Stale Fed Minutes Show Consensus Around ‘Mid-Cycle Adjustment’ Narrative Prior To Market Turmoil

Stale Fed Minutes Show Consensus Around ‘Mid-Cycle Adjustment’ Narrative Prior To Market Turmoil

Ahead of Jerome Powell’s remarks in Jackson Hole, the market gets to digest the July Fed minutes. These are obviously stale considering the meeting occurred prior to the latest trade escalation, market volatility and also before the 2s10s inversion. Still, the potential exists for the minutes to rattle investors if they betray a sharply divided committee or indicate there was broad consensus around the idea that a full-on easing cycle isn’t necessary. Sure enough, the account of the meetin
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One thought on “Stale Fed Minutes Show Consensus Around ‘Mid-Cycle Adjustment’ Narrative Prior To Market Turmoil

  1. Don’t look now, but the 2-10 spread is back down to 1 bp and change. I think Powell could bring Cicero himself as a stand-in Friday and still not find phrasing to satisfy markets, mostly because markets know that America’s little economic “happy spot” is floating along on an ice cube in river of lava.

    Money market funds looking better every day, till the coast is clear.

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