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FOMC Minutes in Focus

It’s been a quiet week economic data-wise, but the headline act of the week is set to drop this evening in the form of the FOMC Minutes.
If you recall, at the September meeting of the FOMC, the members elected to cut rates by 25bp, the second cut we’ve seen this year.

However, the members were far from unanimous in their decision. With around a third of them unsure on how they should be proceeding.
As of this week, the odds of another rate cut have jumped sharply to around 80%. That is a significant leap forward as the last FOMC meeting was seen as a ‘hawkish cut’ and odds of further cuts were priced in around the 30% mark.
Either way, the hope today is that the minutes might shed some more light on what exactly the members are thinking.
This week we’ve been hearing from Fed boss Jerome Powell quite regularly and he is reinforcing their stance that monetary policy decisions are ‘data-driven’ and not set on any fixed path at the moment.
Either way, we should expect some reaction to today’s release with the Greenback and SPX likely to be in the firing line.
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