On paper, minutes for the Fed’s December meeting spelled bad news for investors. But investors, it seems, had already priced in inflation warnings.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeFederal Reserve officials expressed concern that inflation would stubbornly remain above the central bank's 2% target, and over the possible impact of U.S. President-elect Donald Trump's policies.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly "Almost all participants judged that upside risks to the inflation outlook had increased," the minutes said."Participants cited recent stronger-than-expected readings on inflation and the likely effects of potential changes in trade and immigration policy."Upside risks to inflation, problematic policies for the economy and fewer-than-expected rate cuts: That's a potent and bitter brew for investors to swallow. Yield on the 10-year Treasury note hit 4.
Waller added that if economic conditions go according to his view, he would"support continuing to cut our policy rate in 2025." What's not priced in as much is the U.S. jobs report for December, due on Friday. That could be the next catalyst for markets.
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