Most important from the FOMC meeting minutes

1. Officials generally agreed it was prudent to wait for additional data on jobs and the impact of the Brexit vote

2. Most noted Brexit vote could generate financial market turbulence that could hamper economy

3. Some noted continued uncertainty regarding outlook for China’s policy

4. Many noted that May employment report likely understated jobs pace

5. High debt levels in China and other emerging markets represented risks to financial system

6. In the absence of significant shocks, raising rates would be appropriate if data shows progress on
jobs, growth and inflation

7. Downside risks noted: possible sharp slowdown in jobs, continued weakness in business investment and
or global economic/financial shocks

8. Several policymakers suggested policy may need to remain accommodative for some time for inflation
to move closer to 2% target

9. Several expressed concern that a delay in hiking would increase financial stability risks

Market participants calculate the next rate hike is most probable to be in February 2019.

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