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Latest Fed protocol hints that members are considering amendments to the monetary policy, which could result in the central bank pursuing aggressive measures for much longer than its previous strategy.
This is because Fed members are concerned that the current economic recovery is on an extremely uncertain path. For example, they concluded that the rapid employment recovery seen in May and June has slowed, with which a further "significant improvement" in the labor market will depend on a "broad and sustained" business resumption.
Thus, they are close to agreeing on changes to the policy structure, including changes in its periodic statement of long-term goals and monetary policy strategy.
Fed officials "agree that clarifying the statement could help increase transparency and accountability in monetary policy," the minutes said.
"Participants noted that the statement of long-term goals and strategy for monetary policy serves as the basis for the political action of the Committee and that it will be very important to complete all changes in the statement in the near future".
All committee members decided to reconsider their approach to politics until 2018, when they worried that low inflation and low interest rates around the world meant they would need stronger instruments than before to deal with future recessions.
At the July meeting, all 10 committee members agreed to keep the target range of short-term rates from 0% to 0.25%, which was set from March 15.
One of the politicians, Minneapolis Fed President Neil Kashkari, lobbied for new nationwide isolation, trading short-term economic problems for a faster end to the pandemic.
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