Important passages from fed minutes show officials pointed to torn

Federal Reserve 17-18 Policy fought officials with a decision with its $85 billion per month bond-buying program at their Sept. meeting, minutes of the meeting showed after press the front. Officials understand that many market participants have expected to pull the program back, but they feared, that the economic data were not meet expectations that became threats, on the financial markets and in Washington, financial policy and that she could confuse the matter even further when she started to wind the program in the face of this uncertainty.

Despite their anxiety, many officials still busting to begin the program this year and finish it next year.

The following are the most important passages from the log:

WHAT HELD BACK THE FED AT ITS LAST MEETING? RISKS ON THE HORIZON, IT WAS A FACTOR:

"Questions about the impact on the housing sector and the broader economy, the tightening in financial conditions in recent months, as well as about the significant risks that make fiscal policy."

FED OFFICIALS WORRY THEY SPARK COULD BE EVEN TIGHTER FINANCIAL CONDITIONS, WHEN THEY ACTED. A KEY PHRASE IS "RISK MANAGEMENT", MEANING THAT SHE WANTED TO AVOID TO TAKE THE RISK AT AN UNCERTAIN TIME:

"The announcement of a fall of purchases in this session may trigger, an additional, unwarranted tightening of financial conditions, perhaps because such message markets as signaling Committee on risk appetite, despite recent mixed data, very accommodative policy would read a first step towards phasing out their. "Because of such concerns, a number of participants thought that called risk management considerations for a cautious approach and with regard to the ambiguous performers of the last readings on the economy, it would be advisable, to await further progress before purchases reduce the pace."

OFFICIALS MERCHANDISE VERY WORRIED, AS THE MARKETS A DECISION NOT TO ACT DIGNITY OF COMPANY WITH:

"With many external observers expected a decision to reduce orders at this meeting, said some participants must the reasons for a decision not to do to avoid rate increase a message of pessimism about the Economic Outlook or the distinction between decisions about the pace of the purchases and the federal funds clear to communicate."

MORE CONCERNED ABOUT THE FED COMMUNICATIONS:

"In terms of the mixed data recently including inflation readings that long-term goal, and the worry about short-term fiscal uncertainties, remained below the Committee gave some members, that they expect more evidence that their expectation of continuous improvement would be achieved. "But with the financial markets appear to expect a reduction on purchases at this meeting, were concerns about the effectiveness of FOMC communication if the Committee do not this step."

IT WAS PRETTY CLOSE:

"The various aspects decided to speed purchases at this meeting a relatively close call an unchanged to maintain."

MOST OFFICIALS WANT BUT STILL WERE THE PROGRAM WIND DOWN UNTIL NEXT YEAR, ACCORDING TO THE PROJECTIONS, YOU BEFORE OF THE MEETING PUT FORWARD, WHICH PUBLISHED PROTOCOLS:

"Most participants judged likely to start, that the pace to reduce the Committee's purchases of longer-term securities this year and purchases finally attached in the middle of 2014."