US: Focus on FOMC minutes - MUFG

Derek Halpenny, European Head of GMR at MUFG, suggests that the minutes from the FOMC meeting in September will be released this evening and may shed some light on the extent of agreement or disagreement over the decision of the FOMC to maintain its monetary stance.

Key Quotes

“The vote was 7-3 of course so there was clearly disagreement but the minutes may offer some indication of what specifically lay behind the reasons for caution. More importantly, the minutes might reveal the strength of conviction for moving in December and if strong could further support the dollar over the short-term, especially with the data calendar light today and tomorrow.

Ahead of the minutes, New York Fed President Dudley will speak at “a fireside chat” with the Business Council of New York State and given he is part of the key policy trio along with Yellen and Fischer, his comments will be scrutinised. However, with two payroll reports and the presidential election ahead of the December meeting, we are unlikely to hear much of significance.”