Fed held unscheduled video conference

Nov. 23, 2010 at 5:16 PM
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WASHINGTON, Nov. 23 (UPI) -- The U.S. Federal Reserve said policymakers held a video conference Oct. 15, an unscheduled meeting before its controversial Nov. 3 gathering.

In meeting minutes released Tuesday, the Fed said, "The agenda (for Oct. 15) did not contemplate any policy decisions and none were taken."

Policymakers, instead, discussed how to communicate objectives, as "greater public understanding of the committee's interpretation of its statutory objectives would contribute to better macroeconomic outcomes."

The Fed announced Nov. 3 it would increase purchases of long-term treasury bonds by $600 billion, which was widely criticized abroad as a method to undervalue the U.S. dollar to give exports a price advantage. Conservatives in Washington criticized the maneuver as it comes with the risk of sparking inflation.

The Fed has said the quantitative easing program would be used to add liquidity to the U.S. economy, which the Fed called "disappointingly slow."

In the October meeting, policymakers "discussed whether it might be useful for the chairman to hold occasional press briefings to provide more detailed information to the public."

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