Nick Timiraos, at the Wall Street Journal, has earned a reputation as a guy to watch for Fed leaks.

He has a piece up in the Journal reviewing the Federal Open Market Committee (FOMC) minutes that were published on Wednesday.

Minutes ICYMI:

Timiraos, in brief:

  • Federal Reserve officials expressed concern at their meeting last month over the persistence of high inflation, underscoring their intention to continue raising interest rates in large steps despite the pain that could cause.
  • Policy makers revised higher their expectations for rate increases, though some signaled caution about overdoing them amid risks of economic and financial volatility

Link is here (gated) for more.

His assessment is not unusual:

And, we have the latest in 'must watch' data due later Thursday, the CPI data for September :

timiraos fed 18 July 2022