Fed Minutes Expose Hawkish Fed Fearful Of “Losing Credibility”, No Hike Was “Close Call”

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With three dissenters and no good reason (based on their own data) to stay on hold in September, The Fed chickened out… but jawboned the hawkish tilt afterwards. With Nov odds at 19% and Dec at 66%, the USD and Treasury yields were falling dovishly into the Minutes.

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