The November FOMC meeting statement caused a bit of a stir when the Fed introduced this new passage to markets:
"In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments."
Fed chair Powell's press conference helped to calm the nerves of dollar bulls as he signaled a higher terminal top for rates.
As such, the meeting minutes release today will be of particular interest to see how is the debate going with regards to all of the above.
What is the opinion of other Fed policymakers on Powell's communique? Are there policymakers that feel that the central bank should be taking it slower when it comes to the pace of tightening? Is there going to be a firm pushback in the language on the supposed Fed pivot?
That's quite a lot for markets to consider, especially now with the dollar at a checkpoint and broader market sentiment also looking rather indecisive since the end of last week.
And all of this will come right before the Thanksgiving holiday, which will come tomorrow. That will make for thinner liquidity conditions all the way through to the weekend.
