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Fed wrestled in Oct. with conveying rate policy

WASHINGTON — The Federal Reserve wrestled at its October meeting with how to assure investors that even after it started to pull back on its economic stimulus, it still intends to keep its keep short-term rate near record lows.

The minutes of the Oct. 29-30 meeting showed that all but one Fed official believe it was appropriate to wait before taking the first step to reduce the $85 billion per month in bond purchases. But many wanted to better communicate to the public its plans for both slowing its bond purchases and keeping borrowing rates low to encourage spending.

Several participants believed the Fed should keep its short term rate low even after unemployment fell below 6.5 percent. And even after raising it, many felt the committee should keep it low.