In our view, there was nothing new of great importance in the FOMC minutes, as we already know the different positions among the FOMC members. This also explains why the market did not react to the minutes.
It remains our base case that the Fed hikes in December, as the core voting FOMC members put more weight on labour market data than current inflation data, despite the concerns about low inflation in the dovish camp.
While market pricing for a December hike seems fair, markets still price in too few hikes next year.
As expected, nothing new on what level the Fed targets for its balance sheet. The Fed wants to keep its flexibility.
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