Fed minutes uneventful but I think they are making a mistake if they cut again in December
The Fed minutes from their meeting three weeks ago was uneventful but they still clearly have an easing bias even though they admit themselves that they have no idea what the neutral rate should be. “Many participants observed that uncertainties concerning the level of the neutral rate of interest complicated the assessment of the degree of restrictiveness of monetary policy and, in their view, made it appropriate to reduce policy restraint gradually.”
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