The minutes showed some members thought as appropriate to end QE programs before 2013. In considering the outlook for the labor market and the broader economy, "a few members expressed the view that ongoing asset purchases would likely be warranted until about the end of 2013," the minutes said. A few others called broadly for "considerable policy accommodation," while several others "thought that it would probably be appropriate to slow or to stop purchases well before the end of 2013", citing concerns about financial stability or the size of the balance sheet. One member viewed any additional purchases as unwarranted.
Almost all Fed members thought that the $40 billion per-month program to buy mortgage debt started in September had been effective and supportive of growth, but there was also uncertainty about whether the benefits would last and that the potential costs could rise as the size of the Fed's balance sheet increased.
At the December meeting, the Fed boosted their quantitative easing program by adding $45 billion of monthly Treasury purchases.