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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FED
The main question about the June FOMC Minutes released Wednesday was the degree of division among participants over the decision to pause instead of continuing to hike. In this sense the release confirmed notable disquiet about the decision, but also broad agreement for further tightening this year.
- While "some" officials wanted to hike by 25bp in June, or "could have supported such a proposal", "almost all participants judged it appropriate or acceptable" to hold fire for now.
- This formulation of language suggests it may have been a closer call than it seemed at the time. (And that's probably not an unintentional signal to markets.)
- "Some" supporting a hike with at least one finding it merely "acceptable" to hold is about as close to dissent as it comes without actually getting a formal "nay" vote on the decision, particularly with the accompanying explanation about why some would have favored a hike (tight labor market/resilient economic few clear signs of inflation returning to target).
- And it's possible that some non-2023 voters (Bullard? Mester?) would have indeed cast a dissenting vote if given the opportunity.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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