Fed Minutes Show Doves Still in Charge, Employment Key To Taper

The Fed minutes have been released, and they showed that the market interpreted previous actions in a more "hawkish" context than was warranted. The doves remain firmly in control despite what may have been a tactical victory for the hawks on inflation. There appear to be seven members who are very hawkish and want to raise rates as early as 2022, whereas thirteen are now settled on 2023.

The headline of the minutes is still that the Fed may need to pull back support because of a stronger-th...

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