Officials urged a gradualist approach to tightening during the inter-meeting period, and this was reflected in today’s decision to leave the fed funds target range unchanged at 3.75%-4.00%. That said, the vote included two hawkish dissents, from Governor Lisa Cook and Cleveland Fed President Beth Hammack, confirming our strong suspicion ahead of the meeting that not every member is on board with this approach. At things stand, a 25bp December hike remains very likely, and we expect one further move after that in March.
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