After reading the minutes of the Federal Reserve's November meeting, let's discuss a few points that everyone is concerned about.
1. Most committee members still believe a 25 basis point rate cut in December is appropriate.
2. The assessment of downside risks to the baseline forecast for economic activity has been lowered.
3. Continuing to reduce the balance sheet is 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 rate issue probably doesn't interest everyone much, so I won't say much more about it.
Overall, it is as expected, and there is nothing surprising; a 25 basis point rate cut in December still has the highest probability.
