PIMCO's global strategic advisor Richard Clarida's summation of the June FOMC Minutes released Wednesday in the US:
The minutes dutifully convey why the FOMC did not hike in June, but what insights do they provide about the conditions that will need to be met before the committee can agree on the next hike?
Very few, actually.
Clarida looking for upcoming July data releases on U.S. growth, employment and inflation to provide important new information, bet, regardless:
- although it is conceivable that surprisingly strong data could tip the decision at the July Fed meeting in the direction of a hike, the Brexit vote has almost certainly taken a July rate increase off the table.
