Analysts at Rabobank offer their afterthoughts on the Minutes of the US Federal Reserve (Fed) December meeting released on Wednesday.

Key quotes

“In the minutes of the December 13-14 meeting, the FOMC warned the markets against self-defeating expectations of an early Fed pivot in 2023.”

“The Committee repeated the Volcker narrative, including the fear that inflation is becoming entrenched, and stressed that the slowdown in rate hikes should not be interpreted as a pivot.”