The Fed cannot decide

The FOMC minutes revealed a deeply divided committee: some members favour signalling readiness to cut if growth deteriorates sharply; others argue any cut would be premature given supply-driven inflation from the energy shock. "Stagflationary pressures" appeared in the official language for the first time since the Hormuz crisis began. Rate-cut odds swung wildly on the ceasefire — from 14% to 43% in a single session. *The Fed's indecision is not weakness. It is an accurate mirror of a situation ...