The market has ripped higher since the November 5th FOMC statement (helped by vaccine hype and election hope) and it seems from the Minutes that there is some disagreement in the central planning ranks.
The key sentence in the well-managed Minutes was:
“Many participants judged that the Committee might want to enhance its guidance for asset purchases fairly soon.”
Many Fed officials saw bond-buying as insuring against risks…
“Most participants favored moving to qualitative outcome-based guidance for asset purchases that links the horizon over which the Committee anticipates it would be conducting asset purchases to economic conditions.”
But there was disagreement…
“A few participants were hesitant to make changes in the near term to the guidance for asset purchases and pointed to considerable uncertainty about the economic outlook and the appropriate use of balance sheet policies given that uncertainty.”