Daily summary: Slightly dovish minutes reduce chances of another massive hike

7:23 PM 17 August 2022

Minutes were perceived as slightly dovish, due to the lack of a clear major hawkish message
The Fed sees the need to tighten all the time, but at the same time also sees the need to study the impact
Many members see the risk of a tighter tightening than required
Oil stocks fell by 7 million barrels, with exports at a record low, and with a smaller release of strategic reserves
The oil market could be at risk of a rebound when the US decides not to continue releasing reserves
US retail sales did not rise as a whole, but grows 0.4% m/m on a core basis
Eurozone GDP came in slightly below expectations, at 3.9% y/y on expectations of 4.0% y/y
EURUSD tests near 1.0200 level after dovish minutes
S&P 500 recovers, but still loses 0.25% after the minutes, and Nasdaq trades near yesterday's levels
Gold loses 0.5%, while oil gains almost 1.0% thanks to high decline in stocks

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Daily summary: Slightly dovish minutes reduce chances of another massive hike

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