achieved,\u201d meaning policy is unlikely to change soon.<\/li>\n<\/ul>\n<p>Federal Open Market Committee members at their most recent gathering reaffirmed that the central bank will be keeping policy loose well into the future, according to meeting minutes released Wednesday.<\/p>\n<p>With the economy continuing to shake off the effects from the Covid-19 pandemic, the committee, which sets monetary policy for the Federal Reserve, kept policy unchanged.<\/p>\n<p>That meant holding benchmark short-term borrowing rates near zero and maintaining the minimum $120 billion of asset purchases each month.<\/p>\n<p>In a discussion over the Fed&#x27;s asset purchase program and interest rate policy, the minutes indicated little chance for a change anytime soon.<\/p>\n<p>&quot;Participants noted that economic conditions were currently far from the Committee&#x27;s longer-run goals and that the stance for policy would need to remain accommodative until those goals were achieved,&quot; the meeting summary said. &quot;Consequently, all participants supported maintaining the Committee&#x27;s current settings and outcome-based guidance for the federal funds rate and the pace of asset purchases.&quot;<\/p>\n<p>Heading into the meeting, investors had been looking for discussion about when the FOMC might start tapering the pace of its bond buying, or quantitative easing. The post-meeting statement made no mention of the talks, and Fed Chairman Jerome Powell said afterwards that the Fed likely would keep policy accommodative.<\/p>\n<p>Members noted that the QE program, which has taken the Fed&#x27;s balance sheet to nearly $7.5 trillion, &quot;had materially eased financial conditions and was providing substantial support to the economy.&quot;<\/p>\n<p>The deliberations come amid concerns central bank officials have over the pace of recovery. Of particular focus is the goal of a &#x27;broad and inclusive&quot; labor market recovery, across racial, gender and income lines.<\/p>\n<p>The post-meeting statement noted that the speed of economic activity and improvements in the labor market has &quot;moderated in recent months.&quot; The minutes helped amplify Fed sentiment in that regard.<\/p>\n<p>&quot;With the economy still far from those goals, participants judged that it was likely to take some time for substantial further progress to be achieved,&quot; the summary stated.<\/p>\n<p>Since the meeting, Fed officials have been virtually unanimous in saying they don&#x27;t expect significant policy changes until more progress is made towards the central bank&#x27;s enhanced goal for the labor market. Powell and others have stressed that they won&#x27;t start raising interest rates to head off inflation, but rather will wait for actual price pressures to show up before tightening policy.<\/p>\n<p>&quot;In terms of tapering, it&#x27;s just premature. We just created the guidance. We said we wanted to see substantial further progress toward our goals before we modify our asset purchase guidance,&quot; Powell said at his post-meeting news conference.<\/p>\n<p>The minutes noted that asset prices are &quot;elevated&quot; and said that vulnerabilities associated with household and business borrowing levels are &quot;notable.&quot; Officials also said some money market and open-ended mutual funds face &quot;significant vulnerabilities associated with liquidity transformation.&quot;<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/17\/federal-reserve-releases-minutes-from-its-january-meeting.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minutes from the January Fed meeting showed<\/p>\n","protected":false},"author":3,"featured_media":113256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fed officials see economy &#x27;far from&#x27; where it needs to be, meaning easy policy won&#x27;t change soon, minutes show - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/fed-officials-see-economy-far-from-where-it-needs-to-be-meaning-easy-policy-wont-change-soon-minutes-show\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed officials see economy &#x27;far from&#x27; where it needs to be, meaning easy policy won&#x27;t change soon, minutes show - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Minutes from the January Fed meeting showed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/fed-officials-see-economy-far-from-where-it-needs-to-be-meaning-easy-policy-wont-change-soon-minutes-show\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-17T20:28:16+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cfntalkfoto106806110-1607033432903-gettyimages-1229920923-US-WASHINGTON-DC-FEDERAL-RESERVE-BEIGE-BOOK.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/fed-officials-see-economy-far-from-where-it-needs-to-be-meaning-easy-policy-wont-change-soon-minutes-show\/\",\"url\":\"https:\/\/precoinnews.com\/business\/fed-officials-see-economy-far-from-where-it-needs-to-be-meaning-easy-policy-wont-change-soon-minutes-show\/\",\"name\":\"Fed officials see economy &#x27;far from&#x27; 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