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There is a specific reference in February to 'the pace of policy moves at upcoming meetings ... would depend on incoming data', suggesting a degree of potential flexibility that was absent from the December minutes,

Ian Shepherdson

I view decisions about the stance of policy going forward as quite data-dependent. On the one hand, I will be alert to any incoming data suggesting that economic growth is less likely to slow to a sustainable pace or that inflation is less likely to remain contained.

The Fed has been on 'autopilot' with its monetary tightening so that even bouts of weaker data, such as we saw after hurricane Katrina, failed to divert the Fed off course. But now, following the minutes of the December meeting, it is clear that policy will become more data dependent.

We should not just be on auto pilot, ... Policy is and should be responsive to incoming data. We need to be open to reading that evidence, not just continuing a policy course that we thought we locked in.

[Policy makers'] concern is that we're still only forming a bottom and that the process is still very fragile. Their concern is not for data in December and November...They're concerned about January, February and March, which will show continuing job losses, less spending and less income.

The committee has been very clear about what its strategy is. It expects to continue to tighten, but it doesn't know how much farther it has to go, and those decisions will depend on the incoming data.

So, while we are still left judging the incoming economic data for a read on policy - the end of the tightening is apparently near.

It is not our practice to have that level of data on a laptop. We limit significantly the use of such confidential data outside of Fidelity to only those instances where the information is appropriate or required for meetings with clients about their specific plans and participants.

Important is the Fed's new predilection that links future rate actions to incoming data. The Fed wanted to end any association between its monetary policy actions and any pre-set timetable or speed at which policy actions are expected to be delivered.

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Whether those adjustments are wrenching will depend ... on the degree of economic flexibility that we and our trading partners maintain, and I hope enhance, in the years ahead,

Alan Greenspan (1926-)

Alan Greenspan

I consider us to be in a range where further moves depend on how the data transpires, but I don't see weakness out there yet.

The Fed comments were fairly unsurprising. They indicated that there is more tightening ahead, and that the pace will be determined by upcoming data.

Today's number clearly has the potential to move the currency. Upcoming data may surprise on the higher rather than lower side. Today's GDP data will likely provide further evidence of this re- acceleration.

Craig Ferguson (1962-)

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