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Fed Minutes Offer No New Hints on QE
The Minutes from the June 19-20 FOMC meeting indicate the while the U.S. economy appears to be worsening, there were no hints of when the central bank might take further action in terms of stimulus.
Although the meeting took place prior to the most recent jobs report, the minutes indicate that “a few” members thought more stimulus was still likely necessary.
According to PIMCO’s Bill Gross, if the meeting had been held after the June Nonfarm Payrolls report, the Fed may have offered up a more dovish tone.
The latest minutes noted that "almost all members" again agreed to indicate the FOMC expects conditions to 'warrant exceptionally low levels for the federal funds rate at least through late 2014'.
In addition, the minutes suggested concern that the U.S. economy could weaken significantly if Congress fails to deal with the so-called “fiscal cliff” and avert tax hikes and across-the-board spending cuts that could kick in at the end of the year.
The lack of any hints or additional commentary on potential QE3, which is what the market had been hoping for, is causing a negative reaction in stocks at the present time.
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Other stories on the US Economy to review:
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NFIB Small Business Optimism Index Pulls Back Again
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Jobs Report Disappoints Again in June
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ISM Non-Manufacturing Index Disappoints in June
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ADP Employment Surprises to Upside
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Challenger Planned Job Cuts Best in Year
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Factory Orders BTE in May
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Construction Spending Above Consensus in May
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ISM Manufacturing Plunges in June
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University Of Michigan Sentiment Index Weak in June
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Chicago PMI Headline Improves But...
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US GDP Grew at +1.9% Rate in Q1
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Durable Goods Up for First Time in 3 Mos
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Richmond Fed Index Declines for Third Month
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Consumer Confidence Falls Again in June
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Case-Shiller Home Price Index Improves
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Chicago Fed National Activity Index Falls in May
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Existing Homes Sales Fall But Prices Rises
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LEI Rises in May: Points to "Muddle Through"
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Philly Fed Plunges in June
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Housing Starts Down But Permits Up
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Industrial Production and Capacity Utilization Below
Expectations
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Empire Manufacturing Disappoints in June
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CPI Declines in May
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Business Inventories Above Expectations in April
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Retail Sales Fall Across Board in May
- PPI Shows Inflation Fell at Producer Level in May
S&P 500 - Intraday
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