Federal Open Market Committee (FOMC) Minutes
Wednesday’s afternoon release of the minutes from the most recent FOMC meeting gave us some bond-favorable information. They showed that Fed members are growing more concerned about inflation running well below their preferred level. There was also some talk of the fact the Fed may have raised key rates prematurely because inflation has not strengthened enough. What was in the minutes doesn’t derail a December rate hike though. Still, they gave us favorable results and the bond market strengthened after their 2:00 PM ET release, causing some lenders to improve rates before closing.