It must be avoided that the delay of a successful conclusion of the current round of multilateral trade liberalization – the Doha Round – leaves a hole that would be probably filled in by less efficient and less equitable bilateral trade agreements.
We also said that the Fed would keep buying $ billion per month in securities until “substantial further progress” was made toward our dual-mandate objectives. It is important to stress that views varied among FOMC participants on what was “some time” and “substantial further progress.” The metrics for achieving these outcomes also varied across participants.