FOMC Minutes: Many participants saw another hike likely 'soon'

Highlights of the FOMC Minutes for the Aug 1 Federal Reserve meeting

• Saw trade, housing and emerging markets as downside risks
• Generally expected further gradual hikes
• Generally noted considerable momentum in household and business spending
• Generally expected GDP growth would slow in second half of the year but remain above potential
• Most participants said escalation of trade disputes was a potentially consequential downside risk for US economy
• Powell said Fed would likely resume discussion of operating framework for monetary policy in the fall
• Many participants noted it would likely be appropriate in the 'not-too-distante future' to no longer refer to the monetary policy stance as accommodative

There's a positive tone in these minutes but the market was clearly looking for something more. The US dollar is at the worst levels of the day against the Canadian dollar and has fallen on other fronts as well.