(by Half Dollar) The Fed just released the minutes from its latest FOMC meeting.
For those with iron stomachs, here are the minutes (excerpts below, bold and bold added for emphasis):
Review of Monetary Policy Strategy, Tools, and Communication Practices
Participants continued their discussion related to the ongoing review of the Federal Reserve’s monetary policy strategy, tools, and communication practices. At this meeting, they discussed potential changes to the Committee’s Statement on Longer-Run Goals and Monetary Policy Strategy. Participants agreed that, in light of fundamental changes in the economy over the past decade—including generally lower levels of interest rates and persistent disinflationary pressures in the United States and abroad—and given what has been learned during the monetary policy framework review, refining the statement could be helpful in increasing the transparency and accountability of monetary policy. Such refinements could also facilitate well-informed decisionmaking by households and businesses, and, as a result, better position the Committee to meet its maximum-employment and price-stability objectives. Participants noted that the Statement on Longer-Run Goals and Monetary Policy Strategy serves as the foundation for the Committee’s policy actions and that it would be important to finalize all changes to the statement in the near future.
In their discussion of monetary policy for this meeting, members agreed that the coronavirus outbreak was causing tremendous human and economic hardship across the United States and around the world. Following sharp declines, economic activity and employment had picked up somewhat in recent months but remained well below their levels at the beginning of the year. Consumer price inflation was being held down by weaker demand and significantly lower oil prices. Overall financial conditions had improved, in part reflecting policy measures to support the economy and the flow of credit to U.S. households, businesses, and communities. Members agreed that the Federal Reserve was committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
Good thing none of the “tremendous harm and economic hardship” was caused by the Fed or Government!
Regardless, gold & silver took it on the chin when the minutes were released:
In other news, well, there’s this slap on the wrist:
If anyone is deserving of “reparations” in this world, it’s Gold Bugs, and especially Silver Bugs.