There are two ways t look at the recent FED minutes. One is in terms of the economy and the other in terms of how the market will react. For this entry, let’s have some fun and look at it both ways. On the top is the view from an economic standpoint and on the bottom is the stock markets….

Green or Red, depending on how good or bad it appears for each…(black in neutral)

Economic Outlook

1. Many On FOMC Saw Too-Low Inflation Arguing For Asset Purchases
2. FOMC Members: Any New Accommodation Hinges On Future Economy
3. FOMC Members Saw Clear Communication Important To Any Easing
4. FOMC Members Weighed Targeting Path For Level Of Nominal GDP
5. FOMC Members Reviewed Best Means To Calibrate Asset Purchases
6. Some On FOMC Said Economic Benefits Of Purchases May Be `Small’
7. Many On FOMC Noted Too-Slow Growth As Arguing For Buying Assets
8. FOMC Members Saw Inflation Expectations Had Changed Little
9. FOMC Members: Accommodation May Be `Appropriate Before Long’
10. FOMC Participants Saw `Only Small Odds Of Deflation’
11. FOMC Members Saw `Subdued’ Underlying Inflation
12. Most FOMC Members Saw Inflation `Somewhat Below’ Fed’s Mandate
13. FOMC Members Said Jobs Mismatch Pushed Up Unemployment Rate
14. FOMC Members: Credit Problems `Appeared To Have Mostly Peaked’
15. FOMC Participants Said Housing Remains `Very Weak’
16. A Number Of FOMC Members Saw Risk Of Potential Economic Shocks
17. FOMC Members: Low Household, Business Confidence Curb Growth
18. FOMC Members Expected Growth To Pick Up `Gradually’ In 2011
19. FOMC Members Said Economy Unlikely To Re-Enter A Recession
20. FOMC Members Agreed Output, Employment Rising `Only Slowly’

Stock Market/Investors take:

1. Inflation Arguing For Asset Purchases
2. FOMC Members: Any New Accommodation Hinges On Future Economy
3. FOMC Members Saw Clear Communication Important To Any Easing
4. FOMC Members Weighed Targeting Path For Level Of Nominal GDP
5. FOMC Members Reviewed Best Means To Calibrate Asset Purchases
6. Some On FOMC Said Economic Benefits Of Purchases May Be `Small’
7. Many On FOMC Noted Too-Slow Growth As Arguing For Buying Assets
8. FOMC Members Saw Inflation Expectations Had Changed Little
9. FOMC Members: Accommodation May Be `Appropriate Before Long’
10. FOMC Participants Saw `Only Small Odds Of Deflation’
11. FOMC Members Saw `Subdued’ Underlying Inflation
12. Most FOMC Members Saw Inflation `Somewhat Below’ Fed’s Mandate
13. FOMC Members Said Jobs Mismatch Pushed Up Unemployment Rate
14. FOMC Members: Credit Problems `Appeared To Have Mostly Peaked’
15. FOMC Participants Said Housing Remains `Very Weak’
16. A Number Of FOMC Members Saw Risk Of Potential Economic Shocks
17. FOMC Members: Low Household, Business Confidence Curb Growth
18. FOMC Members Expected Growth To Pick Up `Gradually’ In 2011
19. FOMC Members Said Economy Unlikely To Re-Enter A Recession
20. FOMC Members Agreed Output, Employment Rising `Only Slowly’