According to ANZ analysts, the FOMC minutes for the July meeting came and went with little fanfare.

“Most officials viewed the July rate cut as a mid-cycle adjustment in response to the evolution of the economic outlook. There was also discussion around wanting to avoid looking like they were on a path to more cuts. That said, two officials would have preferred to cut 50bps. Guidance from here remains data dependant, with minutes noting policy needs to be guided by incoming information, and avoid any appearance of following a pre-set course. Since the July meeting, Trump has announced an additional 10% tariff on imports from China, so it’s fair to say the world has changed a bit. Markets now look towards Powell’s Jackson Hole speech (2am Saturday NZT).”