Fed meeting minutes offer few fresh clues- S+P 500 holds near new record levels

The minutes taken from the January US Federal Reserve policy meeting have just been released. Ahead of this the US stock markets had been on the rebound from earlier session lows. That had seen the S+P 500 open lower today, at 6,117.76 and then fall to a low at 6,111.15. The rebound that followed ahead of these minutes had delivered a new record high, at 6,135.07 and it was not much below that record when the contents of these minutes hit the screens. The take away from this is pretty much as stated by Jerome Powell- the Fed is in no rush to lower rates again soon. Prior to this the markets were fully pricing Fed rate cut in September, but beyond that only around 0.35% of rate cuts in total in 2025. That has not changed. Most Fed participants judged risks to be broadly balanced. The reaction in the markets have been minimal so far, as it appears to offer little that the market did not already know. The S+P 500 is currently trading at 6,131