Members of the Federal Open Market Committee deemed it necessary to act to promote a stronger economic recovery since progress toward the dual mandate of maximum employment and price stability was termed “disappointingly slow,” with the consensus being it would remain slow, according to minutes of the meeting Nov. 2-3, which were released Tuesday.

“Accordingly, most members judged it appropriate to take action to promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with the committee’s mandate,” the minutes noted.

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