Congress takes break and Fed releases minutes

While Congress may be in recess this week Washington should generate news on Wednesday when the Fed releases the minutes from the January FOMC meeting.

The minutes take three weeks to get approval from all participants and as I have often said they serve as a fact check on the comments the Chair makes at his post-meeting press conference.

At both the post meeting presser and during his 60 Minutes interview Chair Powell expressed skepticism as to a March meeting rate cut.  The minutes may shed light as to why he felt confident enough of the Committee’s leaning to go public with the negative sentiment for a March cut.  To date Chair Powell has orchestrated unanimous decisions on rate policy, the minutes may give an indication as to whether unanimous decisions will continue or if some of the more dovish Members are getting anxious for a cut.

Congress

Congress has gone home for the Presidents Day break, but funding the government and House action on the Senate-passed Supplemental Spending Bill awaits their return. Plus, the Senate needs to decide if they can proceed with the House-passed tax bill that won approval with a large bipartisan vote of 357 to 70.  The bill slightly expands the Child Tax Credit and renews business tax credits for research and ca...
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