FED: Minutes Eyed For Cut Preferences

The minutes of the July FOMC meeting (1400ET today) which will be eyed primarily for the degree of support on the Committee for a rate cut at the time. (URL here based on previous releases).

• Chair Powell mentioned at the July press conference that the Committee discussed a rate cut at the time (“There was a real discussion back and forth of what the case would be for moving it this meeting. You know, a strong majority supported moving, not moving at this meeting. That was the strong sense of the committee. It is a conversation that we had today. Certainly.”)
• The Minutes will - as usual - be stale, but the degree of support for cutting last time could be telling given that the discussion was held prior to the latest dovish-leaning CPI and Payrolls reports. 
• Additionally it will be interesting to see how much advance support there was for a September cut, given Powell's admission that such a move was "on the table" if data developments went as expected, though discussion of a future larger-than-25bp cut is likely to have been limited at best.