Blockworks News Briefing: Interpretation of Fed Open Market Committee Meeting Minutes

Blockworks' newsletter writer Felix Jauvin provides an in-depth reading of the recently released minutes from the Federal Reserve's Open Market Committee (FOMC) during the Independence Day holiday. The minutes show that despite a significant decline in inflation in the second half of 2023, less progress has been made compared to early 2024. In addition, for the first time, the FOMC acknowledged that artificial intelligence may increase productivity and play a role in inflation. The minutes also mentioned that data on job growth may have been overstated, which could mean that their view of the labor market was too optimistic. Overall, these FOMC minutes represent an outdated view of the economy, especially at a time when we feel the economy is undergoing a regime shift.