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The FOMC minutes last Wednesday have completely changed the market’s perception of a September rate hike. Traders have assessed the minutes that suggested more improvement needed to be seen in the data before “most” of the committee would shift stance. Since the latest FOMC meeting, there has been a series of aspects that can only have emboldened the resolve of the doves on the committee. A 3% devaluation for China (which has been seen as deflationary), the significant depreciation of Emerging Markets currencies (also deflationary), commodities such as oil and base metals have continued to plummet (again deflationary), whilst domestic inflation for July has US remained stubbornly low.