About half of the board of governors wants to stop bond-buying by Christmas, many others want to keep buying past Christmas and one wants the cold dead hand of QE in his stocking right now. Got it?
Given their respective economic outlooks, all participants but one judged that it would be appropriate to continue purchasing both agency MBS and longer-term Treasury securities. About half of these participants indicated that it likely would be appropriate to end asset purchases late this year. Many other participants anticipated that it likely would be appropriate to continue purchases into 2014.
Now run off and do some careful analysis of the new data/make wildly unsupportable assumptions about what Ben will do next and trade on the results.