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FOMC minutes: On hold for now
The Fed delivered a rate cut for a third consecutive time at the October FOMC meeting, with two out of 10 voting members dissenting (Rosengren and George). The biggest news at the time was the exclusion of the otherwise familiar “will act as appropriate to sustain the expansion" sentence, which – although the FOMC still left the door open for more easing – was clearly a hawkish message and could be seen as the end this myd-cycle adjustments (Fed Watch: Hawkish cut). On top of this, Chair Powell said that the bar for another rate cut would require a “material reassessment of the Committee’s outlook”. Thus, ... (full story)