The release of the minutes of the October FOMC meetingtemporarily raised concerns that the Fed may opt to begin scalingback its monthly security purchases in December, but attitudesappear to have shifted as more economic data point to slowereconomic growth in the fourth quarter. Most of this past week’seconomic reports either met or came in slightly belowexpectations. Retail sales were one notable exception, with bothoverall and the more important core “control group” sales rising0.4 percent in October. Overall sales were revised 0.1 percentagepoint lower in September, while the control group, whichexcludes motor vehicles, gasoline, food, and building materials,was revised 0.1 percentage point higher.
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