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Mark Thoma provides an overview of the minutes released by the Fed on its last FOMC meeting. He also expresses concern over the divisions within the FOMC. They do not see a big problem with inflation on the horizon and they are very negative on the economic outlook. It appears that the Fed will stay pat, and not increase short term interest rates, but it will end quantitative easing. They don't see how they can do more to improve economic growth and they believe that deflation is no longer a threat.
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