“FOMC minutes: Given the three dissents in favor of a rate hike at the FOMC’s September meeting, we expect the minutes to reveal widening divisions within the committee over the appropriate stance of policy. On one side are those who believe a rate hike in September would have been warranted given that the economy is operating near mandate-consistent levels and mediumterm risks are rising. These concerns were expressed by regional Fed presidents Rosengren, Mester, and George in remarks leading up to, and following, the meeting.
On the other side are those FOMC members, primarily within the Board, who point to a slower removal of labor market slack, via trends in participation and other variables, and a lack of evidence that inflation or financial instability are rising, as supporting a further delay in policy normalization”.
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