Fed's September Minutes to Reveal Internal Disagreements on Rate Hike

The Federal Reserve (Fed) is expected to reveal internal disagreements regarding the path of interest rate hikes in the minutes of the September Federal Open Market Committee (FOMC) meeting, which will be released next week. At the FOMC meeting on September 16, the Fed raised the benchmark interest rate by 0.25 percentage points to a range of 3.75% to 4.00%, a decision that was unanimous, but there may have been differing opinions in the detailed discussions. Following the September rate hike, 16 out of 18 FOMC members indicated that there would be additional rate increases by the end of the year. Recent geopolitical tensions in the Middle East have added uncertainty to the energy market and intensified inflationary pressures. The strength of the dollar has triggered a global tightening trend, leading Hong Kong and five oil-producing countries in the Middle East to raise their benchmark rates following the Fed's rate hike. On October 5, the September ISM Non-Manufacturing Purchasing Managers' Index (PMI) is scheduled to be released, and the recently published September non-farm payroll report showed a disappointing increase of only 29,000 jobs, leading to assessments that the likelihood of a rate hike in October has diminished.

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