Afternoon Must-Read: Wall Street Journal Federal Reserve Statement Tracker

Wall Street Journal Federal Reserve Statement Tracker:

Comparing July 30 and September 17, 2014:

Do note that end of the current statement:

Voting against the action were Richard W. Fisher and Charles I. Plosser. President Fisher believed that the continued strengthening of the real economy, improved outlook for labor utilization and for general price stability, and continued signs of financial market excess, will likely warrant an earlier reduction in monetary accommodation than is suggested by the Committee’s stated forward guidance. President Plosser objected to the guidance indicating that it likely will be appropriate to maintain the current target range for the federal funds rate for “a considerable time after the asset purchase program ends,” because such language is time dependent and does not reflect the considerable economic progress that has been made toward the Committee’s goals.

I very much hope that when the 2009 transcripts are released both President Fisher and President Plosser will take advantage of the opportunity to give major speeches explaining why they advocated the policy actions they did in 2009, to what degree they see in retrospect that there advocacy was based on expectations of the then-future that turned out to be erroneous, and how marking their beliefs to market in response to the events of 2009 and thereafter has changed their views on what monetary policy should be in circumstances like today.