Fed minutes released 🗽Key takeaways

The minutes from the Fed’s January meeting pointed to a fairly cautious outlook from the Federal Reserve. The tone could even be described as mildly hawkish — a few members suggested that, in an extreme scenario, rate hikes could still remain on the table — yet EURUSD edged slightly higher after the release.

A vast majority of participants judged that labor market conditions had begun to show signs of stabilization and that downside risks had diminished.
Participants generally assessed that, with appropriately calibrated monetary policy, the labor market would likely stabilize and then improve this year.
Officials noted that economic activity appeared to be expanding at a solid pace and, in general, expected growth to remain solid in 2026.
Several members leaned toward using more “two-sided” language when communicating the future rate path — i.e., signaling that decisions could go in either direction depending on incoming data.
Some participants saw scope for a larger number of cuts if inflation declines as expected.
However, most cautioned that the disinflation process could be slower than markets anticipate.
Most participants also warned that progress toward the 2% inflation target could be slower and more uneven than generally expected, and judged the risk of inflation persistently running above target to be meaningful.
Officials reiterated that economic activity appears to be expanding at a solid pace and broadly anticipated growth would remain solid in 2026.

Source: xStation5

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