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    FOMC minutes

    Minutes were generally neutral for the USD as the market is confident that the FED wont’t do anything after Brexit vote. However, there are some interesting points in the document:

    • Officials generally agreed it was prudent to wait for additional data on jobs and the impact of the Brexit vote
    • Most noted Brexit vote could generate financial market turbulence that could hamper economy
    • Some noted continued uncertainty regarding outlook for China’s policy
    • Many noted that May employment report likely understated jobs pace
    • High debt levels in China and other emerging markets represented risks to financial system
    • In the absence of significant shocks, raising rates would be appropriate if data shows progress on jobs, growth and inflation
    • Downside risks noted: possible sharp slowdown in jobs, continued weakness in business investment and or global economic/financial shocks
    • Several policymakers suggested policy may need to remain accommodative for some time for inflation to move closer to 2% target
    • Several expressed concern that a delay in hiking would increase financial stability risks


    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

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