I thought that was quite evident when Yellen spoke after the meeting, that they were viewing the tax cuts favorably. I was quite surprised by that, given that so many economists were against it. But then again, the track record of economists apparently is dismal.
Minutes of the Federal Open Market Committee
A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, December 12, 2017, at 1:00 p.m. and continued on Wednesday, December 13, 2017, at 9:00 a.m.1 PRESENT: Janet L. Yellen, Chair William C. Dudley, Vice Chairman Lael Brainard Charles L. Evans Patrick Harker Robert S. Kaplan Neel Kashkari Jerome H. Powell Randal K. Quarles Raphael W. Bostic, Loretta J. Mester, Mark L. Mullinix, Michael Strine, and John C. Williams, Alternate Members of the Federal Open Market Committee ... (full story)
Added @ 2:02pm
Tax cuts pushed Fed to raise economic forecast, meeting minutes show
Federal Reserve officials expect reductions in corporate and personal taxes to provide boosts to consumer and business spending, though they remain somewhat unsure of how much impact the recently passed reform effort will have. Minutes released Wednesday from the December Federal Open Market Committee meeting explained the raised economic forecasts released afterwards. Committee members increased their expectations for 2018 GDP growth from 2.1 percent, or about trend since the post-financial crisis recovery, to 2.5 percent. "Most participants indicated that prospective changes in federal tax policy were a factor that led them ... (full story)
- Posted: Jan 3, 2018 2:03pm
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