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"Uncertainty surrounding the outlook" rose appreciably and recognized "increase in the downside risks" to growth. FOMC discussed "range of policy tools available to promote a stronger econ recovery" incl forward guidance, more asset buys, increase avg mat'y of holdings, reduce IOER. Some said no tools would likely do much and would risk boosting inflation. Agreed on 2 days for Sept FOMC to discuss. Most thought mon-pol "could contribute importantly to better outcomes"; some saw add'l accommodation needed because unemployment rate is high. Forward guidance seen as "measured response" but a few wanted a more substantial move and accepted the stronger guidance as step in that direction. "Three members dissented because they preferred to retain the forward guidance language employed in the June statement." Rejected conditioning FF rate on explicit numerical values for unemployment or inflation, with arguments on both sides. Most said conditional FF expectation thru mid-2013 provided useful guidance; some noted this did not remove flexibility to adjust later.
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