More discussion of normalizing policy was needed and no decisions were made at the Federal Open Market Committee meeting of April 26-27, according to minutes of the meeting released Wednesday by the Fed.

Staff defined the difference between normalizing the stance of the policy  (withdrawing accommodation) and the conduct (draining reserves). Then they determined that first, the panel needed to decide “the extent to which the committee would want to tighten policy, at the appropriate time, by increasing short-term interest rates, by decreasing its holdings of longer-term securities, or both.”

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