Key Inter-Meeting Fed Speak – July 2025

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Ahead of next week's Fed decision, we've published our summary of FOMC participant communications since the June FOMC meeting, including MNI's Hawk-Dove Matrix and a recap of the latest Beige Book and June meeting minutes.

• Fed communications since the June FOMC meeting have been largely cautious on the inflation outlook, with little enthusiasm to resume easing until at least September if not beyond given prevailing uncertainty.
• While this sentiment was reflective of the June meeting’s Dot Plot showing a split between participants eyeing either zero or two cuts by year-end, the limited incoming data since then doesn’t seem to have swayed views.
• The most notable development has been a newly-vocal minority of two on the 12-member FOMC who appear ready to argue for cuts to resume in July.