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.
[3]
From the WSJ [4], 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