Minutes of August 9 FOMC meeting

This was the meeting where the Federal Open Markets Committee virtually locked in 0-0.25% interest rates through 2013. Apparently, there was quite a bit of discussion, with much of it tilted toward more aggressive monetary policy. Here’s the Wordle cloud of the minutes. One of the most common words (larger words represent more frequently used words) used in many of the minutes is “inflation,” and it almost seems used because committee members fear most its opposite, deflation, which is curious by its absence. (Click for a bigger version.)

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