Minutes of March 16-17 FOMC meeting reiterated the assessment that it will take “some time” until “substantial further progress” is made towards Fed’s targets. The asset purchases will continue “at least at the current pace” until then. Also, if there would be any changes in the QE program, they would be communicated to the public “well in advance of time”.
“Participants noted that it would likely be some time until substantial further progress toward the Committee’s maximum-employment and price-stability goals would be realized and that, consistent with the Committee’s outcome-based guidance, asset purchases would continue at least at the current pace until then,” the minutes said.
Additionally, “a number of participants highlighted the importance of the Committee clearly communicating its assessment of progress toward its longer-run goals well in advance of the time when it could be judged substantial enough to warrant a change in the pace of asset purchases.”
“The timing of such communications would depend on the evolution of the economy and the pace of progress toward the Committee’s goals.”