Biden's stimulus plan went beyond what the Fed expected

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a more optimistic outlook

"The size of the ARP exacted in March was considerably larger than what the staff had assumed in the January projection," the meeting minutes showed. "The state of the economy in two to three years is highly uncertain and I wouldn't want to focus too much on the timing of potential rate increase that far into the future," he added.

Those fearing an unexpected pullback in Fed support can find solace in the FOMC minutes. Several meeting participants emphasized the importance of giving markets clear communication of how the central bank is assessing progress toward its goals, the minutes showed. The Fed will indicate"well in advance" when it is considering a change in its asset purchase plan, the minutes added.

 

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