The Federal Reserve released the minutes from its monetary policy meeting earlier this month. Here are a few snippets from the 20-page report, including new projections for the economy in 2010 and beyond. I'll have more from the experts when they weigh in.
On the health of the economic recovery: "The information reviewed at the November 2-3 meeting indicated that the economic recovery proceeded at a modest rate in recent months, with only a gradual improvement in labor market conditions, and was accompanied by a continued low rate of inflation."
On the housing market: "Activity in the housing market remained exceptionally weak. Although sales of new and existing homes turned up in August and September, the still-low level of demand suggested that the payback for the earlier boost to sales from the homebuyer tax credit had not yet faded."
Growth expectations for 2010: "The central tendency of participants' projections of real GDP growth in 2010 was a narrow band from 2.4 to 2.5 per cent, down from 3.0 to 3.5 per cent in June."
And later: "Participants continued to expect a modest pickup in the pace of the recovery over the next couple of years. The central tendency of their projections for output growth in 2011 was 3.0 to 3.6 per cent [revised down from 3.5 to 4.2 per cent, in June] followed by central tendencies of 3.6 to 4.5 per cent in 2012 and 3.5 to 4.6 per cent in 2013."