Will Powell Listen to the Staffers?

Aug 22, 2025

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Investors are now second-guessing just how dovish Jay Powell will sound today, as the swaps market, having priced in 100% odds of a September 17^th rate cut just last week, has now cut those odds at around 70%. All market quotes are time-stamped to 4:15 a.m. ET.

But I am still a bit mesmerized by what the Fed staffers had to say in this latest set of FOMC minutes:

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