THE MINUTES SHOW MANY PARTICIPANTS SAID THAT DESPITE THE RECENT RISE IN LONG-TERM TREASURY YIELDS, FINANCIAL CONDITIONS APPEARED SUPPORTIVE OF ECONOMIC GROWTH, WITH A FEW NOTING THE TREASURY MARKET

HAD BEEN FUNCTIONING SMOOTHLY BUT STRESSING THE IMPORTANCE OF PLANNING FOR MARKET STRESS, AND THE STAFF ECONOMIC OUTLOOK WAS STRONGER THAN THE ONE PREPARED FOR THE JULY MEETING.

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