FOMC Minutes 4-8-09: 'Economy Sucks Big One, Thanks for the 1+ Trillion, Mr Taxpayer'

B

ByLoSellHi

Bernanke & Co. have abandoned any pretense of eloquence and have adopted use of 'street slang.'

http://www.marketwatch.com/news/story/Worsening-economy-forced-FOMCs-hand/story.aspx?guid={2047179C-CC83-4ABE-9B88-9265A1CB25E7}


Worsening economy forced FOMC's hand: minutes
By Rex Nutting
Last update: 2:02 p.m. EDT April 8, 2009

WASHINGTON (MarketWatch) - A significantly worsening economic outlook forced the Federal Reserve's hand in mid-March, leading the Federal Open Market Committee to commit to buy up to $1.25 trillion in long-term assets to goose the economy and prevent a slide into deflation, according to minutes of the March 17-18 meeting released Wednesday. The summary of the meeting indicates little debate among the FOMC members on the question of buying longer-term Treasurys, with the major disagreement coming over how much to buy. All members of the committee agreed that "substantial additional purchases of longer-term assets ... would be appropriate," the minutes said.
 
'Goose' is not to be found in the actual FOMC minutes released by the Fed. The word used was the reporter's, not the committee's... With a punchy name like Rex Nutting (honestly, this sounds like a name for a pornstar, not a financial reporter), I suppose, 'goose' comes all natural-like.
 
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