REUTERS/Larry Downing

Fed Chairman Ben Bernanke

In February, Bloomberg reported that members of the Treasury Borrowing Advisory Committee (TBAC) – made up of high-level executives at Wall Street’s biggest investment banks and asset managers – warned in a quarterly TBAC meeting with Federal Reserve Chairman Ben Bernanke that farmland, junk bonds, and mortgage real estate investment trusts were looking bubbly. 

Via a Freedom of Information Act request, Bloomberg obtained the minutes to that meeting and has revealed some more information about what was said at the meeting in a new report.

According to the minutes, Bloomberg reporters Craig Torres and Joshua Zumbrun write that the TBAC opposed the Fed’s third round of quantitative easing – this time open-ended, unlike the previous two iterations – when it was announced in September:

The advisory council opposed continued Fed accommodation on Sept. 14, a day after the conclusion of the FOMC’s two-day meeting Sept. 12-13. The Fed after that gathering announced a third round of bond buying with purchases of $40 billion per month of mortgage-backed securities.