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Expand chart
Data: Federal Reserve; Chart: Axios Visuals

Minutes from the Fed's July policy meeting were released Wednesday and policymakers' dour outlook suggests that more easing and stimulus could be on the way, strategists who closely watch the central bank say.

Why it matters: More liquidity from the Fed could mean more gains for stock and bond prices and further erosion of the dollar.

The backdrop: The Fed has tapered off its quantitative easing bond-buying program and additions to its balance sheet in recent months as credit markets have smoothed and the S&P 500 has risen back to record highs.

  • But worries about a languishing economy, a lack of action from Congress and rising long-dated bond yields could spur action.

What they said: "Noting the increase in uncertainty about the economic outlook over the intermeeting period, several participants suggested that additional accommodation could be required," the minutes noted.

  • The Fed's staff also warned "that a more pessimistic projection was no less plausible than the baseline forecast."

Between the lines: Analysts at TD Securities said they "continue to expect the Fed to ease in September."

  • "The Fed's failure to pre-commit left markets disappointed today, but we don't think easing has been ruled out."
  • "We believe that forward guidance will be strengthened and QE purchases will occur in the long end."

Go deeper

Dion Rabouin, author of Markets
Oct 26, 2020 - Economy & Business

Where stimulus is needed most

Data: U.S. Census Household Pulse Survey; Chart: Axios Visuals

The Census Bureau's latest survey of Americans' forward-looking economic expectations found a particularly dour outlook.

Details: Three of the country's four most populous states expect to see at least one in four citizens lose some employment income in the next four weeks.

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Axios Re:Cap digs into what hospitals have, and what they still need, with Lloyd Dean, CEO of CommonSpirit Health, one of America's largest operators of hospitals and health clinics.

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