The US Federal Reserve is keen to revamp its forward guidance about future interest rates but terrified of a market misunderstanding, according to the minutes of its September meeting.
The minutes show an active Fed debate about what to do with its pledge of low rates for a “considerable time” after asset purchases stop in October, but no concrete ideas about how to replace it.
The notes show a Fed that is stuck between dislike for its current guidance – which many officials think is inflexible – and the lack of an alternative that does not hint at tighter monetary policy.
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