Last night the official Minutes of the US Federal Reserve monetary policy committee were published and while all agreed to the wording accompanying the 25-basis point cut – that it was a ‘recalibration of the stance of policy’ – some wanted an immediate 50 basis point cut while others thought no move at all was warranted. Head of the Fed Jerome Powell will deliver a key speech at Jackson Hole, Wyoming tomorrow, the annual pow-wow for central bankers.
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