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Fed dropped jobless target in secret meeting

from Silver Phoenix 500:

Washington (Apr 9) Federal Reserve officials had a secret video conference call in early March and reached a general consensus that the 6.5% unemployment rate threshold for the first rate hike was outdated, the central bank said Wednesday.

A summary of the video conference was included in the minutes of the Fed’s March 18-19 meeting released by the Fed. The central bankers were clearly worried that changing the forward guidance would impact markets.

They noted that, going into the video conference, the central and the markets were on the same page about the outlook for short-term interest rates.

Read More @ Silver-Phoenix500.com

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