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Minutes outline possible exit procedures but immediately backtrack by saying Fed is "prepared to make adjustments to its exit strategy if necessary in light of economic and financial developments" - and indeed key data has weakened since the meeting. Bernanke's testimony Wed-Thur should explain this; note that prior released central-tends already showed weaker outlook. Mins say employment situation disappointed, show Greek worries about exposure here; also a number of members had inflation worries, but most said inflation bump-ups were transitory. FOMC had 'prudent planning' session on exit, said this did not mean it will begin soon, but outlined exit. 'Some' talked about add'l accommodation; 'others' saw less slack in slow growth/high inflation; several said labor mkt needs to reallocate and this reduces potential output, arguing that withdrawing accommodation could
begin sooner than expected under stagflation. 'A few' expressed uncertainty about efficacy of mon-policy but disagreed on implications. So FOMC remained split about moving forward.
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