Why is This FOMC Minutes Release So Important?

Investors will get a peek behind the curtain Wednesday at a Federal Reserve suddenly divided and closer to an interest rate hike than it has been all year.

September’s Federal Open Market Committee meeting featured something not often seen since Janet Yellen took over as chair: honest-to-goodness dissent. Three of the FOMC’s 10 voting members opposed the final statement, which noted that central bank officials still felt it prudent to keep its interest rate target anchored at 0.25 percent to 0.5 percent. The three dissenters — Esther George, Loretta Mester and Eric Rosengren — wanted to hike rates a quarter point.

When the committee releases the summary of discussions from that meeting, it will give the market a better gauge of just where Fed sentiment stands and what the landscape will look like going forward. Current projections are for two rate hikes in 2017, but that could change.


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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.