FOMC Minutes: Many would have preferred to remove easing bias from policy statement
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Many policymakers would have preferred to remove easing bias from policy statement. Majority of participants said some policy firming would likely become appropriate if inflation were to continue above 2%. Participants generally judge continued elevated inflation and uncertainty
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Per the full note [source], the Fed minutes revealed a surprisingly broad range of views, including explicit mention of rate hikes, which markets had not priced. The desk highlights that this hawkish tilt reduces the probability of near-term cuts, but the overarching caveat—dependent on inflation persistence—preserves optionality. With two-year yields edging higher and the labour market deemed stable by most members, the near-term path is data-dependent rather than directionally clear.