Comments Off on Fed not signalling rate cuts

On 1 August, Nick Timiraos, the 'Fed's sounding board', commented on the Fed minutes in flames, saying that there was no clear signal from the meeting that rates would be cut in September, but that there were some very meaningful changes in the first half of the statement: the dual mandate was back, and inflation was downgraded from 'at an elevated level' to 'somewhat at an elevated level'.