Fed justifies move to target range

The Federal Open Market Committee (FOMC) shifted from a key rate towards a target range owing to a lack of control over overnight market rates and to highlight the need to step up quantitative easing, the minutes of its December meeting reveal.

The committee also said communication could play a greater role in spurring a return to normality, with members suggesting quantitative targets for bank reserves or the monetary base and a "more explicit" inflation goal.

Voting members of the FOMC

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