Markets little changed after FOMC minutes


Minutes largely a non-event

You have to zoom in tight to see any visible market moves on the FOMC minutes.

The minutes showed a bit of a debate at the Fed about easing but not enough to rattle the 78% chance of a cut that’s priced into markets.

The Fed is undoubtedly watching the US-China talks just like the rest of the market and will act accordingly. However they’re also going to have to signal what’s coming before the end of the month. The blackout period starts October 19 — 10 days from now. That will leave them about a week to put out a signal because they won’t want to hold rates with the market pricing in a 78% chance of a cut.


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