Fed discount meeting minutes offer hints about rates:
- 6 votes to leave rates at 0.75%
- 5 votes to hike to 1.00%
- 1 vote to cut to 0.50%
- Minutes were for a meeting on July 27
- Directors cited generally positive economic developments
- Growth had rebounded somewhat more than expected from earlier in the year
- Directors were somewhat more optimistic about prospects
- Reports on consumer spending were mixed
- Labor markets continued to improve
- Some expressed heightened uncertainty about international developments
- Inflation below target but expected to rise to target over time
That's no change from the July minutes when Richmond shifted to join Cleveland, Dallas, KC and Philadelphia in the soft dissent.
St. Louis is the swing vote at the moment and President James Bullard talks a hawkish game but he hasn't voted for a hike.