FOMC minutes
Record of the Fed’s last rate meeting.
The basics
The minutes are a detailed record of what Fed policymakers discussed at their last interest rate meeting.
They show how many members wanted faster or slower changes, which can shift expectations for the next meetings.
How to read the result
- Above the forecast
- Minutes that sound more worried about inflation than the statement did often lift the US dollar.
- Below the forecast
- Minutes that sound more worried about growth or jobs often weaken the US dollar and can support shares and gold.
Going deeper
Markets read for the balance of opinion (“many”, “several”, “a few” participants) and for discussion of the balance sheet. Because they come three weeks late, newer data can make them stale.
FAQs
- Why can the price move the “wrong” way?
- Prices already reflect the forecast, so markets react to the surprise, not the number itself. Other parts of the same release, revisions to earlier months or other news in the same hour can outweigh the headline figure, and a first move often reverses within the hour.
- Should I close my trade before the release?
- That is your decision; this page does not give advice. What is certain is that prices can jump in seconds around big releases, spreads widen, and a stop loss can close at a worse price than the one you set. Many traders check their position size and stop before the release.