The Federal Open Market Committee (FOMC) released the minutes of its June 22 and 23 meeting on Wednesday, July 14. The new report – the first to fully reflect the recent events in Europe and more mixed economic data in the United States – contained few surprises. As expected, the Committee downgraded its central tendency projections for domestic economic growth and for the job market.

The Committee also expressed renewed concerns about the need for further monetary policy intervention should the nascent recovery falter in the coming months. Of course, the notion that central bankers “would need to consider whether further policy stimulus might become appropriate if the outlook were to worsen appreciably” is textbook macroeconomics rather than a case of policy innovation.

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