Wednesday, August 16, 2023

FOMC Minutes: Only The Dead Have Seen The End Of Tightening

From ForexKive, August 16:

Summary of FOMC meeting: Most thought inflation risks could require additional rate hikes

Fed's kept rates unchanged

The Federal Reserve meeting minutes of 4 the July 2023 meeting:

  • Uncertainty of U.S. economic outlook remains elevated; future Federal Reserve policy decisions to be driven by the totality of data from the July 25-26 meeting.
  • Most participants said inflation risks could require further interest rate hikes.
  • A number of participants warned of risks of accidentally tightening policy too much.
  • A couple of participants favored holding interest rates steady at the July meeting.
  • A number of participants saw economic risks becoming more balanced.
  • Most participants saw continued 'significant' upside inflation risks.


 I'm not sure what Santayana with his "Only the dead have seen the end of war" observation is doing in our headline but it seems to fit.

Same with his comment on Alzheimers: Those who cannot remember the past are condemned to repeat themselves.