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Fed caught flat-footed by lousy hiring figures

(CBS News) Members of the Federal Reserve’s Open Market Committee weren’t expecting the lousy March jobs report, according to the minutes of its last meeting.

The minutes of the meeting, which were released early Wednesday rather than in the afternoon as usual, show Fed officials believed the economy was performing better than expected. As a result, many of the members of the FOMC wanted to wind down its bond-buying program.