The minutes of the US Federal Reserve meeting of May 1 have been published. 

The key thing in it was that we discussed the start of slowing down the quantitative contraction of the balance sheet (QT). In other words, no one is going to bring dollar emission to pre-Covid levels. They cut as much as they could, and trillions more will remain in circulation. This is bad for the dollar, but good for risky assets. They will continue to rise in price against the background of the depreciation of the dollar.

Other key points of the protocol are already well-known; they have been expressed more than once by Fed Chairman Powell:

- The fight against inflation will take longer than expected.

- The US Federal Reserve will make decisions on interest rates based on incoming macro data.

- Some members of the US Federal Reserve have expressed readiness to further tighten monetary policy if necessary.

- Most members of the US Federal Reserve agreed that it is appropriate to begin easing monetary policy in 2024.

The last point is also important for risky asset markets. Because against the backdrop of contradictory macro data in recent months, the chances of starting monetary policy easing in 2024 have begun to decline.