Fed Minutes Show Three Weeks Is a Long Time
A lot has changed since the FOMC met, but one thing remains: Rates will keep rising. Meanwhile, the bull or bear, risk-on or risk-off debate rages on.
Hawks and doves.
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So now we know. The minutes from the Federal Open Market Committee’s meeting at the beginning of this month, released Wednesday, reveal that the gathering was about as dull as many of us supposed. It painted a picture of policymakers continuing to anticipate further interest-rate hikes, despite what at the time (only three weeks ago) looked like great progress in bringing down inflation. Everything we’ve learned since has tended to confirm that they were right to be conservative, so this is good to know.