Does this mean that the printing press has been turned off for good? Not necessarily, but it does suggest that QE will take a back-seat to other policy measures for the time being. The most obvious alternative is “forward guidance”, where a central bank gives guidance about what it intends to do in future about its main interest rate or other aspects of monetary policy like QE.
Forward guidance could be time-dependent, where the bank announces that it will keep interest rates unchanged until a specified date. Or it could be condition-dependent, with the bank saying it will keep policy unchanged until certain conditions are met (e.g. unemployment falls to a specified level).
For those of you who fear that we cannot talk our way to recovery, fear not. The Minutes also made a teasing reference to "other options". This might mean purchases of other assets, like corporate bonds, or something else altogether. But the message is clear: QE is no longer the only show in town.