Minutes from the Federal Reserve’s September meeting showed unanimous backing among 19 officials for a 25-basis-point rate increase, with most policymakers still seeing a need for additional tightening before year-end. Even so, remarks made after the meeting suggested the Fed was not in a rush to act again in October.
Recent cautious comments from Fed officials have pushed down market pricing for another 25-basis-point increase next month. The probability of an October hike has fallen to 20% from about 70% previously. The minutes also showed that some officials viewed rising long-term Treasury yields as already exerting a restraining effect on the economy.
A smaller group of officials said policy tools to address potential stress in the Treasury market should be improved in advance, though there is no clear intervention plan at this stage. The report was cited by Odaily, referencing Jin10.
Minutes from the Federal Reserve’s September meeting showed that all 19 officials supported a 25-basis-point rate increase, and most said additional policy tightening could still be needed before the end of the year.
That said, post-meeting policy remarks indicated the Fed was not rushing to move again in October. After a series of relatively cautious comments from Fed officials, market expectations for another 25-basis-point hike next month dropped to 20% from about 70% previously.
The minutes also said some officials believed higher long-term Treasury yields were already placing some restraint on the economy. A smaller number of officials suggested that policy tools for dealing with potential stress in the Treasury market should be improved in advance, although there is currently no clear intervention plan.
The item was reported by Odaily, citing Jin10.
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