SGH Macro Advisors chief US economist Tim Duy says a rise in dissenting Fed
votes has become more common amid economic strain and an unclear policy path.
Ahead of the minutes, markets will key on how widespread officials’ inf concerns
are — Duy says inf was clearly above target and policymakers feared it would not
quickly return — and on whether a stabilizing labor market has led some
officials to press for further rate hikes. The breadth of agreement on inf risks
and the degree of disagreement over the policy path will be watched as a guide
to future rate direction.
