FOMC Minutes - 2025-07-08

The minutes disclose what Powell failed to mention at the presser: "A couple of participants noted that, if the data evolve in line with their expectations, they would be open to considering a reduction in the target range for the policy rate as soon as at the next meeting." We had a meh jobs report as far as the private sector is concerned. And next week's CPI report will be very soft. So... July is far from a sure thing, but we don't rule out a cut. Committees move when "a couple of participants" go against the herd for the first time.