Minutes from the Federal Reserve's December meeting reveal concerns about persistent inflation and the impact of potential policy changes. Officials cited stronger-than-expected inflation readings and the possibility of trade and immigration policy shifts as contributing factors. This news has sent jitters through the market, pushing the yield on the 10-year Treasury note to its highest point since April.
Jerome Powell, chairman of the U.S. Federal Reserve , during a news conference following a Federal Open Market Committee meeting in Washington, DC, US, on Wednesday, Dec. 18, 2024.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.
"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.Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are.
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