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Fed Watch: July minutes - Mid-cycle adjustment, how many cuts?
Everyone was looking for clues as to how many cuts there will be in what the Fed calls a mid-cycle adjustment. Few answers were given and markets did not react. Everyone now awaits Powell’s speech this Friday. The Fed cut its key rate at the July meeting as widely expected and ended QT two months early. The markets were disappointed, however, when Powell at the press conference after the meeting indicated that the rate cut was merely a mid-cycle adjustment to policy, and not the start of a long cutting cycle. Everyone was therefore looking for clues in the minutes from the meeting that was released tonight. Did the ... (full story)