Federal Reserve Minutes: FOMC Split On September QE Taper

Minutes released on Wednesday from the Federal Reserve's latest policy meeting in July revealed FOMC members were split on scaling back on stimulus in September and provided no clear signal on when the central bank would begin to taper its $85 billion-a-month bond-buying program.The minutes from the July 30-31 meeting show “almost all” FOMC members agreed that a change in the purchase program was not yet appropriate. However, one member said improvement in the labor market was an important reason for the Fed to reduce its asset purchases in the near future.The minutes also showed labor market indicators in the near term were mixed, and that a few members emphasized the importance of being patient and evaluating additional information on the economy before deciding on any changes to the pace of bond purchases.“Almost all participants confirmed that they were broadly comfortable with the characterization of the contingent outlook for asset purchases that was presented in the June post meeting press conference and in the July monetary policy testimony,” the minutes said.The Dow Jones industrial average fell 8.61 points, or 0.06 percent, at 14,994.38. The S&P 500 Index was up 2.56 points, or 0.15 percent, at 1,654.90. The Nasdaq Composite Index was down 12.07 points, or 0.33 percent, at 3,625.30.