Last night's November Federal Reserve meeting minutes summarized several key points:
1. Most committee members still believe that a 25 basis point rate cut in December is appropriate.
2. The assessment of downside risks to the baseline economic activity forecast has been lowered.
3. Continuing to reduce the balance sheet is deemed appropriate.
4. If inflation continues to rise, rate cuts may be paused.
5. If the unemployment rate continues to rise or the economy slows down, rate cuts may be accelerated.
6. The overnight interest rate issue is not of much interest to everyone, so I won't elaborate further.
Overall, as expected, there is nothing surprising; a 25 basis point rate cut in December remains the most likely outcome.
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