Fed Minutes: 2 Officials Saw Need for Bolder Steps

2:33 PM, Oct 12, 2011   |    comments
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WASHINGTON (AP) -- Federal Reserve policymakers considered a third round of bond purchases at their last meeting, and at least two members said the weakening economy might require it.

In the end, the Fed stopped short of expanding its portfolio of investments. Instead, it opted to shift $400 billion of its investments to try to lower long-term interest rates.

Minutes of the Sept. 20-21 meeting show the two officials, who were not named, were willing to go along with the Fed's policy action because policymakers did not rule out taking further steps.

Last week Fed Chairman Ben Bernanke told Congress the economic recovery "is close to faltering." He said the Fed is prepared to take further steps to support it.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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