Fed minuteszzzzzzzzzz

Ohmygod so boring I fell asleep typing the headline to this post.

Here’s what we learned today from the release of the FOMC’s meeting minutes when they last met (spoiler alert: nothing):

Business Insider:

The minutes say that while a few on the FOMC urged patience, and others favored tapering of quantitative easing soon, there was broad support for the tapering timeline that Bernanke laid out in June, which would probably see the Fed begin reducing bond buying later this year – possibly as soon as September.

In the wake of the release, bonds are selling off, sending yields higher. Stocks are also selling off a bit.

Reuters:

Only a few Federal Reserve policymakers thought it would soon be time to “slow somewhat” the pace of the central bank’s bond-buying at a meeting last month, while others emphasized patience in deciding when to start to wind down the stimulus program.

Minutes of the U.S. central bank’s July 30-31 meeting, released on Wednesday, showed that almost all of the 12 members of the policy-making Federal Open Market Committee agreed a change to the stimulus was not yet appropriate.

MarketWatch:

According to the minutes of the Fed’s July policy committee meeting, the central bankers were briefed on the new program by central bank staffers and concluded that it would be helpful.

Draining excess cash from the market will help keep short-term interest rates from falling as more liquidity can push overnight interest rates lower.

Under the proposal, the Fed would set up an overnight, risk-free instrument, known as a overnight reverse repurchase agreement, or reverse repo facility.

Using this facility, the Fed would sell Treasurys to market participants that it would buy back the next day.

US Weekly:

So much for leaving the past in the past. It’s been more than a decade since Sean “Diddy” Combs and Jennifer Lopez broke up, but it looks like there’s still some lingering awkwardness between the former loves. A source tells Us Weekly exclusively that Combs, 43, was in contention for the third spot on American Idol‘s season 13 judging panel — until his ex-girlfriend signed on to fill the second spot.

The source says that the hip hop mogul passed on the opportunity because of his apparently not-so-ancient history with Lopez, as well as his history with Lopez’s manager, Benny Medina.

Whatever happens happens. Put the Go-Bag down, step away from the cellar and stop acting like you can do anything about things that haven’t even been decided yet.