August 17, 2022 18:13 GMT
- Link to FOMC minutes: https://www.federalreserve.gov/monetarypolicy/file...
- (MNI) Washington - Federal Reserve officials officials emphasized data dependency when it comes to future rate rises but made clear the FOMC intends to move policy to a restrictive setting while potentially moving in smaller steps going forward, the minutes from the July FOMC meeting showed.
- "In light of elevated inflation and the upside risks to the outlook for inflation, participants remarked that moving to a restrictive stance of the policy rate in the near term would also be appropriate from a risk-management perspective because it would better position the Committee to raise the policy rate further, to appropriately restrictive levels, if inflation were to run higher than expected," the minutes said.
- Some brad dollar weakness following the release with markets potentially leaning towards a marginally hawkish outcome in the minutes and the dollar disappointingly unwinds some gains.