Classic Federal Reserve rhetoric: hawkish on the outside, dovish on the inside, open stance for you to ponder

Once the minutes are out, the familiar formula returns:

—— Overall hawkish: "Inflation is still not stable enough."

—— But remains open: "A rate cut in September is not out of the question, let's see the data."

What does this rhetoric resemble?

• Lifting weights while loudly proclaiming to gain muscle, but secretly ordering three scoops of ice cream;

• Acting like a hawk in the boardroom, but becoming a polite dove in the press release;

• The market is left with just one question: "Who are you really talking about?"

Let’s translate their "sandwich":

1. First, lay down a slice of hawkish bread: Don't expect us to ease off right now.

2. In the middle, add some data dependency: If employment and inflation weaken, we will "consider it."

3. Finally, cover it with an open attitude: September might be possible, but not guaranteed.

The Federal Reserve continues to perform the "hawkish exterior, dovish heart" act, leaving the market to fill in the plot. Feel free to critique, but positions must adhere to the rules—because they can always say two sides, while we can only survive with discipline. $SOL