Highlights From the June FOMC Meeting Minutes

The Market Gets Headfaked

https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20230614.pdf

Commentary

Market participants have once again zeroed in on a few hawkish statements within a larger dovish message coming out of the Fed.  The perfunctory declarations that inflation is an intolerable menace to society were made, to be sure, but they paled in comparison to the extensive discussion on uncertainty that took place.  Throughout the minutes are interjections by “some” participants to the effect of ‘the worst is yet to come’.  Of course, the identity and agendas of these participants is not listed in the minutes so it must be inferred from other sources.