Highlights of the discount rate meeting minutes

  • 11 directors sought a rate hike in late-May, early-June meetings
  • NY didn't vote but typically doesn't before a FOMC meeting

  • "Directors commented on still-tight labor markets, and some directors noted increasing pressures on wages, particularly for certain types of skilled workers"

  • Some directors expressed concerns about risks to trade and other international developments

It's tough to find any genuine economic worries from the Fed on any front.