The Federal Open Market Committee released the Minutes of the December 14-15 Meeting, spurring little action across the FX board. The US Dollar was little changed with the news, although US short-term interest-rate futures dropped.

Key notes

Most participants welcomed inflation easing in October and November but agreed it would take "substantially more evidence" of progress, to confirm the downward path.

Participants agreed that the central bank had made significant progress in moving to a sufficiently restrictive monetary policy stance in the previous year.

Most participants noted the upside risks to inflation remain a key factor in shaping the monetary policy outlook.

Some officials believe inflation risks could be more persistent, while a couple of officials think the risks are more balanced.

 Any of the FOMC voting members predicted that rate cuts would be necessary for 2023.

Full Statement