Hawks Fly In Fed Minutes

If the question's how best to read the May FOMC minutes, the answer's that it's best not to. Not to read them, I mean. Every account of the last policy gathering is by definition stale, and the one released on Wednesday afternoon in the US was no exception. The balance of the data since Jerome Powell's May 1 press conference has actually skewed dovish, validating, perhaps, Powell's disinclination to encourage bets on additional rate hikes. To briefly recap, we've had a contraction-territory IS