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The minutes of the September FOMC meeting have been published, and the proper takeaway is that 'future decisions are strictly data-dependent'
Following the first interest rate hike in nearly three years, any potential lift-up in October will boil down to employment figures and inflation rates
​The summary made it clear that whilst another rate hike later in the year remains on the cards, an October increase isn't a dead certainty or an urgent matter
The US economy's fundamentals remain pretty solid, giving the Committee decent leeway in its decision-making
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​Markets took the minutes as 'no more hawkish than expected', which brought a bit of calm to market forecasts
Mind you, it begs the question: are we seeing a rotation away from the rates market towards performance?
All eyes are now on the upcoming earnings season, which could well set the tone for the markets moving forward, amid these rather cautious signals from the Fed

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