Highlights From the July FOMC Meeting Minutes

Boilerplate vs. details

https://www.federalreserve.gov/monetarypolicy/fomcminutes20230726.htm

Commentary

Market commentary has once again focused on the boilerplate hawkish statements included in the front portion of the meeting minutes while ignoring the clear dovish signals tucked away in the back.  The statement included the usual declaration that inflation is too high and that something must be done, and the perfunctory disclaimer that a period of “below-trend” growth and elevated unemployment would likely be necessary was included, to be sure.  However, one would have to be quite naïve indeed to not think the members of the FOMC covet the title of “maestro” and that all hope to achieve a “soft-landing” rather than subject the country to a recession.