Forget West Side Story's Jets and Sharks rivalry. The Federal Reserve has its own internecine face-off between the fiscal hawks and doves, as the minutes to the mid-June meeting of the Federal Open Market Committee show, even though there was no increase in the benchmark federal funds rate then.
That means everyone should stop holding out hope for a quick and predictable end to rate increases this year.
Not that the hawks and doves are equal in numbers, but the dynamics seem strong and they make for future decisions that are impossible to closely read — other than the likely chance of two more rate hikes by the Fed in 2023. But why would anyone expect certainty when the entire global economy seems unwilling to provide it.
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