FOMC Minutes - 2024-10-08

We think the money quote is: "Participants emphasized that it was important to communicate that the recalibration of the stance of policy at this meeting should not be interpreted as evidence of a less favorable economic outlook or as a signal that the pace of policy easing would be more rapid than participants' assessments of the appropriate path." Instead, the idea was simply to move away from a restrictive policy posture. The only problem is that the members could come to no agreement whatsoever as to how restrictive policy is.