Bonds edged up from session lows on Tuesday after the release of minutes from the last Federal Reserve meeting, which said the central bank has begun detailing how it plans to ease the U.S. economy out of its easy monetary policy period.
The minutes from the June 17-18 meeting indicate the Fed envisions using its overnight repurchase agreements in tandem with the interest it pays banks on excess reserves to set a ceiling and floor for its target interest rate.
Though no decisions have been announced, the discussion has become detailed enough for Fed officials to contemplate the proper spread between the two - mentioned in the minutes as 20 basis points.
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