Each January, the Fed publishes the full transcripts from the FOMC
The Fed chair was clearly trying to backtrack on the bullish tone of his December press conference, which alarmed investors and led to a stock market sell-off. Interestingly, it was not the first time Powell misjudged the impact of Fed statements, as newly released transcripts from 2013 meetings revealed.
Each January, the Fed publishes the full transcripts from the FOMC meetings five years ago. Unlike the minutes released three weeks after each meeting, which cloak the participants in anonymity, the transcripts relate remarks verbatim with names attached.
The good news is that both the Fed and the ECB are treading more cautiously and not locking themselves into one path or another.