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Analysts at Scotiabank offer a brief preview of the US Federal Reserve (Fed) September monetary policy meeting minutes due this Wednesday.

Key quotes

“The … meeting … introduced unexpected dissension in the ranks when two officials voted against the statement

“One consideration will be whether debate and opposing views were somewhat more prevalent across non-voting FOMC members.” 

“Markets may be sensitive toward any further indications that officials are not fully invested in an inflation overshoot. Minneapolis Fed President Kashkari for one still doesn’t sound convincing to me.”

“There are multiple drivers of inflation risk, but the fastest rate of growth in broad money supply in at least six decades could be one avenue through which committee members may be hesitant to overcommit to relaxed inflation targets along a timeline marked by “we’re not even thinking about thinking about raising rates.”