The minutes of the July meeting of the Federal Reserve show that many Fed policymakers have reiterated that the main means of adjusting the monetary policy position should be to adjust the target range of the federal funds rate. The minutes of the July 28-29 meeting showed that most participants spoke about balance sheet policies. They indicated that the working group's findings would provide a “useful reference” for the FOMC's deliberations, and indicated that future meetings would provide an opportunity for “comprehensive discussions” on this topic. A number of participants pointed out specific issues that could be further discussed, including considerations relating to market operation and financial stability, the impact of balance sheet policies on monetary and financial conditions, and the reasonable maturity structure of US Treasury bonds held by the Federal Reserve.

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