The Federal Open Market Committee (FOMC) will release the minutes from its July 30-31 meeting today, Wednesday, August 21, 2024.
While these minutes are important, the market’s attention is mainly on Fed Chair Jerome Powell’s upcoming speech at the Jackson Hole Symposium on Friday.
In the July meeting, the FOMC decided to keep the Federal Funds rate steady at 5.25%-5.50%, a move that was widely anticipated. The official statement acknowledged progress towards the 2% inflation target and mentioned that the risks related to achieving maximum employment and price stability have become more balanced.
During his press conference, Chair Powell hinted that a rate cut “could be considered” if inflation continues to decline. A major concern from this meeting would be any indication that a rate cut in September is unlikely, though this is seen as a minor risk.
The minutes are expected to be released at 2 PM US Eastern time.
