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Fed Minutes (June 17-18 2025)

The minutes of the mid-June FOMC meeting show most Fed officials content to wait and see what impact tariffs and other government policies had on inflation and the labour market before committing to either holding rates or cutting this year. We still maintain that lingering tariff-related inflation fears will prevent the Fed from cutting interest rates until next year, with Trump's latest tariff threats adding to our conviction.

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