showcased concerns over inflation pressures, belief that the US labor market remains in a position of strength, and that the decline in 1Q’22 US GDP masks the resiliency of the US economy – points that were made by Fed Chair Jerome Powell in his post-meeting press conference on May 4.
In a sense, the May FOMC minutes offered no surprises – no news – a sigh of relief for market participants who may have been fearing a more hawkish discussion prior to the rate decision. For now, the FOMC appears to be holding the course: 50-bps rate hikes at the next two meetings .
Somewhat noteworthy, the May FOMC minutes contained no mentions of either ‘stagflation’ or ‘recession’ – a sign of confidence among Fed policymakers that a soft landing is possible.
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