FOMC minutes due Wednesday US time - preview
Deutsche Bank say that "Regarding Fedspeak, the main event will be the FOMC minutes, released on Wednesday afternoon."
They're right - due at 2pm NY time on Wednesday 22 November 2017
They go on:
- While we do not expect anything in the minutes to dissuade market participants from assigning a high likelihood of a December rate hike, several Fed officials, including 2018 FOMC voters Bostic, Mester, and Williams have signaled an openness to rethinking the Fed's broader operating framework.
- In turn, we would not be surprised to see officials beginning to discuss potentially major changes to elements of its operating framework that could include the inflation target or other related strategies such as price level targeting.
- Former Fed chair Bernanke has also recently weighed in on this topic, arguing in favor of temporary price level targeting if the fed funds rate hits the effective lower bound in the future.