MNI FOMC Minutes Preview: January 2025

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Jan FOMC Minutes: Eyeing Inflation Language Change And Tariff Talk

• The minutes to the January 28-29 FOMC meeting (due out 1400ET/1900GMT Wednesday Feb 19) will be scrutinized primarily for three things: why the Fed shifted its statement language on inflation; was there any discussion of a rate hike scenario; and was there any further discussion over the potential impact of government policy shifts?
• Since the January meeting, FOMC participants have become more hawkish – or at least, more patient.
• We have shifted the dots in our Hawk-Dove Spectrum toward the hawkish end pretty much across the board – with sentiment toward a prolonged hold seemingly building.
• MNI's preview of the Minutes includes what to watch for upon release; MNI's FOMC Hawk-Dove Spectrum, and key highlights of FOMC participant commentary since the January meeting.