US Fed Minutes (Sep. 15-16)

The minutes of the FOMC meeting that concluded on 16th September confirm broad support for raising the target range at that meeting, as well as further tightening down the line. However, given the softer data published since the meeting took place, as well as comments from key Fed officials that they are not in a rush, we agree with market pricing that the Fed will skip the October meeting before hiking by 25bp again in December.