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According to ANZ analysts, the FOMC minutes for the July meeting came and went with little fanfare.

Key Quotes

“Most officials viewed the July rate cut as a mid-cycle adjustment in response to the evolution of the economic outlook. There was also discussion around wanting to avoid looking like they were on a path to more cuts. That said, two officials would have preferred to cut 50bps.”

“Guidance from here remains data dependant, with minutes noting policy needs to be guided by incoming information, and avoid any appearance of following a pre-set course. Since the July meeting, Trump has announced an additional 10% tariff on imports from China, so it’s fair to say the world has changed a bit. Markets now look towards Powell’s Jackson Hole speech (2am Saturday NZT).”