When the Federal Open Market Committee, the FOMC, meets every six weeks or so to talk about (among other things) interest rates, the economy and all sorts of things that may impact the cost of funds. The next two day meetings will occur toward the end of the month and while the Fed makesrates to remain low an initial announcement at the end of each meeting, there are no microphones and no reporters.

The Fed committee members want to be able to talk out loud about their thoughts on the economy without a phrase here or there suddenly plastered all over the internet, taken out of context and accidentally roiling the market. But they do let us know what went on when they release their minutes from the previous round of meetings. Today they released the minutes from the December pow-wow. What did they talk about?

They all agreed that the first round of taper, a cutback of $10 billion in mortgage backed security and Treasury bond purchases each month was a prudent approach but not one that is set in stone. The Fed’s a bit flexible it appears but with eyes on inflation and job creation. Nothing new there.

Last week, in a report released by Moody’s Analytics, there were approximately 238,000 new private sector jobs created, which indicates a recovering economy at a pace the Fed should be able to manage without the fear of any inflation.

The minutes also showed that of the attendees, there was only one member who was opposed to the tapering move, saying the move was certainly premature and the committee needed more time before a tapering decision could prudently be made.

All in all, the meeting’s minutes were mostly what the pundits already assumed with no major announcements or disagreement apparent. It looks like steady as she goes until the next round at the end of this month.