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fomc minutes

We’re expecting a bit of controversy from the FOMC minutes due tomorrow. These minutes are from the meeting held back in mid-September.

The markets were taken a bit by surprise with dissent following the policy decision. And now we get to have a closer look as to why.

One of the key things analysts will be interested in is how much of dissent there was. Especially in regards to the new guidance on interest rates.

Two members voted against the initiative, and there is speculation that more members are doubtful.

Interestingly, there is an increased focus on non-voting members, who will rotate into voting positions in a matter of months (when the new inflation target has a more practical effect).

There is speculation that the non-voters could increase the proportion of Fed presidents who are at least not comfortable with the new policy, if not outright opposed to it.

The Implications for the Markets

The major takeaway from last month’s FOMC meeting was the “average infla...

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