Fed: Mid-cycle adjustment – TD Securities

According to TD Securities analysts, the July FOMC minutes suggested there was a bit more disagreement among FOMC members than the two dissents suggested.

Key Quotes

“Overall, the Fed stuck to the "midcycle adjustment" and "optionality" themes, and provided 3 reasons for delivering the July rate cut: 1) decelerating activity; 2) risk management; and 3) low inflation.”