"What The Fed Really Said" - Hilsenrath's FOMC Cliff Notes (In Under 4 Minutes)

It is somewhat gratifying that Jon Hilsenrath, who obviously had the full FOMC minutes well in advance, and certainly was in compliance with the embargo (because no journalist ever break that), waited a whopping 4 minutes before releasing his annotated cliff Notes of what Bernanke really said.

From the WSJ, just Hilsy's highlights without the referenced pasages:

• FED STAFF A TAD MORE PESSIMISTIC ABOUT THE NEAR TERM ECONOMY, BUT STICKS TO ITS GUNS
• FED OFFICIALS ALSO SHOWED SOME ANGST ON THE ECONOMY
• FED OFFICIALS UNCONVINCED ABOUT LABOR MARKET IMPROVEMENTS
• MIXED VIEWS ON LOW INFLATION
• FED OFFICIALS THOUGHT THE MARKET HAD IT ABOUT RIGHT IN LATE JULY
• MIXED VIEWS ON THE DAMAGE OF RATE BACKUP
• NO CHANGE IN THE STANCE ON BOND BUYING
• OFFICIALS DECIDED THEY HAD ALREADY SAID ENOUGH
• CHANGES IN INTEREST RATE GUIDANCE ARE ON THE TABLE
• OFFICIALS CONSIDERED PATIENCE IN UNWINDING BOND PROGRAM