The Greek crisis is at a much more dangerous phase now, but it was on the Fed’s mind already in June. This is one of the reasons for caution. Also China, whose stock market is in the news now, was a reason for worry, but the focus was on slower growth.
In general, the minutes seem to provide more insight on the generally dovish tone. The dollar is a bit lower and ticking down across the board, but it’s nothing earth shattering.
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