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`Almost all' FOMC members see another hike `fairly soon': Fed minutes

Stock MarketsNov 29, 2018 02:14PM ET
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© Reuters. `Almost all' FOMC members see another hike `fairly soon': Fed minutes
  • "Almost all participants expressed the view that another increase in the target range for the federal funds rate was likely to be warranted fairly soon" if labor market and inflation remain in-line or stronger than their current view, according to the Fed minutes for the FOMC's Nov. 7-8 meeting.
  • However, the a few participants "expressed uncertainty about timing."
  • A couple of FOMC members felt the fed funds rate might be near its neutral level and more rate hikes could slow the economic expansion.
  • The minutes express a more flexible approach in policy going forward as well as regarding the statements the FOMC issues after its meetings.
  • They emphasized that "monetary policy isn't on a preset course" and policy should be guided by incoming data.
  • The committee also discussed revising the post-meeting statement referring to "further gradual increases" in the target range of the fed funds rate, with some members saying the statement may need to place greater emphasis on evaluating incoming data to assess economic and policy outlook.
  • Stock markets break into positive territory, with the Dow +0.1%, S&P 500 +0.1%, and the Nasdaq +0.2%.
  • U.S. 10-year Treasury note yield slips 1.5 basis points to 3.04%.
  • U.S. dollar index rises 0.1% to 96.90.
  • Previously: Futures dip after biggest rally in eight months (Nov. 29)
  • ETFs: UUP, UDN, USDU, PLW, GOVT, EGF, TAPR, FTT, FIBR, USTB
  • Now read: Futures skid - Nasdaq down more than 2%


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`Almost all' FOMC members see another hike `fairly soon': Fed minutes
 

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