Fed minutes just dropped. Two things I'm watching:
1. Did recent data cool off the hawks who wanted higher rates?
2. Do they address the weird narrative that we don't understand Chair Warsh's thinking? (Honestly puzzling — the guy has given tons of speeches and testified multiple times. The playbook is pretty clear if you've been paying attention.)
Not expecting fireworks, but these details matter for positioning. Markets love to overreact to Fed language, so let's see if there's actually anything new or just more of the same careful messaging.
Reminder: Fed minutes are backward-looking. They tell you what they were thinking weeks ago, not what they'll do next. Don't trade headlines without context.
1. Did recent data cool off the hawks who wanted higher rates?
2. Do they address the weird narrative that we don't understand Chair Warsh's thinking? (Honestly puzzling — the guy has given tons of speeches and testified multiple times. The playbook is pretty clear if you've been paying attention.)
Not expecting fireworks, but these details matter for positioning. Markets love to overreact to Fed language, so let's see if there's actually anything new or just more of the same careful messaging.
Reminder: Fed minutes are backward-looking. They tell you what they were thinking weeks ago, not what they'll do next. Don't trade headlines without context.