SinceJuly, asthe USgrowthoutlook slowedwith a more intensefiscaldrag, the Fed has signalledeasierpolicywithquantitativeeasing proposed to stem steadydisinflation.
That resistance might already be waning, though, with Kocherlakota giving a speech on Tuesday, just before the minutes were released, in which he noted disinflation could be around the corner and further policy accommodation would be helpful in that scenario. (Read Risky Business: Bernanke Fed Should Buy More MBS).