In particular, a number of participants commented that, as many of the potential costs of the Committee’s asset purchases had failed to materialize, the Federal Reserve might have been able to make use of balance sheet tools even more aggressively over the past decade in providing appropriate levels of accommodation.” (Available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20190731.pdf). -4accommodation.
In some cases, expectations regarding the timing of liftoff and asset purchase tapering worked at cross-purposes. In addition, in some cases, it proved difficult to calibrate asset purchase programs smoothly over the course of the recovery.