TD Securities analysts characterize the upcoming September FOMC minutes as largely outdated given subsequent employment and PCE data. The minutes are expected to show disagreement over how much further tightening is needed, but broad consensus that policy should remain more restrictive.

Stale minutes with cautious policy tone

"The September FOMC minutes will be largely stale given the employment report and PCE data releases since the meeting."

"The minutes will likely note there was disagreement on the extent of tightening this year despite broad agreement that rates should be more restrictive."

"In line with the SEP and recent Fedspeak, "most" participants likely saw no urgency in their next move."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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