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Fed Chair Jerome Powell. Photo: Alex Wong/Getty Images

Minutes from the Federal Reserve's December policy meeting back the trend of continued retreat from tightening monetary policy highlighted yesterday. The minutes did suggest the Fed's policymakers are split between two camps, but those appear to be Dovish and More Dovish.

Details: The minutes showed FOMC members largely agreed that the balance sheet rundown is likely to end in the second half of 2019. Nearly all top officials at the meeting agreed that the central bank should announce "before too long" details of a new plan to stop reducing the balance sheet later this year.

What they're saying: The FOMC meeting minutes included 13 mentions of the word "patient," and according to the minutes, there were a "variety of considerations that supported a patient approach," Yahoo Finance's Heidi Chung notes.

  • Furthermore, "a patient posture would allow time for a clearer picture of the international trade policy situation and the state of the global economy to emerge and, in particular, could allow policymakers to reach a firmer judgment about the extent and persistence of the economic slowdown in Europe and China."

What they're not saying: "The question is still whether to hike or not — we have yet to arrive at the 'when or how much to cut' stage of the cycle," BMO Capital Markets' rate strategist Ian Lyngen said in a note to clients.

  • Lyngen also points out that the word "recession" has been completely absent from the last three minutes, despite the fact that live tracking of the Cleveland and New York Fed's models put the probability of a contraction in the next 12 months between 25% to 30%, near post crisis highs.

Go deeper

Bryan Walsh, author of Future
14 mins ago - Politics & Policy

President Biden faces a deeply broken America

Illustration: Aïda Amer/Axios

As President Biden begins his term in office today, he'll be tasked with leading a country beset with deep, long-term problems.

Why it matters: Though the pandemic has made them worse, existential challenges around inequality, social alienation and political division in the U.S. were in place well before SARS-CoV-2 arrived on American shores. The country's future will depend in large part on whether the choices made over the next four years can flatten the curve of American decline.

Facebook, Instagram transfer accounts, followers to Biden administration

Screenshot of official White House Facebook account.

Facebook on Wednesday confirmed that it is transferring the millions of followers of the official Facebook and Instagram White House accounts to the Biden administration.

Details: The accounts for "@POTUS," "@VicePresident" ("@VP" on Instagram) and "@FLOTUS" are having the followers from their personal Pages and accounts be transferred over. It's unclear when that transition process will be complete.

Updated 43 mins ago - Politics & Policy

Inauguration Day dashboard

Biden delivers his inaugural address on the West Front of the Capitol. Photo by Tasos Katopodis/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden signs executive orders and swears in day one presidential appointees in a virtual ceremony.