Breaking: FOMC minutes showed a few participants favored raising rates by 50 basis points

The first FOMC Minutes of 2023 has been released with investors searching for further insights into the near-term path for policy and any comments regarding the possibility of the Federal Reserve going back to 50 bps hikes.

Key notes from FOMC minutes

A few participants favoured raising rates by 50 basis points.

More to come...

US Dollar and Treasury Yields update

The US Dollar ran higher from a new low at 104.25 in the NY session in anticipation of a hawkish outcome ad sat at 104.35 moments ahead of the release. 

DXY is moving up to fresh highs on the prospects of a 50bp rate hike next time around. 

More to come...

About the FOMC minutes

FOMC stands for The Federal Open Market Committee which organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy.