📑 Federal Reserve (FED) Minutes – July 2025
Today, August 20, the minutes of the last FOMC meeting were published, reflecting an intense debate within the committee.
🔹 Internal division: two members, Michelle Bowman and Christopher Waller, supported a 0.25% rate cut, while the majority decided to keep them in the range of 4.25% – 4.50%.
🔹 Inflation under scrutiny: risks mainly stem from new tariffs, although there is a difference of opinions: some believe the impact will be temporary, while others anticipate more persistent effects on prices.
🔹 Labor market: remains strong, which supported the decision to wait before easing.
🔹 Market expectations: investors are already pricing in an over 80% probability that at least one rate cut will be announced in September.
🎤 Now, all eyes are on the Jackson Hole symposium, where Chairman Jerome Powell will deliver a key speech that could clarify the future trajectory of monetary policy.
🌍 These decisions not only affect the U.S., but also impact currencies, stock markets, and capital flows globally.