The Fed minutes, released Wednesday, from the central bank’s June meeting showed “almost all” members supported resuming rate hikes at a future meeting as inflation remains “unacceptably high.”
In the sign of the hawkish lean among Fed members, the minutes also showed that some members were in favor of raising rates rather than pausing at the June meeting flagging a “very tight” labor market, which threatens to push wages and inflation higher. Still the coming bevy of data expected in this week and next will likely “determine whether they hike in July,” Pantheon Macroeconomics said in a note.Expectations for further hikes come just as investor worries about global slowdown were exacerbated by weaker than expected services data from China.Big tech helped the broader market cut early-day losses asmore than 3% to 52-week highs ahead of its launch of rival Twitter app Threads expected on Thursday.
The launch of the app comes just days after Twitter said it would temporarily restrict how many posts users can read on its platform.
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