FOMC Minutes to the September 20, 21 meeting highlight today
FOMC Minutes to the September 20, 21 meeting highlight today. The report, due at the top of the hour, will be an interesting read given the speculation of a rate hike back then, which remains in place now. Of course, analysts know the Fed remained sidelined, but there were three dissenting votes in favor of a hike. There is not likely to be any new information in the minutes given what has already been spelled out in the policy statement, in Chair Yellen's press conference, and subsequent Fedspeak, as well as what has been suggested by the Fed's forecasts, including the dot plot. Nevertheless, look to the report for confirmation that the FOMC decided not to tighten in September due to signs of slowdown in the labor market and uncertainties over the fallout from Brexit. Also, look for indications that most on the Committee do want to increase rates later this year. The futures market is pricing in almost 70% risk for a December hike.