Courtesy of Mish.
Today the Fed released Minutes of its July 26-27 FOMC Meeting.
I counted 17 instances of words beginning with “uncertain”.
In regards to rate hikes, the minutes show “The median respondents to the Desk’s Survey of Primary Dealers and Survey of Market Participants saw one rate hike in 2016 as most likely, the same as in the June surveys.”
In January, the median expectation was for three hikes.
I counted precisely one use of the word “hike”. Nonetheless, let’s take a look at today’s headlines.
- Wall Street Journal: Fed’s July Minutes Show a Split Central Bank Seeking to Keep Options Open
- CNN Money: Fed Officials Talk Up Rate Hike in 2016
- BBC: Federal Reserve Split on Timing of Next Rate Rise
- Bloomberg: Gold Advances as Fed Split on Whether Rate Hike Needed Soon
- MarketWatch: The central bank that cried wolf? Talk of higher U.S. interest rates is often just that.
Spotlight on “Rate”
There were so many instances of “rate” that I had to load the document into Word to count them.
Word counted 121 instances. However, included in that count are some things like unemployment rate, “generate”, “moderate”, and “corporate”.
Here two snips of the word in proper context of interest rate policy by the Fed (not other central banks).
