FOMC Minutes just dropped. Here's what matters:
• Rates held at 3.50%–3.75%
• Vote was 9-3 — three wanted to hike 25bp (hawkish split)
• Inflation still running hot above 2%
• Economy expanding at a solid pace
• Several members saw a case for tighter policy
• Fed cut forward guidance — we're fully data-dependent now
Translation: Fed's still not done. Inflation isn't beaten. Three voters wanted blood. Markets are flying blind until the next CPI print.
Risk assets stay fragile. Play tight stops.
• Rates held at 3.50%–3.75%
• Vote was 9-3 — three wanted to hike 25bp (hawkish split)
• Inflation still running hot above 2%
• Economy expanding at a solid pace
• Several members saw a case for tighter policy
• Fed cut forward guidance — we're fully data-dependent now
Translation: Fed's still not done. Inflation isn't beaten. Three voters wanted blood. Markets are flying blind until the next CPI print.
Risk assets stay fragile. Play tight stops.