The Federal Reserve released the minutes of the July FOMC meeting today, revealing that only a thin margin of participants supported a rate cut at that meeting. The news failed to sway market participants from their belief that the Fed will cut rates again in September. Market participants are very much most likely correct on this point. At this point, the minutes have been overtaken by events. The justification for the rate cuts had three parts: Decelerating economic activity tied to slower global growth and trade policy uncertainty, risk management associated with uncertainty to the outlook and limited policy space ... (full story)