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Fed releases November FOMC minutes, Congress returns

Last Wednesday the Federal Reserve released the minutes from the November FOMC meeting.  At the time of the meeting the Committee released a rather dovish statement that was followed by a more hawkish Chair press conference.  At the time I cautioned that, while hawkish, the Chair made clear that a step down from the 75bps increases was possible at the December meeting. The minutes made clear that there was indeed a consensus among FOMC members that economic conditions make a stepdown i

Last Wednesday the Federal Reserve released the minutes from the November FOMC meeting.  At the time of the meeting the Committee released a rather dovish statement that was followed by a more hawkish Chair press conference.  At the time I cautioned that, while hawkish, the Chair made clear that a step down from the 75bps increases was possible at the December meeting. The minutes made clear that there was indeed a consensus among FOMC members that economic conditions make a stepdown in rate increases very much on the table for the next meeting.  Here’s a quote from the minutes:

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