... that Greg Ip had it right. The FOMC released the minutes of the February 1-2 meeting today, and confirmed that
At this meeting the Committee engaged in a broad-ranging discussion of the pros and cons of formulating a numerical definition of the price-stability objective of monetary policy.
But
The Committee decided to defer further discussion.
Not too much else of interest, really. I'll post the reaction from options on fed funds futures tomorrow. Until then, William Polley has a more complete rundown.