ICYMI:
The Wall Street Journal (gated) have followed up with a piece on the disagreements at the meeting:
- a substantial majority favoring the larger half-percentage-point reduction that was ultimately approved, but others favoring a smaller quarter-point cut.
- the minutes revealed an unspecified number of officials had thought the smaller cut last month would have been warranted given solid economic activity, low unemployment, and inflation that is still above the Fed’s target.
More at that link above if you can access the Journal.
-
It looks like the next meeting will be dialled back to a 25bp cut. The CPI due today is a wildcard of course. Mildcard probably.
- Morgan Stanley expecting slight deceleration in tomorrow's CPI
- US inflation data due this week: BofA predicts a +0.1% m/m headline CPI, +0.3% m/m core
