"Fed Minutes--September Rate Cut"
Before the release of the minutes, the Fed reported that US job growth was indeed not as strong as previously reported in the 12 months ending in March.
The US added 818,000 fewer jobs than previously reported, which reduced the average monthly employment by 68,000, compared to 246,000 before. Once this news comes out, it will directly affect Powell's decision on rate cuts at 10 pm tomorrow.
Today, the Fed said that the vast majority of members believed that a 9-point rate cut might be appropriate. The members believed that the upside risk of inflation had been reduced, while the downside risk of employment was considered to have increased.
In summary, it is still time to cut interest rates when it is time to do so. The impact will not be too great. It is neither bad nor good. Just be alert to the pin now. Pay attention to the unemployment data at 8:30 tonight and Powell's speech at 10 pm tomorrow.
