Don't just do something, sit there

The bottom line with the just released minutes from the FOMC meeting three weeks ago, they will sit and wait before cutting again. I say ‘cut’ because it still seems like they have an easing bias and maybe why yields came down a touch after the release.

To this, they said, “In discussing the outlook for monetary policy, participants observed that the Committee was well positioned to take time to assess the evolving outlook for economic activity, the labor market, and inflation, with the vast majority pointing to a still-restrictive policy stance. Participants indicated that, provided the economy remained near maximum employment, they would want to see further progress on inflation before making additional adjustments to the target range for the federal funds rate.”