The minutes of the FOMC meeting of May 2-3 will be released on Wednesday at 14:00 ET. In the immediate wake of the FOMC statement there was optimism that Fed policymakers were leaning toward a pause in interest rates after a cumulative – and relatively swift – raising of the fed funds target range by 500 basis points that began in March 2022. However, Fed Chair Jerome Powell pushed back against that perception in his press briefing on May 3 though he did say last week that tight credit conditions may limit the need for further policy tightening. In the weeks since the meeting, other Fed policymakers have cautioned ... (full story)