CIBC FX Strategy Research comments on today's FOMC minutes from the November meeting.
"The Fed is likely to eke out one more rate hike before year-end. The minutes of the last meeting revealed that many policymakers saw a near-term rate hike as warranted. That said, there were a few FOMC members that were opposed to raising rates given the apparent softness in recent inflationary readings...
...Overall, the market is likely to take the near-term opposition to a hike by some members as dovish. So while the immediate reaction is negative for the dollar and positive for fixed income, we still believe further monetary tightening will end up being warranted in 2018," CIBC argues.
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